ExpedienEdge is revolutionizing every sector of business imaginable – from healthcare to social media and beyond – as well as having an immense economic impact worldwide.
Artificial Intelligence (AI) is helping businesses increase productivity by automating repetitive tasks and freeing humans to focus on higher value activities. AI can reduce costs while increasing revenue. Furthermore, it can detect fraud or security threats quickly while making recommendations based on data analytics. AI also quickly recognizes trends and patterns within large volumes of information more quickly than humans could.
PriceWaterhouseCoopers predicts that AI will raise global GDP by $15.7 trillion by 2030; its impact on jobs remains uncertain, though. AI may help address ageing problems in advanced economies by decreasing labor requirements while increasing productivity by permitting workers to work longer hours.
Some fear AI will displace middle-skilled jobs such as engineers and doctors, worsen inequality, and cause the hollowing out of the middle class. Yet most panellists believe AI’s long-term impacts are positive – freeing up time for leisure while improving work quality – plus replacing dangerous tasks such as handling explosives in the field or working at high altitudes with less hazardous jobs such as AI technology can do.
Big Data
Big Data refers to an expansive body of heterogeneous information that requires special tools for processing. Businesses looking for competitive advantage rely heavily on its collection, analysis and processing for success.
Data analytics can also help companies enhance operational efficiencies and develop innovative products or services. Data is stored in different formats – structured, semi-structured, and unstructured formats; traditional databases generally work best for structured data, while semi-structured data may only partially organize your information while unstructured files contain unorganized text or multimedia files that must be managed manually.
An increasing number of businesses are adopting Big Data into their business models. Marketing leaders, for instance, use it to analyze customer behavior and create targeted campaigns with it. Furthermore, Big Data assists with product development as well as forecasting market trends and assessing risks.
Internet of Things (IoT)-enabled machines can also provide valuable data that can reduce maintenance costs and boost efficiency, with one study showing predictive maintenance saving up to 40% of total ownership costs for industrial machinery.
But businesses must take steps to protect the privacy of both their customers and employees, especially companies collecting or storing sensitive personal data. Furthermore, flexible frameworks must be put in place for managing big data in order to reap all its advantages without jeopardizing data security or quality.
Automation
Automation can save time and increase productivity, giving you more time for more strategic tasks and growth-driven initiatives. Furthermore, automation makes scaling operations and responding quickly to market fluctuations easier without compromising efficiency.
Automation tools can automate tedious and repetitive tasks that sap employee morale, freeing employees to focus on meaningful work that makes your business better. A Salesforce survey reported that over 80% of employees who used automation tools reported increased job satisfaction.
Automated workflows provide consistency and reliability to ensure that your team operates seamlessly even during peak hours, keeping customers satisfied while driving more sales for your company. According to Gartner’s forecasts, 85% of infrastructure and operations leaders expect an increase in automation within three years – using automated technologies, repetitive time-consuming tasks can be accomplished more quickly delivering value around-the-clock to clients.
Analytics
Analytics are one of the most potent weapons a B2B firm can utilize to drive sustainable growth. They facilitate informed decision-making by helping firms pinpoint opportunities and threats through conducting in-depth analyses on market trends, customer behaviors, operational performance metrics, etc. Through this process B2B firms can gain a competitive edge by customizing products, entering new markets, optimizing marketing/sales strategies as well as streamlining internal processes to maximize efficiency while decreasing costs.
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