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AI analytics spot outliers and abnormal situations faster, besides identifying the key performance measures such as revenue and profit, thus enabling business people to drive their attention more towards the decision that are really important
Fremont, CA: The widespread use of artificial intelligence (AI) has opened up a number of opportunities for increased productivity in the business. According to a most recent report by Gartner, AI augmentation will create $2.93 trillion of business value in 2021 and will save 6.2 billion man-hours worldwide. Another survey done by McKinsey estimated that AI analytics could contribute around $13 trillion (16 percent) to annual GDP by 2030.
Businesses can implement AI in their operations by adding machine learning to the existing business processes. Applying automation adds the highest value in a narrow and repetitive business decision that is made innumerable times a day. AI replaces the boring aspects of knowledge at work. Though AI boosts up productivity of organizations across the globe, its true potential lies in unleashing the full power of human intelligence. Rather than treating humans like inept, useless robots, we can use AI to better leverage our unique skills such as leadership, adaptability, and creativity.
Machines are just machines without human intelligence and human inputs. Still, machine learning is one such thing that helps in enhancing human intelligence. AI-augmented analytics can help sales people to deal with the client based on previous records, historic patterns, and algorithms. AI analytics spot outliers and abnormal situations faster, besides identifying the key performance measures such as revenue and profit, thus enabling business people to drive their attention more towards the decision that are really important.
Human intelligence shines in one area–innovation. Machines can never replace human-oriented processes such as the formulation hypotheses, conduction of experiments and the evaluation of complex results, and scaling up of new ways of working. Though they do assist humans in carrying out these processes, they can never compete against humans or outshine human capabilities.
Organizations have been paying attention to things such as improving customer experience and employee feedback since long. But, people's expectations, emotions, and innovation insights are quite different from the structured information than that of today's information systems. Usually, the information gathering has been manual, limited, and periodic. Today, with AI-based new experience management platforms, human insights can be harnessed at scale by gathering seamless information from right people and at the most appropriate moment. This chalks out the possibility of improving and accelerating innovation throughout the business process.