ARTIFICIAL INTELLIGENCE IS TRANSFORMING OUR LIVES
The impact of AI on business
30 June 2023
The global artificial intelligence market was valued at $93.5bn in 2021, according to Grand View Research. From 2022 to 2030, it is expected to grow by 38.1% annually. This growth can largely be attributed to the continued innovation of tech giants.
The impact of artificial intelligence on businesses is profound and global. It is transforming the way they operate and it is creating new opportunities for growth.
Since 2019, the number of companies adopting AI has grown by 270%. By introducing AI and its fast learning capabilities, businesses can create powerful data processing machines that can generate insights, drive key performance metrics (such as revenue, productivity, growth,…), extrapolate large amounts of data, and even take on tasks that free up time and budget for organisations to focus on more face-to-face and creative tasks.
Thanks to its deep learning algorithm maps, artificial intelligence can process information faster than a human. It has been proven to be more efficient and more reliable, making it worth investing in it.
Why apply artificial intelligence in business?
The global big data market is estimated to grow to $103 billion by 2027, so it is safe to say that human analysis without the help of technology won’t be able to keep up. The increasing amount of data that businesses are using to interpret areas of opportunity is growing at a frenetic pace.
From a business perspective, it is critical to embark on the path to new technologies to remain competitive in the marketplace and not be left behind in the digital economy.
For decades, companies have been forced to deal with breakdowns of industrial machines during the production process. Now, they can perform predictive maintenance based on previously inaccessible information about their operation. This is just one of the advantages of machine learning algorithms that, together with artificial intelligence, allow companies to leverage the volumes of information generated by their business units, partners and external sources.
Let’s look at all the benefits we can reap from the application of AI:
- Automate routine tasks, freeing employees to focus on more creative and strategic work.
- Make better decisions by providing accurate and timely data analytics.
- Improve customer experience and engagement by personalising interactions and providing more tailored assistance.
- Reduce costs by optimising processes and identifying areas to improve efficiency.
- Assist in the detection and prevention of risk by identifying patterns and anomalies in data.
- Improve the accuracy and speed of predictive maintenance, reducing downtime and saving up money.
- Gain a competitive advantage by identifying trends and opportunities that might otherwise be missed.
- Improve cyber security measures, detecting and responding to threats more quickly and effectively.
- Enable businesses to develop and deploy new products and services faster, accelerating innovation and growth.
Artificial intelligence has found its way into virtually every aspect of our lives, demonstrating its great potential. Whether it’s improving workflows, reducing human error, providing deeper analytics, encouraging more informed decision-making or enabling 24/7 capabilities, AI was invented to make our lives more efficient.
MindDen, your AI partner
The success of artificial intelligence is clear to see, but as growth has been impressive in recent times, many companies are in the process of acquiring knowledge about what AI is and how it could benefit their own business.
At MindDen, we are more than just a software development company. We are specialists in QA, UX/UI, Big Data, micro-level Data such as Power BI or Tableau, Machine Learning, Industrial Automation, AI, … and faithful to the DevOps philosophy. Our team of professionals helps companies in their digital transformation process, adapting compatible solutions to their different business models. We help them to understand and see the results that the implementation of AI will give them back.
At MindDen we are partners of our clients.
The “AI training images” project is an example of the AI projects that our teams are developing.