Blog: Top 3 reasons why businesses should focus on AI in 2019
Artificial intelligence is an emerging suite of advanced and practical technologies that enables companies of all sizes to become insight‑driven enterprises. Business leaders are concerned and excited about the key benefits of Artificial Intelligence for their companies. Firms across the globe are becoming aware of the power of these technologies and are now starting to explore how AI could enable them to introduce new services to market, widening and empowering their offering, and to improve existing business and operational capabilities.
Fact is that the global AI market was worth approximately 4.8 billion U.S. dollars in 2017, and is expected to reach 89.8 billion U.S. dollars by 2025, and it makes sense that a large number of companies are investing in AI. What’s more, a recent Deloitte’s study states that 82% of companies that have already invested in AI have gained a financial return on their investment while the median return on investment from cognitive technologies is 17%. Sounds impressive, right? Whether you’re aware of it or not, AI has a huge effect on your business. Here’s a quick look at how to use AI in business. Let’s delve into details!
1. Faster decision-making and accurate forecasting
In today’s rapidly growing digital world, the process of making faster decisions is vital. Executives had to rely on inconsistent and incomplete data that was still collected manually or by visual inspection processing. With AI-equipped solutions, business owners or C-level executives gain an opportunity to vastly streamline the workflow while reducing error by instantly collecting data and deriving on‑site insightful decision factors. Moreover, AI helps to estimate future sales enabling companies to make data-driven business decisions and predict short-term and long-term performance.
2. Quality AI-based training
Quality training is a process that plays a pivotal role in the success of any business. Employees gain valuable skills for their future and become more valuable to the company. With AI-fueled solutions, there is an ability to improve the overall training process, collect data and measure results of employees’ training. What’s more, it can add a touch of personalization. As an example, Amplifire, a cloud-based platform, provides adapted testing multiple choice-questions and quizzes to identify the level of a trainee’s skills.
3. Recruit top talents quicker
Recruiting is a tedious and time-consuming process. Screening resumes efficiently and time-effectively still remains the hardest task when identifying the right candidates from a large applicant pool. AI-powered solutions are designed to improve the recruitment process and help with those mundane tasks assisting you in the recruiting process and giving the time to focus more on hiring the right person. As an example, Mya, powered by AI, automates tedious parts of the recruitment process sourcing, screening and scheduling gathers information and creates candidate profiles and shortlists applicants.
Bottom line: Are you ready to implement AI?
Adoption of any digital technology is fraught. Yet, the growing evidence of the benefits indicates AI technology is here to stay. The results are clear: companies are aware of the disruptive potentialities of AI in their whole business. What’s more, most of the companies are ready to implement it. AI is a complex technology requiring the implementation of sophisticated algorithms that allow leaders to make more accurate decisions faster, predict sales, improve recruiting processes and provide quality training. We, at Provision Lab, have a vast experience in delivering AI-fueled solutions that definitely help grow your business and drive revenue.