Big Challenges That AI Can Help Overcome And Steps Companies Can Take To Embrace It
We may be on our way to a greater economic downturn as we look to 2023. Automation software and technologies that increase companies’ insights and efficiencies tend to be contra-cyclical (doing better in down markets) as companies look to do more with less.
AI-driven companies can exploit differences in time to action relative to competitors—even ones that have already created a strong business intelligence (BI) framework, according to a McKinsey Global Institute analysis. According to another McKinsey report, AI’s impact on the bottom line is growing, with the share of respondents reporting at least 5% of earnings before interest and taxes (EBIT) that’s attributable to AI increasing from 22% to 27% year over year.
Companies are already struggling to anticipate the movement of several economic drivers, which are hitting levels not seen in a decade or more. It will be crucial for companies to move beyond what has happened to predict what comes next. To this extent, companies are shifting their focus to more accurate predictions as the economy heads into new territory. That need, combined with increased access to data-driven insights, may increase the overall need for AI.
As I expect to see significant developments in artificial intelligence in 2023, here are five potential applications for AI and steps that companies can take to transition toward this technology.