Why artificial intelligence is important? It reduces operating costs and human error, and replaces low-skilled workers with robots. But what exactly can AI do for businesses? Read on to find out. Listed below are some benefits of AI. Identifying your business’s specific problem, defining where AI can improve efficiency and identifying data sources are all key. After determining the problem, AI can then begin to help you find solutions.
Reduces operating costs
For example, AI is an excellent way to cut costs by automating time-consuming and labor-intensive processes. With AI, companies can reduce energy usage and save money at the same time. For example, if an organization uses more energy to produce goods than it consumes, it can save money by reducing the number of packages delivered to each customer. Ultimately, this can reduce overall operating costs. But there are limits to how much AI can reduce operating costs.
Reduces the need for human error
For piloting complex systems, AI can reduce the need for human error. While AI is no match for man, AI does have advantages over humans when it comes to accuracy. An example is when a pilot in an Airbus 230 attempted an emergency water landing and successfully landed the plane on the Hudson River. The feat was the stuff of legends, and the aircraft experienced no human casualties. AI can limit human error in different types of tasks, depending on their nature.
Reduces the need for low-skilled workers
While AI is already replacing many jobs, the future of human labor is less certain. As we continue to develop new ways of using AI in the workplace, there are concerns about whether AI will eliminate jobs for unskilled workers. While it may be difficult to imagine a scenario where AI replaces low-level workers entirely, it will eventually happen. While it may take decades before artificial intelligence completely replaces human labor, it will be beneficial for our subjective well-being.
Replaces low-skilled workers with robots
In a study published in Nature Communications, researchers looked at the employment effects of artificial intelligence (AI) on people with various levels of education. This included graduates of high schools, universities, and the Diploma of Occupational Studies (BEP) in France. Robots have a larger negative effect on workers with lower education levels. By contrast, high-school graduates experience no impact at all, and college graduates see a positive impact. This heterogeneity highlights the importance of education and public policies to address the problem.
Improves business processes
Business process automation has an intimate relationship with AI. For example, businesses have had to respond quickly to the Covid-19 coronavirus pandemic by automating low-hanging manual processes. Similarly, an organisation’s facilities team used to spend hours scanning paper documents in the office. Now, they use managed scanning services. AI-powered automation reduces the number of manual steps required to prepare data. Here are three examples of how AI-powered automation improves business processes.