Impacts of AI; Post Pandemic Economic Growth
The most visible impact of AI is the result of task automation across a wide range of industries, which has shifted from manual to digital. Tasks or professions that need a high level of repetition or the use and translation of massive amounts of data are now delivered and handled by computers, often without the need for human intervention.
With robots, AI, and robotization taking some of the mundane and manual duties off our plates, experts will have more time to focus on reasoning, transmitting new and ingenious arrangements, and other activities that are beyond the scope of AI and squarely within the realm of human intellect.
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Using AI for commerce,In a post-pandemic context
Artificial intelligence (AI) capabilities for merchants of all shapes and sizes have surely increased in recent years across numerous sectors. Merchants are obtaining a legitimate grasp of what it takes to accurately assess, construct, and generate AI and ML-enabled products of the future in today's environment, moving beyond the marketing frenzy that AI was once.
The most important advantages in AI for financial management can be found in the domain of intelligent automation. Robotic process automation (RPA), process mining, conversational AI, and automated decision-making are examples of technologies that can improve outcomes.
. Since the pandemic, investment in AI platforms has exploded, transforming it from a “nice to have” to a full-fledged business imperative. The disruption to "business as usual" and the gaps shown in digital transformation programs where human capital, existing resources, and processes were unable to grow to meet the pandemic's increased demands were the catalysts. It became evident almost immediately that digital intelligence and automation were the only technologies capable of performing urgent tasks at scale.
AI has the potential to improve corporate operations and boost staff productivity in both the short and long term, and across back- and front-office applications.
Some use cases:
In a time when many firms are trying to accomplish more with less, investing in AI tools can help boost profits.
According to the McKinsey poll, the majority of CEOs at organizations who used AI stated it increased revenue and saved costs by 44%. AI, on the other hand, does more than increase efficiency; it also adds value. AI solutions, for example, can free up workers to focus on higher-level duties like customer engagement.
one simple way to measure the business value of AI deployment is by analyzing defective products. Producing defective items has never been an option for manufacturers, but in a post-pandemic world, this issue is compounded by a more sparsely populated production floor. Adopting AI by multiplying the “number of eyes” looking at the line can eliminate product recalls, increase production yield, boost customer satisfaction, and improve manufacturers’ overall bottom line
Chatbots driven by AI are one example. Bots can act as a lifeline for providing faster customer service for regular enquiries at scale, as they become more smart and conversational, at a time when many businesses don't have the resources to hire more people. Bots can not only get better and faster at solving problems by learning from patterns over time, but they can also uncover insights that can help improve products and train agents.
Huawei iknow Robot is one of the examples. Its seamless working to satisfy all our queries on time can show how these AI, Machine learning algorithms are making things smooth and less time consuming and also reducing man workload with minimum maintenance cost.
Land O' Lakes, the American agricultural company best known for its butter, until recently relied on a slow and disconnected legacy system that required multiple tools, extensive infrastructure, and hard-to-find developer skill sets.Land O' Lakes transformed its e-commerce and supply chain management systems in less than 30 days, resulting in a 25% increase in productivity. The company currently employs AI and automation at scale to provide real-time purchase information on their e-commerce platform, as well as shipping and tracking data, to its 2,500 farmers, 1,000 retail partners, and 10,000 workers. The supply chain manages half of all transaction volume and reuses 30% more data between applications, resulting in a more integrated, transparent, and scalable company.
Final thoughts
An investment in AI has an immediate impact, but it also has the potential to unleash new sources of value and drive growth in the long run. Many AI applications nowadays entail iterating on existing processes in order to increase efficiency and productivity. In the future, AI might be used to completely rethink business processes and operational models, allowing firms to discover new ways to measure and deliver real-time value.
Artificial intelligence (AI) has the ability to break down present organizational silos. Traditionally, these divisions have been kept distinct to optimize efficiency in pursuit of the credo "cheaper, better, faster." Because the platforms that each team utilizes rarely communicate with one another, technology has strengthened these divisions. Artificial intelligence (AI) and robotic process automation (RPA) can connect enterprises, allowing for a holistic view of the client and the delivery of personalized value in real time.
Specialists in AI and machine learning, process automation, robotics, digital transformation, and the Internet of Things will be in higher demand across industries. Rather than just employing AI to do the same things better, these collaborations between humans and smart tools can open up new avenues for delivering real-time value and empowering a new workforce.
Sources:
https://www.cio.com/article/3602812/ai-and-automation-are-linchpins-for-post-pandemic-business-success.html
https://artificialintelligence-news.com/2021/07/19/utilising-ai-for-retail-in-a-post-pandemic-world/
