What is the Business Value of AI?
business value of ai

What is the Business Value of AI?

With AI adoption, companies saw their profitability soar, their efficiency increase, and their business value increase during the pandemic.

It enhances human capabilities and enhances a company’s efficiencies, reducing operating costs. Also, AI can improve the customer experience, increase revenue, and safeguard engagement.

AI and Business in 2021

The AI trend is at its height in 2021. There have been many misconceptions and uncertainties arising from this topic. However, it is undeniable that artificial intelligence has value-generating capabilities. This technology is already benefiting most industries, if not all. Additionally, the business landscape has changed dramatically for companies.

The implementation of an AI strategy in many organizations has become challenging. It’s a huge investment, but it can yield incredible results. With today’s market being more tech-driven than ever before, staying competitive means leveraging cutting-edge technologies to build business strategies.

The goal of this curriculum is to give you the knowledge necessary to fully understand, adopt, and implement AI solutions in an enterprise setting, while also maximizing their value.

Companies unfamiliar with the applications of Artificial Intelligence are often misinformed about the field. Some believe AI is about human-like robots and magical codes, while others believe it is just too complicated to understand.  We are at a point in time where businesses can easily understand, access, and use artificial intelligence – making it all that more powerful.

Machine learning refers to the process of identifying patterns in large datasets that can be used to perform human-like tasks. This field dates back to the 1950s, but it has expanded rapidly since then.

Today, it is well known that computers are capable of doing many things that humans cannot. Innovating enterprises seeking to scale their efficiency have strongly reacted to this. However, for any AI project to succeed and generate value, it must have the support of the entire organization, including the top management.

Benefits of AI

Any business with large amounts of data can benefit greatly from AI – you can train it to get more accurate results over time through the use of appropriate algorithms. You can automate even simpler tasks that are predictable in time, such as installing large batches of applications or gathering system requirements, for instance.

Additionally, if you want to do business on a different continent, the data you have gathered from the existing department can be fed to the AI algorithm, which then will spit out the needed model and/or requirements that will be optimal for the new department on a different continent.

Final Thoughts

We are living in the age of Artificial Intelligence. Many (if not all) industries are already recognizing the value of artificial intelligence. Business applications of AI are undeniably transformative, so organizations must take advantage of the technology as soon as possible.  AI can be used to shape the value generated by a business’s AI strategy as needed by any company that decides to understand and implement it.

You still have time to begin your artificial intelligence journey if you haven’t already done so. The key to everything is access to data. Businesses should be able to identify the types, quantities, and quality of data needed to accomplish their objectives, so finding relevant use cases shouldn’t be a problem.

Take the next step and book a meeting with the sales team at Byonic.AI. While many AI projects carry high costs and time investments, they are well worth the effort to achieve success.