Invest in AI or lose a golden opportunity that is unfolding NOW! AI or artificial intelligence is the crown achievement of tech industry where machine learning capability teaches a computer system to learn from actual data collected within the industries. The learnt knowledge is put to action for stimulating human intelligence in order to design, predict, detect and supervise operations in real time specifically for safety purposes. The extent of possibilities is limitless but the time for AI investment is limited and it is NOW.
In this article, we will explore 9 reasons AI investment has big returns for companies so managers can make an intelligent decision to invest in AI.
Investment is always about the returns and AI has shown positive results and big promises in the short time that has been evolving. Automation is the key to sustainable growth and health of both businesses and workers for following reasons:
Data is the gold that was accumulating in industries for too long without being extracted or utilized intelligently until AI came around and stirred the data pools.
The decision-making process for managers will become more efficient if actual data is analyzed in fraction of time. Market analysis will become easier if market variations are tracked in real time so pricing strategies can comply with market demands. Networks will become stronger if data is flowing freely from industry to R&D for further improvements. Transparency will become the new norm if data is available to all parties involved.
AI is capable of extracting, sorting and analyzing data critically so it learns implicit patterns and builds models to eliminate sources of failure. It can find solutions creatively for effective processes which leads to elimination of unnecessary costs.
Profit is the end goal of every business and sales and marketing drive that goal. Reading the pattern in customer behaviors and buying habits makes a huge difference in sales number.
Invest in AI with ability to interpret data and predict future customer behavior in order to suggest best options for lead generation and customer retention. With relevant suggestion comes the customer satisfaction that leads to retention of loyal customers to drive your sales.
Products or services are the defining factors in success of a business and the more innovative the design is the more success it brings. Although not as creative as humans but AI is capable of recognizing faults in design process so only functional elements remain and even improve. With elimination of failing elements, the costs will be lowered while sales increase.
Regardless of the industry you are active in, be it oil and gas industry or manufacturing and warehousing, the operational process can be streamlined by AI for maximum production and minimum down time. It can be customized for needs of each individual industry and even section, up to the smallest projects. With customization, the general expenses will decrease for each specific process that translates to higher profits.
Maintenance, repair and overhaul (MRO) is a driving factor in asset management in most industries which increase costs by shutting down operations and demanding parts and third-party services all of which shifts cashflow toward more spending.
Invest in AI with predictive analytics that can notify the right time to schedule turnarounds and replacement of parts or equipment with minimal downtime to save revenues.
Inventories are the key part of sales process where smallest delays in incoming or outgoing products and parts can cost billions to the business. An effective inventory management is possible if you invest in AI that requires minimal human intervention to enhance flow of products for higher sales.
Employees are the main resources of every business whose satisfaction drives success of the whole organization. Repetitive tasks and boring works like addressing frequently asked questions and monitoring routine transactions can influence mental and emotional state of staff and lead to big employee turnover.
This is the worst-case scenario for every business that can be prevented by invest in AI. Automation can reduce the work load for humans so they can engage in more joyful creative activities that require absolute human presence. The happier the employees, the better your reputation and the more valuable your image.
Security of both physical and cyber spaces is critical in the age of data specifically for companies who collect sensitive information from customers or hold expensive assets. Observing trends, detecting anomalies and handling possible vulnerabilities are made easy with artificial intelligence to catch financial frauds. Invest in AI can make transactions safe to increase consumer confidence and business reliability which leads to new customer attractions and sales.
But the real jewel in the crown is the HSE enhancement by AI. Safety risks and hazards are present in every business at any moment that are even evolving rapidly with environmental changes or technological advancement. But the current safety systems are falling behind at detecting and preventing fatal accidents. With artificial intelligence and machine learning, past data becomes the training set to draw patterns and make models in order to predict and prevent incidents and accidents in real time.
Invest in AI can even monitor and notify HSE managers and professionals about every safety violation in real time such as PPE wear, ergonomic mistakes, dangerous behaviors, access limits and speed limit by recognizing people faces, vehicle plates, leaks, smokes and fires.
Intelligent HSE management system powered by AI can save companies from spending huge amount of budget on injuries and damages to workers, environment and assets. The saved lives and nature are worth the initial investment cost but that will be returned too in no time.
Invest in AI and reap the benefits of a revolutionary data technology that is capable of enhancing every aspect of your business. From design to production, sales and marketing, privacy, security and occupational safety and health, all can be changed for the best. This will lead to higher employee retention and customer satisfaction that strengthen your reputation and consequently your returns.
Machine learning can improve performance at all levels of your organization, efficiency at all operations and productivity at all processes meaning AI investment is an all-in-one solution for your company with a big ROI.
AI is still a rare competitive edge that secures sustainable growth of your business but above all it can enhance HSE system to save life of your workers and health of the ecosystem.