We all know how the Internet of Things has made it possible to turn everyday devices into sources of raw data for analysis in order to generate business insight. It has also been witnessed that Artificial Intelligence (AI) is making analytics more productive and efficient at workplaces too.
Enterprises expect much more data to be generated in the years to come as compared to the data generated today.
It is believed that AI is now beginning to enter workplaces and corporate organizations, and this change has made leaders revisit their business processes and functions. These days, startups are adopting AI technology to reduce manpower, increase work efficiency and save time. AI can generate insights, provide remote and virtual assistance, and analyze unstructured data generated by everyday devices. Specialists predict that more than 62 percent of enterprises would start implementing AI applications in some way by the end of 2018 and a major reason for this is a lot of benefits AI has provided to the enterprises.
According to a survey by Demand base, about 80 percent of decision-makers predict that AI will revolutionize marketing by 2020.
AI along with neural networks decipher discrete data in no time and make sure a perfect solution is placed at the decision maker's fingertips. The data being generated is continuously being updated, which also means the machine learning models too will be updated at regular intervals. The enterprises would be able to access up-to-date information - breakthrough insights -- that can be useful for rapidly changing business environments. Here are the three most important ways in which AI benefits workplaces:
1. Faster decision-making with more confidence: What if something goes wrong with the manufacturing plant in your industry, what would you fix first? I am sure most of the employees working on that plant would be clueless. In such cases, AI helps the maintenance team to decide what to fix first with confidence, as AI would automate and line up the decision-making processes for the maintenance team.
2. Accessing insights from Big Data: An exciting opportunity after implementing AI in your workplace is AI's ability to recognize and understand patterns in Big Data that humans cannot.
3. Protecting sensitive data: AI enables the elimination of human error which in turn helps improve output quality and strengthen cybersecurity.
A noticeable difference has been seen in the roles of employees, after deployment of AI. More attention is given on managing and on implementing strategic initiatives and at the same time, analytic tools automate and scale data to facilitate better decision-making.
Let's look at how AI is improvising work landscape:
Creating new technology-related jobs: A report by Indeed predicts that there is an increase in demand for workers with AI skills over the last few years. When there's a shortage of job seekers who can meet that need, it makes the skills more valuable for those who would possess them.
Using machine learning to reduce busywork: By enabling automation to complete their mission-critical tasks, employees can free up their time for other essential tasks. According to a Digital Ocean report, 26 percent of developers are using AI-based tools in their work processes, and about 81 percent are keen in getting educated about the automated tools.
Automation helps prevent workplace injuries: A study by Injury Claim Coach predicts a lot of damages can be reduced by implementing automation at workplaces. The same study also found that in 2016 around 5,190 workers perished due to workplace injuries. About 14 percent of automation could be saving lives as high as approximately 3,500 per year by the end of 2030. Hence, instead of thinking about how AI is taking jobs away, it's time to think about how many hazardous jobs humans won't need to do in the days to come.
These were some ways in which you can step up your businesses using AI. What are your thoughts about AI? Have you implemented it in your organization, already?