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When cognitive functions that are generally associated with humans, such as learning, problem-solving, reasoning and thinking, are carried out by intelligent machines, that is known as Artificial Intelligence (AI). Artificial Intelligence I technology has now advanced to a point where machines can carry out activities like manufacturing, driving, and other physical tasks.
According to the Wall Street Journal, 30% of organizations are taking up AI-based projects, and about 47% of businesses have already used AI in their daily processes. AI has certainly been at the forefront of everyone’s mind today.
With all these factors in place, around six out of ten firms have stated that a tenth of their digital budget is spent on Artificial Intelligence.
The pace of implementation
It was noted that the early adopters of Artificial Intelligence have benefited over other companies. These companies come from various industries and are witnessing a greater than expected increase in revenue.
For AI strategies to succeed, a robust foundation needs to be put in place through strong digital technologies. Implementation and use of AI cannot be done for the sake of using the technology; it requires expertise in the cloud – mobile computing, web, big data, advanced analytics, and other supporting technologies.
Therefore in order to extract the maximum benefits, it is advisable to take up calculated risks by adopting the technology at the early stages in order to implement, learn and improve over time. This way, you have a greater opportunity to stay ahead of the rest from the lot.
Is AI already replacing people?
According to a survey, it was noted that artificial intelligence has not yet resulted in human beings losing their jobs. The report also stated that every third respondent believed that AI would cut down their workforce significantly in the coming years. Company’s that are working towards AI implementation in their processes are planning on methods to enhance the skills of their current employees for an Artificial Intelligence-enabled workforce.
Company’s need to put in required training programs to bring their current workforce up to speed with AI technology. Retaining current employees is not only considered more efficient but also corporate responsibility. So, in order to ensure low lay-off and effective use of AI, the only way forward is to provide the necessary skillsets for the workforce.
The results are definitely encouraging.
As per the survey report, 63 percent of the businesses witnessed an increase in their revenues due to AI implementation.
AI is seen to be beneficial for business functions such as:
• Product development and service
• Marketing and sales
• Supply chain management
AI has also helped in reducing costs by nearly 10 percent for 44 percent of the respondents in their business. AI has proven to be an effective approach for reducing costs in the supply chain and manufacturing sector.
It’s the Global Phenomenon of our time.
Every sector of industry has its own way of implementing AI. Manufacturing businesses are seen to implement AI through automated robotic machines where-in in the customer service sector, chatbots, or virtual agents are used.
From North America, Latin America to the Asia Pacific and Europe, the use of AI is on a global scale.
The high performers of the business
In the AI space, companies that have a set of core practices and required technologies perform better than those companies that have merely implemented AI. High performers are those who have aligned their business, IT, and analytics on the core value and benefits derived through AI across various business domains.
These high performers have also ensured a workforce with a skilled technical team and staff to scale up the AI projects.
Risks associated with the implementation of AI
It is very rare that a certain technology comes with no flaws of its own. Similarly, AI also has a set of risks if not used properly. AI implementation has said to cause unintended bias and various privacy violations. Although there is an increasing number of businesses implementing AI, very few of them seem to be aware of the drawbacks and negative outcomes that could occur as a result of improper use of AI.
The companies that are aware, all though the number of such are small. They are actively mitigating the risks that are involved with AI. It is necessary to study in-depth any sort of modern technology before making its implementation and/or continuously analysing its outcome after implementation to make required corrections as we go by. AI is the future and needs to be used effectively to bring out optimal benefits.
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