Friday, June 14, 2024
CEOWORLD magazine - Latest - Tech and Innovation - Artificial Intelligence Corporate Profitability

Tech and Innovation

Artificial Intelligence Corporate Profitability

Today it’s hardly possible to overestimate the importance of artificial intelligence in the corporate world. Thousands of businesses evolve each year to dive into the neverending competition for customer approval and million-dollar profits. And the race becomes as exquisite as ever before, placing AI technologies at the pedestal of generating innovative competitive advantages.

According to some studies, artificial intelligence is capable of increasing corporate profits up to 60%. Could you name another business revenue booster with similar results? We bet you can’t. But what exactly causes improved productivity and makes AI so wanted in the business world?

AI research corporate profitability

Unsurpassed Process Automation

Streamlining of business operations is the first thing that springs to mind when thinking of AI corporate benefits. Due to smart algorithms machines can totally work without constant human supervision, speeding up the production and delivery of products and services. AI has no limit to its applications, being able to perform thousands of operations from checking the safe working conditions to handling real-time customer queries via natural language processing technology.

Eliminating Accidental Errors

It’s common knowledge that to err is human. So the second most obvious pro of using AI in process automation is overcoming human-induced mistakes. The “human factor” might be a pleasant phenomenon in intra-personal matters but not in business process automation. Monotonous non-creative work dispels the focus of employees regardless of their age and qualification. Each misclick or incidental negligence can result in financial damages and falls in customer service quality. AI custom software solutions like the ones InData Labs develops makes sure the work is done impeccably round the clock without holidays and recess.

Cybersecurity Solution

In the era of data dominance, cybersecurity has become the top priority for any business out there. Personal client data, insider business information, and other sensitive content is a tidbit for forgers, identity thieves, cybercriminals, and blackmailers who are sure to harm the corporate credibility image. With AI software applied, the chances of committing digital fraud tend to zero since the system monitors suspicious user activity and blocks one out before he could do any harm. Fraud detection becomes seamless and responsive, giving human capabilities a major head start.

Human Resources Management

AI is great but it’s human resources that make businesses thrive. However, even employee management can be enhanced by incorporating artificial intelligence tools in the process. The vast amount of data that comes to HR once a position in a company is vacant makes it tough to select the right candidate and take all the details into consideration. The following probation period is also quite time-effort-and-thought-consuming. At this point, AI is capable of accelerating the hiring process by analyzing candidates via digital tests, screening, and other helpful options. Apart from that, artificial intelligence can monitor a candidate’s success and performance to give grounds for promotions and pay-rise.

Artificial Intelligence in Corporate Training

When hiring or testing new people at the workplace, it might appear that candidates are not fit for the place or that their knowledge and skillset are not impeccable. Within a hands-on training period, such “trials” could cost quite a sum of money if the person engaged fails to perform one’s duties or makes costly errors. Here AI can totally help. The software is able to simulate real business processes, giving newly employed to get into it without causing any kind of damage to the company.

Another way to make use of artificial intelligence in corporate training is to uncover a new way of staff professional development taking into account their personalized experiences with the help of AI. As was mentioned above, AI software can monitor the actions, progress, and weaknesses of all the employees, using this data to analyze which training program is necessary to improve a particular skill.

The Final Thought

In the hustle of the ever-changing world, with new technologies evolving almost daily, it’s vital to stay flexible and keep in step with cutting-edge innovation, making it an integral part of your business processes. The importance of artificial intelligence in the corporate world lies in the proven fact that AI holds the future. The scale of it is still not fully embraced but it’s sure to surpass our boldest expectations. So if you keep beating around the bush thinking about whether artificial intelligence in your business really boosts its profitability, you’d better hasten before your quicker-thinking rival proves it does.

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CEOWORLD magazine - Latest - Tech and Innovation - Artificial Intelligence Corporate Profitability

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Sophie Ireland
Sophie is currently serving as a Senior Economist at CEOWORLD magazine's Global Unit. She started her career as a Young Professional at CEOWORLD magazine in 2010 and has since worked as an economist in three different regions, namely Latin America and the Caribbean, Africa, East Asia, and the Pacific. Her research interests primarily revolve around the topics of economic growth, labor policy, migration, inequality, and demographics. In her current role, she is responsible for monitoring macroeconomic conditions and working on subjects related to macroeconomics, fiscal policy, international trade, and finance. Prior to this, she worked with multiple local and global financial institutions, gaining extensive experience in the fields of economic research and financial analysis.

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