AI and the Future of Workplace Productivity
Milan Rajkovic
CEO at Otto IT | Cybersecurity and Business Automation Specialist, helping you overcome challenges with Technology
There’s no doubt that AI is one of the hottest topics in business for 2023. PwC reckons it will add almost US$16 trillion to the global economy by 2030 while McKinsey predicts a slightly lower but no less astounding US$13 trillion for the same period. Regardless of the different forecasts, the numbers make it clear that AI is something businesses MUST pay attention to – especially in the light that it drives everything from more impressive customer service to sales, reduced errors, and increased productivity in almost every sector. So, let’s break it down.
AI is not a replacement for human intelligence and resources
Fortunately for us all, AI is far away from the stage where it can do what people can do (else everyone would be out of a job in a matter of decades – and we do mean everyone!). Instead, AI is a machine learning software that takes care of the things we tend to grudgingly do and those tasks we don’t do very well, as well as collecting and crunching data like no human brain can.
That puts fear out of the way and builds a path to doing our own jobs better, having more time to do what computers can’t, and truly pushing innovation. So it’s no surprise that many employees want MORE AI at work, not less!
This is because AI is an enormous help to employees as well as the overall business, performing inhuman tasks at lightning speeds with no inaccuracies, including:
The results of implementing AI show a unique support for both business and employee goals, with 61% of respondents reporting that it creates a more efficient and productive workday. 49% said they believed it improved their decision-making by giving them valuable insights faster, and 51% said it gives them a better work-life balance.
Industries where AI is having the highest productivity impact
The great thing about AI is that no sector is excluded from using this tech to power up productivity! Here are some examples to demonstrate how it can be – and is being – applied.
Financial services apply across the board to every business and individual, making AI a space that benefits customers as well as the industry and its employees. AI is being deployed to automate time-consuming paperwork and document processes, to identify customer segments for tailored and new products, to onboard customers, and even run credit and loan predictions.
Great healthcare services run on easy access to comprehensive, accurate data. AI can be used for predictive healthcare as well as personalised healthcare, improved patient monitoring, data sharing between specialists and teams, medical analysis and diagnosis, and preliminary patient data collection.
领英推荐
Both brick-and-mortar and online stores have significant advantages when using AI. In physical stores, it can monitor stocking on shelves and in storerooms, forecast stocking needs, and even improve store layout. Self-shop stores also use AI to let customers in and out with their products without queues or stops for payment. In e-commerce stores, it is used to predict buying trends on a general and personalised level, suggest items the customer will be interested in, and develop campaigns for sales and promotions.
?
Supply chains and logistics has become a complex, messy system – but AI is simplifying it while making it easier and more affordable to create products with minimal waste, get stock to warehouses, manage the warehouse, and get it to the customer. For manufacturing, this means AI assisted quality and wastage control, agile product development, and accurate demand forecasting. For logistics, this includes automating documentation and paperwork processes for clearance and ordering, tracking shipments accurately, monitoring and organising stock levels, and predict demand accurately.
?
Energy use and costs are vitally important to high-use industries and the consumer, as well as energy suppliers. Using AI, energy infrastructure can be monitored in real-time for demand and performance as well as maintenance to decrease costs, plan maintenance and repairs, and plan demand. For end users, including factories, businesses, and larger buildings, costs can be better controlled and reduced by optimising energy management, analysing energy usage, and optimising equipment to reduce wastage. In addition to cost-savings, this helps align businesses with sustainability goals.
Productivity-boosting AI is more effective – and affordable – than you think
Investment in AI technologies is predicted to hit over US$500 billion by 2024 due to the scope of application for this technology, the cost that is decreasing each day, and the effectiveness of the solutions. It’s a technology that delivers the productivity businesses want, the satisfaction that employees want, and the services your clients want.
At Otto, understanding your business environment and strategic goals is key to the development of a bespoke AI tech investment strategy. With consultants who have decades of business experience, we break down your barriers to productivity, creating a collaborative strategy based on continuous improvement.?
Book an obligation free chat with us on driving business value through the right AI approach.
You can also visit our blog for more resources on AI and other relevant, actionable advice you can put into play.