Artificial Intelligence: The Economic Saviour
The past 36 months have certainly been a rollercoaster of emotions. With the pandemic transforming how we work and the ongoing war in eastern Europe creating a huge spike in the price of commodities. Economists have predicted a mild recession for the remaining months of 2022 and everywhere you look, businesses have made major cutbacks in staff, even the most financially stable businesses are doing the same.
Firstly, we’re not in a recession. I truly believe that the more talk of a recession, the more likely it’s going to happen. The conversation itself creates doubt, consumer spending will naturally fall and businesses & VCs without the right analytics and tools will spend and invest much, much less.
It’s difficult to predict what’s going to happen, which is why businesses are now very cautious with investments and scaling. But how can AI help a business through an economic downturn?
Automation
It’s no secret that us humans can create the simplest of errors which on the other end can create huge financial losses. Using AI and more specifically NLP, we can automate mundane administrative tasks. NLP or natural language processing bridges the gap between humans and computers. NLP is now sophisticated enough to understand human language in real-time, thus creating better customer experiences/satisfaction and reliable, quicker data entry.
Data Quality
According to Gartner, businesses will lose on average $12.9m per year due to poor data. Successful businesses will use automation and data analytics to drive their decisions which allows them to generate more leads, understand their customer’s habits, and create a direct link between business processes and revenue.
By 2025, the amount of data generated each day is expected to reach over 400 exabytes. If you can’t estimate the sheer scale of that, 1 exabyte is around one billion gigabytes!
Cost saving
Automation allows businesses to save money with no effect on production. With the topics mentioned above, companies that invest heavily into automation will naturally have lower operating expenses as there is less spending on manual labour.
Unfortunately, it is natural that jobs/departments will be lost. But businesses that make the right investments in digitizing their infrastructure and upskilling their workforces will come out the other end relatively unscathed.
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