Artificial Intelligence is rightly considered to be at the top of the most cutting-edge technologies. According to a study by Transparency Market Research (TMR), the global market for artificial intelligence is estimated to gain an impressive 36.1% CAGR between 2016 and 2024, increasing by the end of 2024 from $126.14 billion in 2015 to $3,061.35 billion.
Artificial Intelligence, abbreviated as AI, refers to the field of computer science that creates a system which is able to perform human-like tasks, such as speech and text recognition, learning, and problem-solving. With this technology, computers can accomplish specific tasks by analyzing huge amounts of information.
The most substantial advantages of using AI
Automating routine processes
AI technology can automate and optimize operational processes with less down time and fewer human errors.
An AI system can perform repetitive tasks more efficiently and therefore reduce production expenses.
By automating many routine processes AI increases efficiency and labor productivity.
Some additional perks of using AI:
1. Predictive analytics
AI-powered systems offer predictive analytics that allows companies to make more accurate predictions and thus drive enhanced performances. AI systems analyze huge amounts of data from various internal and external sources and make forecasts that improve customer experience by enhancing personalization rate, product and search recommendations.
2. Data mining and error detection
AI systems monitor and analyze sustainability data and then compare them to prescribed parameters in order to detect errors or areas that require special attention. If the system detects a problem or an error, it generates a warning.
3. Categorization of data
By applying different algorithms, AI systems analyze huge amounts of data and then categorize them in order to enable more accurate search results. This makes companies operations more efficient and time-effective.