Benefits of Ai

Benefits of ai
1. Efficiency and productivity gains

Efficiency and productivity gains are two of the most-often cited benefits of
implementing AI within the enterprise. The technology handles tasks at a
pace and scale that humans can't match. At the same time, by removing
such tasks from human workers' responsibilities, AI allows those workers to
move to higher-value tasks that technology can't do. This allows
organizations to minimize the costs associated with performing mundane,
repeatable tasks that can be performed by technology while maximizing the
talent of their human capital.
2. Improved speed of business

As fast as business moves in this digital age, AI will help it move even
faster, said Karen Panetta, a fellow with the technical professional
organization IEEE and Tufts University professor of electrical and computer
engineering. AI enables shorter development cycles and cuts the time it
takes to move from design to commercialization, and that shortened
timeline in turn delivers better, and more immediate, ROI on development
dollars
3. New capabilities and business model expansion

Executives can use AI for business model expansion, said Chris Brahm,
senior partner at Bain & Company, and leader of the firm's global Advanced
Analytics practice.
"As you deploy data and analytics into the enterprise, it opens up new
opportunities for businesses to participate in different areas," he explained.
For example, autonomous vehicle companies, with the reams of data
they're collecting, could identify new revenue streams related to insurance,
while an insurance company could apply AI ton its vast data stores to get
into fleet management.
4. Better customer service

Delivering a positive customer experience has become the price of
doing business, said Seth Earley, author of The AI-Powered
Enterprise and CEO of Earley Information Science.
"We're trying to embody everything we know about the customer, the

customer's needs, our solutions and the competition and then present to the
customer what they need when they need it," Earley said. "If we had a
salesperson who could do that for everyone, that would be great, but we
don't."
AI, however, can do all that and more, leading to more customized and
personalized interactions between organizations and each individual
customer.
5. Improved monitoring
AI's capacity to take in and process massive amounts of data in real time
means organizations can implement near-instantaneous monitoring
capabilities that have the capacity to alert them to issues, recommend
action and, in some cases, to even initiate a response, Ammanath said.
For example, AI can take information gathered by devices on factory
equipment to identify problems in those machines as well as predict what
maintenance will be needed when, thereby preventing costly and disruptive
breakdowns as well as the cost of maintenance work performed because
it's scheduled rather than because it's clearly needed.
AI's monitoring capabilities can be similarly effective in other areas, such as
in enterprise cybersecurity operations where large amounts of data needs
to be analyzed and understood.
6. Better quality and reduction of human error

Organizations can expect a reduction of errors as well as stronger
adherence to established standards when they add AI technologies to
processes, according to Madhu Bhattacharyya, managing director and
global leader of Protiviti's Enterprise Data and Analytics practice. When AI
and machine learning are integrated with a technology like RPA, which
automates repetitive, rules-based tasks, the combination not only speeds
up processes and reduces errors but can also be trained to improve upon
itself and take on broader tasks.
The use of AI in financial reconciliation, for example, would deliver error-

free results whereas that same reconciliation when handled, even in part,
by human employees is prone to mistakes. "Can you maintain better quality
with AI? Yes, you can," Bhattacharyya said
7. Better talent management

Companies are using AI to improve many aspects of talent management,
from streamlining the hiring process to rooting out bias in corporate
communications. Writing about the growing use of AI in recruitment,
independent consultant Katherine Jones said AI-enabled processes not
only can save companies in hiring costs but also impact workforce
productivity by successfully sourcing, screening and identifying top-tier
candidates. As natural language processing tools have improved,
companies are also using chatbots to provide job candidates with a
personalized experience and mentor employees. Additionally, AI tools are
being used to gauge employee sentiment, identify and retain high-
performers, and determine equitable pay.

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Benefits of ai

1. Efficiency and productivity gains

2. Improved speed of business

3. New capabilities and business model expansion

4. Better customer service

"We're trying to embody everything we know about the customer, the

6. Better quality and reduction of human error

The use of AI in financial reconciliation, for example, would deliver error-

7. Better talent management

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