According to the Global Artificial Intelligence Study published by PwC, the continued implementation of AI is estimated to contribute approximately $15.7 trillion by 2030. The importance of AI is being widely recognized today by businesses across the globe. Enticing drivers such as work automation, reduced operation costs, increased productivity and improved customer experiences have encouraged many businesses to gravitate towards AI/ML platforms.
The most enticing benefit of AI and ML, however, has to be the positive impact it has on ROI. In this article, we would like to dive deep into this particular topic and understand how exactly an artificial intelligence platform can help businesses improve their bottom line.
First, let’s understand the significant role AI is playing in various industries.
How AI and ML platforms are Involved in Various Industries
The ability of artificial intelligence to produce relatively better results and an improved human experience has allowed it to become an integral part of businesses across various industries. For instance, AI is being applied to a diverse range of healthcare services. From conducting accurate diagnosis to drug discovery and robotic surgery, AI is on a trajectory to transforming the healthcare industry for the better.
Moreover, AI applications are being used vehemently in the eCommerce industry to enhance customer experience. AI applications have made a place for themselves in the industrial food processing sector as well. AI-based equipment is being used to dice vegetables, ground meat, and sort snacks in food processing factories.
The use of machine learning in manufacturing has allowed the manufacturers to be more efficient and proactive in tackling various issues that are common in the field. Similarly, machine learning and AI are being embraced by other industries like banking, financial, travel, retail, logistics, etc. mainly because of their ability to improve business ROI.
The Impact of AI and ML on Edge Computing
Edge Computing has to be one of the most popular tech advancements since the IoT. Edge Computing is a technique by which smart devices can process data locally by leveraging deep learning and machine learning algorithms. By doing this, Edge reduces network congestion and latency and allows you to reap maximum benefits out of the data.
Companies can use this information to improve the outcomes. However, Edge is known to consistently produce a massive volume of data and organizations often require real-time responses based on the data harvested.
This is where AI and ML become important. AI and ML can help organizations parse through the data with business intelligence and data warehousing. As such, businesses can now optimize inventory, avoid future issues, thus resulting in reduced downtime and increased profits.
How AI and ML Generate ROI
Simply put, by expertly addressing and overcoming several challenges that businesses face today, AI and ML can considerably improve your ROI. Let us take the example of DT4o’s own machine learning and artificial intelligence platform to explain how we’ve helped the manufacturing and energy sector become more productive.
We’ve addressed several critical operational issues that our clients face by implementing machine learning in the manufacturing and energy sector.
DT4o’s AI/ML platform can do the following.
- Perform predictive analytics to reduce maintenance costs and improve uptime.
- Leverage reactive and predictive capabilities to automate and control quality inspection.
- Improve production scheduling and performance by accurately forecasting demand.
- Reduce energy cost and wastage by forecasting and optimizing consumption.
Increased profitability and accelerated business growth have always been the primary goals of organizations. Advanced machine learning and artificial technology help accomplish those goals in a considerably more effective and efficient manner.
If you seek to maximize the ROI of your manufacturing or energy business, we suggest you give DT4o a call today.