How Artificial Intelligence Software will Change Ways of Doing Business in the Upcoming Years
June 1, 2021
4 min read
Artificial intelligence has come and no, there is no robotic takeover whatsoever where humans are either terminated or farmed as AA batteries. But it has become so prevalent in almost every aspect of human existence. AI platforms in businesses, in particular, are so essential that artificial intelligence is no longer an option, but an imperative.
The number of businesses and organizations investing in artificial intelligence tools & applications has dramatically increased in the past years. Spending on AI systems and related technologies such as machine learning (ML) and natural language processing (NLP) are expected to soar as well.
The global revenue for artificial intelligence software was $9.5 billion back in 2018. According to Statista, the AI software market will experience huge growth, with revenues reaching $118.6 billion by the end of 2025. AI software price will increase as more demand for AI solutions and systems pour in.
Artificial intelligence is a disruptive technology that will make its impact known in the coming future. It has penetrated and grew roots in various business sectors as indicated by the boom of artificial intelligence software projects and current AI system deployments. But just how will AI disrupt and change the business landscape? Here are some of the ways.
1. Faster, Smarter Assembly Lines
In 1913, industrialist and business magnate Henry Ford successfully launched his automobile assembly line to speed up the production of the Ford Model T. His genius drastically shortened the car’s assembly time from over 12 hours to two hours and 30 minutes.
Over a century since the mass production approach was embraced and adopted by the rest of the world, artificial intelligence is set to revolutionize the manufacturing industry as Ford did with his assembly line.
Manufacturers are constantly looking to make their assembly lines more efficient. From developing best practices to deploying robot arms, the assembly line continues to improve and has not stopped evolving. The entry of artificial intelligence is the next step in its evolution.
Many companies with assembly lines such as car factories, shipbuilders, and appliance manufacturers have deployed AI-powered robots to automate time-intensive, high-value industrial tasks such as glass bonding, welding, component installation, and metal fabrication.
These robots perform specific functions based on their respective AI algorithms, making them extremely precise and fast.
Machine learning capabilities enable AI systems to gather and analyze mountains of information to determine the best course of action in real-time. It can identify assets and equipment that require repair or replacement and automatically generates maintenance schedules to prevent equipment failure from happening.
AI solutions can be used to perform extensive audits on inventory, energy consumption, and asset performance. It then provides reports and suggestions on further improving existing practices and devising new ones to cut the losses. Or it can be set to automatically implement its own recommendations.
2. Productive Human-Robot Collaboration
AI-powered robots are surely going to perform most tasks that were normally assigned to human workers. But there are certain tasks and processes that are best left unautomated and handled by humans.
Smart collaborative robots can be deployed to assist human workers. Because of machine learning and advanced algorithms, these AI-driven machines require little instruction and configuration.
From gripping and releasing tools to lifting heavy objects and more, these collaborative robots are able to do certain tasks based on program and instruction. And they do so with high levels of precision and speed. When there are changes in the environment, the robots are able to analyze the situation and respond with the best action.
The impact these collaborative robots on efficiency and productivity of non-fully automatable processes is enormous. Companies and manufacturers enjoy as much as a 20% increase in productivity and save significant amounts of money on development and deployment, according to the McKinsey Global Institute.
3. Optimized Business Processes
Core and support business processes such as accounting, inventory management, supply forecasting, and more can be significantly streamlined with artificial intelligence. These processes and more are crucial to the operation and success of any business but are overwhelmed by the tidal wave of data and other factors.
Business software solutions with AI capabilities are able to take in tons of data and dissect them in lightspeed, enabling users to unearth problems and issues that hamper their productivity, reveal insights that can be used to make better decisions, and discover opportunities for improvement. AI-powered software can generate not just thorough reports, but viable recommendations and suggestions based on data and in line with the company’s goals.
Support desk tasks and services can also be automated and accelerated via AI. For instance, when an IT service desk solution receives a specific request for an IT issue, the software’s AI will look into the problem and create a tailored solution for the issue. The software does this by gathering all the information and then integrating different pieces of knowledge from various sources to build a custom resolution process.
AI: An Inevitability
A throng of technologies are poised to rock the business world, including AR/VR and the Internet of Things among others. But no other technological innovation is set to change business models and paradigms than artificial intelligence.
Many enterprises are now slowly moving from hard-coded, costly, outdated, and inflexible solutions to business platforms with self-learning capabilities and amazing data-crunching functionalities. Those that are operating sans artificial intelligence are still enjoying considerable success but they will be needing that digital transformation guide real soon.
Companies that predicted how AI will transform the business world, Amazon and Google, are now enjoying more substantial business growth and putting in better performance as opposed to their peers.
Artificial intelligence is an inevitability, especially in business. For companies with intense capital market pressures and unpredictable margins, not investing in the best artificial intelligence software and systems can be costly. In a business landscape where data needs to be read, interpreted, analyzed, and acted on right off the bat, artificial intelligence is the decisive element, the crucial difference between failure and success.
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