What Are the Benefits of AI?
Economic benefits begin with the infusion of some $46b for AI project-funding in 2021. That is the first year of the projection that by 2030 AI will have increased the global economy by $13t and global GDP by 1.2% annually. By becoming smarter over time thanks to machine learning and deep learning, AI will benefit individual businesses. AI can affect companies’ bottom lines in a variety of ways; from helping people perform their tasks faster and with fewer errors to studying historical data to cut costs.
Operational benefits from AI begin with its ability to perform 24x7, without any need for break time, and reach as far as industry-impacting data management that involves gathering and analyzing big data to improve efficiency and personalization. An operational application of AI is process automation – the performance of repetitive, mundane tasks such as data input and data transfer – which is faster than human processing. It’s long-known that AI can combine with other technologies to make and implement decisions faster. Have you ever played chess against a “chess engine”?
Customer success benefits flow naturally from AI applications because nearly everything a customer does can be quantified as data. Machine learning focuses on the data of lead generation, potential purchases, buying habits, and much more. It analyzes the data to construct a picture of the individual customer and what will most likely interest them. Additionally, AI strengthens CRMs by collecting and retrieving data and increasing the integrity of that data to support a sales professionals’ performance.
Company culture benefits occur in three distinct factors. First, workers being relieved of repetitive tasks that are scarcely challenging can begin to focus on more innovative, strategic, problem-solving assignments. For example, the IT professionals who no longer handle inventory or password resets, can explore and recommend technology advances to benefit the workplace. Second, the introduction of AI applications in a business opens its culture to acceptance of new ideas; employee engagement, customer involvement, product delivery, consultation-as-a-service. Third, actionizing AI applications promotes the agile mindset within an organization as workers become more efficient and augmented by machine intelligence. As almost every AI application requires the test-and-learn approach to arrive at the desired functionality, companies that adopt the agile mindset invariably witness that development speeds up, teamwork improves, and fear of failure dissipates. AI can enhance those changes.