Boosting the productivity of your work can benefit your business in ways you cannot imagine. The profits that you will see increasing will motivate you further to do even better. Moreover, adopting certain technologies will also reduce your costs. Thus, increasing your profits further. And giving the company enough margin to spend more on the essentials.
Personally, after subscribing to a less costly Cox Internet Ultimate bundle for my company, the first thing I did was investing in a technological upgrade. So let me tell you how AI (one of the most recent developments in tech) can help boost your business productivity too.
Forecasting aids the companies to make the most suitable decisions or plan proactively to tackle situations. No doubt humans are capable of performing this task as well. However, AI aims for the most accurate forecasting. You would hardly come across any errors. As human error is still a thing. But with AI and machine learning, you can be sure to receive 100% accurate results.
Companies can feed in hundreds of mathematical models in the AI systems and can get results within minutes of all the possibilities. Humans cannot manage to do so in such a short span. Researches even show that including AI to the business models can help companies to reduce the inventory by 20-50%. Thus, leading to more cost reduction.
Looking for misplaced items, arranging the inventory, and managing the whole of it with efficiency requires time. However, AI can help companies to manage their warehouses well and do a one-month job in a mere 24 hours.
Hyper Personalized Manufacturing
AI coupled with software intelligence is capable of doing wonders as well. Personalization would be one of the outcomes of this duo. Companies will be able to provide the consumers with personalized products after giving attention to what each individual would like for himself. Thus, increasing the relevancy of the products and services for the consumers as well.
It wouldn’t be an issue for consumers even if they will have to pay a high amount for this. According to researches, 20% of consumers agreed to have no issue even if they had to pay 20% extra for a personalized product or service. Brands that offer personalized stuff to their customers earn great trust from them as well. Thus, making it a win-win situation.
A rather unique trait here is the amount of trust that consumers put in brands by trusting them with their personal information only to allow the companies to come up with personalized products for them. This very much highlights the importance of personalization and customization.
Almost every industry can benefit from the process automaton feature that AI offers. For example, certain tasks that humans performed in the past are now trusted to algorithms. However, this does not imply that humans become useless or their tasks become redundant. AI aids the employees to focus on more useful and productive tasks. Thus, increasing the efficiency of the business and bringing in more profits for it.
Security remains one of the biggest issues to date. But AI can help the businesses to get rid of security threats that the data might have. Cybercriminals have the most recent ways to get access to corporate systems. Thus, putting important information at a high risk of getting stolen. The sad part is that the hacker community is often funded by the government to get access to the information of a certain company.
Under such circumstances, AI can help to protect the companies and their data from cybercriminals. The convenience of it is that AI monitors your systems even when you are sleeping. And if an issue arises the technology can detect the breach within minutes if not seconds. This also reduces the amount of work that the IT teams have to do.
Automation of Material Procurement
AI even aids in automating the material procurement process. Analytics and Machine Learning together make it possible for businesses to keep a record of everything. From the very first stage (quoting of price) to the last step of the supply chain, AI is capable of monitoring all efficiently. According to researches, this feature will reduce the Supply Chain error by about 50%.
Apart from that, employing the use of AI will also help the companies to reduce warehousing and other costs by about 5%-40%. Companies will soon be integrating AI with their cost management, procurement, and strategic sourcing departments.
As technology is evolving, the use of machines to automate and managed processes is becoming common. Today it is quite normal to be assisted by a chatbot when you call the Cox Customer service center. That’s because we live in a world where robots are becoming a reality. And AI and Machine Learning are no different. Therefore, the sooner your company realizes its importance and integrates it, the better.