How Can AI Save You Money?

February 2022 3 min read

The driving force of any business are the people behind it. But people, as we know, are prone to making mistakes. Even small inaccuracies like making a wrong order can be detrimental to a business, and small mistakes often result in huge consequences and economic loss.

 

As much as Artificial Intelligence is far from replacing Human Intelligence, it can support people with its infallible way of processing day-to-day tasks. AI allows for automation of many key business processes and provides valuable insights that can be used to help a business grow.

 

By optimising and automating some of the main back-office tasks, money can be saved and time focused on more creative and unique business opportunities.

Increase Your Productivity

Most companies are overloaded with tedious back-office tasks that are repetitive and time consuming. Machine learning systems have a capability to quickly learn how to perform these tasks, provided sufficient historical data is available.

 

Offloading workers from the tedious and time-consuming administrative work not only increases an average job satisfaction but also allows employees to improve their performance by allocating more time and effort to their most important responsibilities.

 

Robots are not replacing humans; they should rather work together as partners. For example, in manufacturing a machine may complete all sorting and packaging tasks, whilst humans oversee quality control. Increasing productivity through machine learning and robotics is a sure way to streamline core business processes and increase revenue potential.

Maximise Your Efficiency

AI-powered optimisation techniques can be used to analyse available data to find more efficient ways of completing tasks.

 

This can be used to develop more intelligent pricing, identify places where operating costs can be cut, or find inefficiencies in a process. For example, if you overorder stock for inventory, you can use data to visualise where these can be used or how to best re-sell this stock to avoid inventory wastage.

 

Efficiency is also maximised through route optimisation. AI has the ability to use genetic programming algorithms that can help you figure out an optimal delivery strategy. This can help you save money on fuel and also minimise CO2 emissions.

Prevent Machinery Damage

AI is also particularly useful when it comes to monitoring machines to predict and prevent potential damage.

 

There are a few ways that AI can alert people if a machine may need improvements; sensors on sections of an assembly line can send back reports to computers, alarms may sound if certain parameters apply, stopping the production line to reduce risk of damage!

 

By detecting these faults early, and automatically scheduling for service, companies can save money that would have been lost on broken machinery and damaged products that could have been sold.

Assess Key Risks

Another application of AI is in understanding complex data sets to identify areas of potential risks and benefits of key business decisions.

 

AI inform business decision makers on how to modify their strategies to meet specific needs and maximise the potential benefits as well as to avoid business-critical risks. An analysis of complex data also means that AI can identify patterns that humans cannot, to find solutions that are more likely to work based on trends from previous similar instances.

 

Thanks to AI, you can cut down on making risky decisions for your business and use AI to create the best possible decision for the future of your business.

Improve Personalisation

The best way to set a business apart from others is to create personal interactions with your customers. Customer relationship management (CRM) softwares run algorithms to personalise their experience.

 

These machine learning powered technologies can understand the preferences of customers to provide recommendations, send personalised offers and messages in the most important moments and life events and help with queries after greeting them by name. This is one of the best ways to make an impression on your customers that make them feel important, leading to more interactions and likely repeat business.

 

As an example, chatbots use natural language processing (NLP) to comprehend an answer and provide the most relevant response, which promotes engagement as well as collects data for further recommendations.

In Conclusion...

As the saying goes, “time is money,” and by efficiently saving time, businesses can be optimised to work smarter to increase revenue and profit.

 

The key to staying competitive is to embrace these innovative technologies such as AI and Machine Learning. If you can automate tasks by outsourcing them to AI, you can spend more time on creative endeavours that can maximise the opportunities available to grow the business.

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