The hype around artificial intelligence (AI) is at an all-time high, with the AI technology market forecasted to reach $37 billion by 2025. Indeed, there has also been a great deal of discussion around the opportunities and threats to business management and workforce in general. When it comes to AI, there’s a reason for the hype – the potential payoff of embracing it is enormous. In this article, you will gain insight into how companies are already using AI, and find out what can be accomplished with AI in business management.
Now let’s look at how AI can help your business today. Better analysis of insights can improve your business’ return on investment by 10 to 20%, and drive average profit growth of 14%, according to McKinsey & Company. However, in an age of information overload, the human brain is incapable of processing the vast amounts of data to translate that information into knowledge – to make better decisions in business processes optimisation.
To be effective, business and consumer data gathered from various resources need to be analysed and turned into clear and meaningful insights. This can be done at a faster pace using AI through data mining and analysis. These insights can then be fed back to the business to better its processes.
In 2017, Pfizer adopted an AI-based data analyst to achieve better business decision-making. Using Complexica’s What-if Simulator, Pfizer tests scenarios based on internal and external data sets. Pfizer brand manager, Andrew Endicott, commented:
“We have found that answering complex ‘what-if’ questions is a challenging and time-consuming endeavour. We believe that Complexica’s What-if Simulator can provide Pfizer Australia with a platform for scenario analysis that will improve our decision making in the future.”
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