Artificial intelligence can do a lot for us that we can’t do for ourselves. It can help our businesses run more efficiently, it can cut costs, and it can help us accomplish more than we can do in a normal working day. When used in business, artificial intelligence is our backup, our right hand helper, and can do those tedious or heavy lifting type tasks, freeing us up to do more with less time and effort. It’s predicted that by 2030 70% of businesses globally will use artificial intelligence in some capacity, and in that same timeframe it could also help to create upwards of 280 million jobs. Artificial intelligence is already impacting our economy, and those impacts will be felt even more strongly as the technology becomes more widely adopted throughout various industries.
Artificial intelligence could add $13 trillion to the global economy by 2030, but there are some challenges to its adoption. First, cost is always a consideration when adopting any new technology. People need to know that the cost will be recouped in the form of increased business or cost savings or both in order for it to make sense to implement. Fortunately, many developers of this technology are looking to make AI-as-a-service platforms to benefit as many industries as possible. Google Brain has been in development since 2011, and its stated mission is to bring the benefits of AI to everyone.
Hedge Funds: Small Firms Profit As Big Names Close In 2020
At the beginning of July, Lansdowne Partners, one of Europe's oldest and best-known hedge fund managers, announced that it was closing its flagship hedge fund after a run of poor performance. The closure is the latest in a string of high-profile hedge funds that have decided to shut up shop in recent years. Billionaire investor Read More
Some of the areas where artificial intelligence can make the biggest difference include:
- Demand Forecasting - crucial to maintain competitiveness in retail and shipping
- Route Optimization - saves fuel and wear and tear while ensuring efficiency in cargo space and timeliness of deliveries
- Predictive Maintenance - saves time costs by preventing breakdowns and saves actual costs by zeroing in on maintenance schedules
There are so many ways AI can optimize various types of business, and new ways are being discovered all the time. In manufacturing AI can be used to forecast schedules, reduce waste, and even run factories at non-peak energy times. AI can also be used to help grow crops in hydroponic urban grow farms to reduce trucking costs and pollution by producing food in a more compact and local area relative to where it will be consumed. Almost every industry can benefit from using artificial intelligence.