Artificial intelligence has become a serious buzzword, and for great reason. AI can mean a lot of different things, from algorithms that analyze vast amounts of data to machine learning that learns and adapts. There are a multitude of applications for this technology in business, and over 60% of business leaders today recognize they have an urgent need for a strategy to deploy AI in their business. One in three business leaders believe that AI will have the greatest impact of all the new technologies they deploy over the coming year, so why isn’t your business on board yet?
Artificial intelligence has already made huge advancements in the fields of manufacturing, supply chain, and transportation. One such example was when UPS analyzed volumes of driver data and found that eliminating or limiting left hand turns could save a significant amount of fuel each year. Eliminating empty space in shipping, manufacturing when costs are lowest, and replenishing stock only when necessary are just some of the problems that AI can solve.
84% of global business leaders say that AI gives them an advantage. In Financial, Insurance, and Telecom sectors, 70% consider AI essential to their success. In Technology and Wholesale & Retail sectors, 65% consider AI essential to their success. And in Education and Manufacturing industries, 55% consider AI to be crucial to their success.
Artificial intelligence can help to improve quality and reduce waste in manufacturing. One automotive parts manufacturer reduced scrap by 50% with AI. Big River Steel used AI to sense overlap and maximize production.
Artificial intelligence can also make predictions about volatile markets and provide businesses with actionable data. Transplace, a transportation company, used AI to make predictions about the changing marketplace, which saved the company $21 million over three years.