It is true that, tech leaders are leveraging data, cloud and analytics for a bigger payoff. AI success is becoming the rule, not the exception.
Companies are actively exploring and integrating AI technologies to enhance their operations, improve efficiency, make data-driven decisions, and provide better products or services to their customers.
It can enable you to incorporate and analyze far more information than you (or any human being) could do on their own. To help optimize pricing, for example, AI can input reams of historical data on product sales, margins, supplier costs and customer satisfaction, then produce rigorous estimates of possible future scenarios. It can project how competitors and suppliers might change their prices in response to your decisions.
AI combined with Internet of Things sensors can forecast machines’ performance and maintenance needs, enabling better operational decisions. With the rise in “AI at the edge” — AI combined with edge computing, so AI algorithms are executed at or near the device level — these decisions can be lightning fast, too.
A report from Accenture says, Nearly three-fourths (73%) of companies are prioritizing AI over all other digital investments and with the immediate focus on improving operational resilience in an unprecedented environment.
The report, Reinventing Enterprise Operations, found 90% of business leaders are applying AI to tackle aspects of operational resilience, which spans data-driven capabilities, such as finance (89%) and supply chain (88%), to experimentation with generative AI.
All CEOs are under pressure to digitize faster, put more resilience in the business, and find new pathways to growth. The right investments in technology while advancing talent, data and processes is what drives a new performance frontier.
With a talent strategy that mirrors data and digital maturity, enterprises averaged nearly three-times higher productivity when prioritizing training and specialized skills to address talent needs. This was further echoed by investments being made in new ways of working (cited by 94%) and the 90% of (COO, CIO, CHRO) respondents who plan to increase specialized and technical talent over the next three years.
As AI continues to develop, it is likely that we will see even more innovative and ground breaking applications of this technology in the years to come. Overall, AI is a powerful tool that can help businesses to improve their efficiency, decision-making, and personalization. As a result, it is no surprise that AI is becoming a top priority for corporations to invest in.
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