Published: July 2, 2020 - 13:39

Has artificial intelligence made its way into everyday life?

Where do you stand on the issue of AI?
Do you still associate artificial intelligence with science fiction? Or are robots and digital assistants beginning to take on a more pivotal role in your daily life?

In this blog post, we seek to provide a brief overview of how developments in the field of artificial intelligence are impacting businesses and their commercial success.

From a business perspective, AI already offers a broad range of applications that run the gamut from customer service, research and development, servicing and maintenance, to project management and HR management. Besides providing support for various technical departments, AI can be the driver for innovation, productivity, and transformation.

 

1. Innovation

AI opens up new perspectives. Machine learning algorithms, for instance, are uniquely suited for predictive and prescriptive analytics. They are capable of recognizing patterns and making predictions on the basis of processed data, as well as anticipating changing market needs. They facilitate “deep insights” and lead to more comprehensive and more specific knowledge about customer needs, market participants, and trends – as the basis for new ideas.

 

2. Productivity

AI turns us into busy bees. Experts agree that by introducing intelligent technologies, it’s possible to achieve an astounding boost in productivity – on a scale comparable to that of the invention of the railway in the Industrial Revolution. Entirely new business models, lines of business, and business processes may indeed lead to a shift in the fields of activity and types of tasks that employees perform, but they also contribute decisively to getting work done far more quickly and efficiently. The focus is on enhancing human performance through AI-based technologies: from intelligent predictive maintenance for production machines – rendering manual maintenance intervals obsolete – to automated responses to customer inquiries in the service center, to the creation of new capacities – which in turn can be used to answer complex questions – to efficient and intelligent data processing that provides managers with a solid basis for fact-based decision-making.

 

3. Transformation

AI serves as a true transformer. New technologies open up fresh perspectives on existing operational and organizational structures as well as on a company’s core business areas, thus simultaneously stimulating the need and the capacity for transformation. Rather than merely optimizing business models and processes, using the right technologies and tools will lead to a complete transformation of existing processes and workflows so that their full value-creation potential can be realized.

A continuous process of adapting working methods to the latest insights and market conditions is critical for staying on the cutting edge and keeping one step ahead of the competition.

 

Find out more in our white paper “The many facets of digital transformation”:

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