Five Ways AI Is Transforming Business Processes

Five Ways AI Is Transforming Business Processes

By Manufacturing Technology Insights | Thursday, October 10, 2019

The surfacing of AI is creating incessant opportunities and brand new roles for humans up and down the value chain.

FREMONT, CA: With Artificial Intelligence (AI), people are witnessing a transformation in the way they work, live, and do business. From robots that share the social setting and smart homes to supply chains that think and take action in real-time, progressive companies are using AI to innovate and expand their business more swiftly than ever.

Business Transformation in the Epoch of AI

The surfacing of AI is creating incessant opportunities and brand new roles for humans up and down the value chain. For the workforce in the assembly line to maintenance specialists to robot engineers and operations managers, AI is reviving the concept and meaning of work in an industrial setting.

Below are five ways how AI is transforming business processes:

1. Flexibility

A transformation from robust manufacturing processes with automation done in the past to smart individualized production based on real-time customer choices brings flexibility to businesses. The change is particularly visible in the automotive manufacturing industry where consumers can modify their automobile at the dealership. Additionally, they also get to choose—from dashboard components to seat leather to tire valve caps. For instance, at one company’s assembly line, there are no two identical vehicles.

2.  Speed

Speed is significant in many industries, including finance. The discovery of credit card fraud on the spot can guarantee a cardholder that an operation will not be approved if fraud was involved. The process, in addition, helps in saving time and worries if detected too late.

For instance, one particular enterprise has developed an AI-based solution that uses enhanced speed and accuracy in fraud detection. The tool can monitor millions of transactions every day, seeking subtle patterns that can signal fraud. The type of solution is great for financial institutions. Nevertheless, they need human collaboration to be regularly updated. Without the required updates, the algorithms will be ineffective for combating fraud. Additionally, financial fraud experts and data analysts need to keep an eye on the software or tool at all times to ensure the AI solution is one step ahead of criminals.

3.  Scale

To accelerate its recruiting assessment to improve diversity, one company has adopted an AI-based hiring system that evaluates a candidate’s personality traits and body language and. The business was able to widen its recruiting scale with the help of the solution. Also, the job applicants’ number was doubled, and the average time for arriving at a hiring decision reduced to four weeks. The same method used to take up to four months for the organization before the employment of the AI system.

4.  Decision Making

Most people make a decision based on particular, modified information received in massive amounts. Using AI and machine learning, a considerable amount of data can be rapidly available at the fingertips of personnel on the factory floor, or to service technicians solving problems in the field.

All data previously gathered and analyzed brings valuable information that helps humans solve issues much faster or prevent an incidence from taking place. For example, one company’s solution uses machine-learning algorithms to foresee when a particular part of a specific machine might fail. The tool then alerts staff to potential problems before they grow to be dangerous. Additionally, the business saves millions of dollars because of technology collaboration with fast human action.

5. Personalization

AI also makes individual tailoring and on-demand brand experiences possible at large scale. One music streaming service, for instance, applies AI algorithms to create personalized playlists based on the preferences of songs, genres, and artists. In due course, AI can use data to tailor anything and everything, delivering a more pleasant user experience, thereby bringing marketing to a whole new level.

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