The basis for any entrepreneur that starts his/her business is to maximise the revenue generated and thereby, maximising profits. The other way to look at maximising profits is through reducing unwanted expenses. Major expenses would be excess raw materials/labour/ inventory. So, strategies such as supplier rationalisation, demand aggregation become the prime area of focus. This is where automation comes in. Coupled with the help of AI, businesses have been successful in significantly reducing the expenses.
Artificial Intelligence is now replacing all the mundane tasks and where a human intervention is prone to make an error. Tasks like quality control, customer service, speech recognition are all examples of AI tools already in place today. Notably these have replaced any human intervention and thereby improving the overall process efficiency. The future for Artificial Intelligence is much brighter. With automation present in most of the production and services domain, the products themselves are using AI and becoming smarter. The greatest example for that would be the Automation industry. Forty years back, most companies were in the race to automate the production process of cars, whereas today, companies are fighting to enter the automated vehicle market.
With the help of AI, not only can you reduce the error in the process but also analyse the pattern in data which is coming in and predict what future data may look like. This is a valuable addition to any organisation given that forecasting becomes one of the key parameters for a company to build a strategy. With the use of machines and AI, it is also simpler to store data as all the data is recorded in the digital format while forming the input for learning the machine. This enables easy access to data and lower maintenance charges.