It is a criterion for the business in the current scenario post-pandemic to manipulate the business processes with AI. All while considering decision making, scalability, complexity, adaptability, and customization of products and services. For uncovering the full capability of Artificial Intelligence (AI), modern-day leadership can enhance AI and humans. Instead of strategizing to replace AI with humans is the need of the hour from a balanced technological, political, economic, legal, and social perspective. Businesses with artificial intelligence are reaching heights and delivering exceptionally good customer services. Let us consider a few examples. Morgan Stanley Robo-advisors offer customers a range of investment selections based on real-time market data. And Pfizer wearable sensors for Parkinson’s patients, keep tabs on symptoms 24/7. Hence enabling customized treatment. Consider Unilever automated applicant screening. It distinctly fills the pool of qualified candidates for hiring managers to evaluate.
Surveys and Stats on Businesses With Artificial Intelligence
Harvard business review states that the performance of organizations is improved when humans and AI augment each other. Hence leads to improving the life skills of individuals. As well as teams and technical skills of machines with the right blend of learning and development activities.
Before 2014, only 3% of US corporations incorporated AI. However, 55% of organizations stated accelerating their AI strategy in 2020 because of Covid. And 67% expected further accelerating their AI approach in 2022. This trend will increase. AI is being implemented to help Bangladesh digitalize. Although, the notion in Bangladesh is relatively new. And has only recently attained grip.
Also read: Impact of Artificial Intelligence on Education and Learning
Use Cases of Businesses With Artificial Intelligence
1. In Corporates
Especially in business, AI is a prevalent technology in today’s era. AI has several benefits for enterprises. AI increases corporate efficiency and productivity. Because of AI’s tremendous speed, its tasks are quicker than humans and have lesser errors. AI minimizes the costs linked with humans performing monotonous jobs using less capital. And it generates firms’ new potential and grows their business strategy. Moreover, it analyses new opportunities for organizations to strengthen their competitive advantage. Hence Chatbots have aided numerous organizations in unimaginable ways. Since they are one of the products of artificial intelligence.
Furthermore, the companies have won a great deal of respect. Above all, a large number of new and devoted consumers are due to chatbots. As these are always available to cater to people’s requirements and answer their questions. In the case of international corporations, chatbots have attained countless loyal consumers. All because there is no need for a human to answer the questions of customers in a different country. Eliminating the concern of thousands of miles of distance between them. Subsequently a significant time difference too.
2. In Supply Chain Business
With the help of AI, the supply chain of corporate organizations is radically transforming. Consequently, increasing the organizations’ productivity and reducing the effects of the global labor shortage. And providing safer techniques for the undertaking of commodities through the supply chain. In addition, organizations employ AI to analyze the market. Thus, industry trends identify their competitors’ pain points. Therefore, they gain a competitive advantage.
The Covid-19 pandemic is one of the most recent intimidations that drove and allowed businesses to develop sustaining strategies. To handle the Covid-19 virus, organizations globally were asked to close and impose shutdowns. Subsequently, people’s needs, such as purchasing food and other necessities, proceeded as usual. During the challenging environment caused by the pandemic, businesses turned to an internet-based system. Although several firms already had websites before the outbreak. But they switched to them as soon as they comprehended the value of the online platform. During this time, AI chatbots were used to respond to client inquiries. They were one of the most vital components developed by businesses.
Also read: How Information Technology Benefits Transportation and Logistics?
Conclusion
The world is redefining success in businesses with Artificial Intelligence, and leveraging the utility of AI. And human involvement is more than the execution of strategic AI plans. Also, it demands a substantial assurance to evolving individuals. Mostly teams with the right blend of upskilling and reskilling. Hence, it will empower individuals to take action and give quantifiable results effectually at the human-machine edge.
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FAQs
Which sectors are using AI?
Every industry is implementing Artificial Intelligence. From logistics to retail, to corporates to FMCG and the financial sector, etc.
What are the challenges in AI?
Incorrect use of Ai algorithm, lack of skills and human, lack of knowledge. As well as incorrect use of AI-enabled devices in the system accounts for the challenges in AI.
