Artificial Intelligence & Cutting Costs

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A few years ago, artificial intelligence was considered a pipe dream that existed only in theory. The idea of having computer programs making intelligent decisions with little-to-no input seemed absurd. Fortunately, we humans made it happen and it is everything we expected and more. As common and prevalent as AI is, the ceiling is virtually endless. As the world of technology continues to expand beyond what it was initially imagined to be capable of, AI stands out as one of the most dominant forces in this space. Nowadays, development of AI companies is seen almost everywhere.

Artificial intelligence is used to power everything from chatbots on websites to entire factories and field equipment. When combined with the internet of things, you have one piece of technology generating and transmitting data in real time and another piece of technology being used to make sense of it. As far and wide as we see AI’s reach, we have yet to full extract full value from it. A recent notion that has emerged suggests that AI might not replace people in the workplace but someone who knows how to leverage the power of AI most certainly will.

At the end of the day, AI is still a computer program that relies on the data being fed into it. This can be controlled, adjusted, and leveraged. Artificial intelligence comprises machine learning which replicates how humans make decisions and deep learning where the program uses visual cues to identify objects. This is an innovation of paramount proportions and the impact shows across the different industries it has impacted.

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Using Artificial Intelligence to Cut Costs

Among its many different use case, AI is being used to cut costs and allow organizations to spend their money better. In turn, this makes it possible to generate more profit which is something every single business loves and adores. It doesn’t matter if you run a small business or a large-scale corporation, using AI will make your life easier, work smarter, and automation will take your hands off the mundane and repetitive. In the context of this article, we will expound on the different ways that AI is used to cut costs across the board.

Customer Service

One of the simplest and most effective ways to use AI is in customer service chatbots. These are the popups that emerge on the side when you open a website asking if you have any questions. An AI chatbot is trained with product information and other possible queries that a customer may have. Each time a customer asks for help, the AI will go through its library of information and retrieve an answer.

Using natural language processing, these AI chatbots understand what we say to them as humans would. AI chatbots not only provide the answers that customers want and need, but they are also available around the clock. Every time you open the website, they proactively pop up and ask you if you need any help. This saves the time of new and existing customers by getting them the information they need.

Furthermore, an organization using AI chatbots does not need to invest in hiring people to do the job. They still will since some issues need human intervention but for the most part, AI chatbots will get the job done.

Automated Hiring

Any organization wants to have a combination of competitive employees and advanced systems. Both of these come together to work towards a common goal or expound on a shared purpose. HR professionals have been using AI for a long time to sift through resumes to find certain keywords. This saves an incredible amount of time since they no longer have to go through several files manually. This allows HR to focus on more serious tasks at hand.

Moreover, using AI to sift through resumes eliminates any sort of bias that may arise. The beauty of AI is that it can do just as it’s told, exactly as is expected of it. If the need is for a candidate with 5 years of experience in data science, it will sift through thousands of resumes to find the relevant ones. The more you specify your search, the better the end result will be.

Finding the right people, it will save on the costs of inviting candidates in to gauge their eligibility. Finding the right people for the job will also be considered an investment. This is due to the fact that the right people will directly contribute to the organization’s efforts to achieve their targets and goals.

Data Insights

In the present and future, data will be considered a commodity. Nowadays, there are several different ways for data to be generated. With the growth of the internet of things, 5G, machine learning, and deep learning, the demand for data has never been higher. The field of data science has seen meteoric growth as more and more organizations need skilled people to make sense of all this data.

Using AI, it becomes possible to extract insights from data sets. These insights could be the different interpretations of data that lead to data-driven decision-making. Using real-world data to make informed decisions allows for more accurate and directed decisions that can contribute to organizational growth and development. This saves the costs of finding the right product to meet the right demands. Using Artificial Intelligence gives you a competitive edge over everyone else because you are making more informed decisions leading to the growth of your business.

Benefits of Using AI in Business

One of the best ways to maximize profits is to minimize costs incurred. Regardless of which industry you belong to, AI is making a splash. Leading the digital transformation, AI has several benefits to offer to businesses – big or small.

Proactive Measures

As a business, it is always better to be proactive instead of reactive. It will serve the business well if they prepare beforehand instead of doing damage control when a problem occurs. In a factory, Artificial Intelligence is used to keep constant track of how things are going. Everything from the number of units produced, how long it takes to make them, how much energy is being used, and which machines are operating under what conditions.

If AI is tracking how everything is going, this makes it easier for factory managers to fix an issue right when it begins to form. For example, if a certain storage tank is showing an unusual loss in pressure, the AI will flag this and alert concerned authorities. This will allow them to nip it right before things go wrong. This can prevent damage to the production line as well as to the workers in the factory.

Elimination of Human Error

No matter how competent or competitive a person or team may be, they are still human beings that can get tired or need breaks. This is all fine since no human can work 24/7 at peak performance. On the other hand, computers do not have this same limitation. An AI program that has been tasked with monitoring fraudulent financial transactions can do so around the clock for as long as it is needed. I

t will not deviate from its course nor will it get tired. With the scale at which businesses can now operate thanks to globalization and the internet, this level of operation is imperative. Furthermore, an AI program can maintain its accuracy from when it starts up until when it is turned off.

Conclusion

Every business wants to minimize its costs and maximize its profits. This is possible by implementing a host of changes and amendments across different areas. Using Artificial Intelligence, it becomes easier to essentially outsource various tasks to a computer program. All you need is to input the data, tell it what to do, and then let it do its job. It can be tweaked and adjusted along the way but that is about it.

This method is being used the world over and it is contributing towards making businesses smarter and more competent. The beauty of it all is that you can make all of this work using a laptop and a high-speed internet connection like the one from Mediacom. To ensure you have internet connectivity while designing and implementing your AI infrastructure, they are the perfect companion to ensure all goes well for you!