In the last ten years, we have seen a lot of technology and innovation boosts the profits of all the industries. One of the latest technologies that played a dominant role is Artificial Intelligence or also known as AI. There has been a tremendous change in how industries are using the technology of AI and innovating new products and processes which will help reduce cost and increase the revenues of the company.
Artificial Intelligence is the combination of various technologies that help to comprehend and make sense of various situations. It can learn and act to tackle challenging situations and give a tremendous boost to the revenue of the company.
The Impact of Artificial Intelligence on Industries
Recently Accenture Research conducted a study to see how AI can help boost Industry profits. In the study, it was found that AI was responsible for the economic growth of different industries. Artificial Intelligence also helps to increase the revenue in food and beverages industries, education, and construction industries. The education industry will see an 85 % rise in profits by 2035.
Artificial Intelligence has changed the game in the manufacturing industry. Preventive maintenance AI has played a massive role in decreasing errors and increasing the productivity and quality of the products. A lot of companies are slowly and steadily implementing AI into all their processes.
In the financial services sector, AI can be capitalized to remove repetitive work due to which a lot of time is spent on non-productive work. A task like customer queries, market research, and product reviews can be automated and optimized to increase the profitability of the firm.
Companies Taking the Lead on Artificial Intelligence
We know that every company has started the implementation of AI. In the year 2016, technology companies like Google and Baidu have invested around $ 25 billion to implement AI. Netflix has also gained a considerable profit as it uses an AI algorithm to target its customers. Ride-hailing giant Uber uses Artificial Intelligence to predict the travelling habits of its users. Using this data, they provide you with a discount, and this helps to retain their customer for a long time.
Artificial Intelligence has also made its mark in the banking industry. Royal Bank of Scotland uses an NLP AI bot to answer any queries of their customers. Instead of people, the bank uses the AI bot to perform simple tasks like money transfer.
Therefore, we can say that AI has revolutionized all the industries and acts as a significant factor affecting the profits of any company. It also helps these companies to process a massive amount of data and provides meaningful insights which the company can utilize to increase their revenue.
How to Prepare For the AI Future
To gain the benefits of AI, every company will have to have a definite plan to implement AI. The companies will need to identify the right gap between people and machines. With the implementation of AI, a lot of jobs will disappear, and a lot of new jobs will emerge, and a lot of new changes will happen within the organizations.
Over the last decade, AI has brought a drastic change in various industries. The companies that adopted AI are currently enjoying all the profits from the investment. If you feel like there is an opportunity to implement AI in your company, then this is the right time to do so and increase your profitability.