Whenever a new technology is developed, the first question business leaders ask is “how can this benefit me?” It’s not hard to see why; new technology is often expensive and disruptive to everyday business. And it’s not guaranteed to work. Companies need to know that there will be significant benefits to not only their bottom line but their day-to-day work experience before they decide to adopt such devices and methods. Otherwise, they’re taking a considerable risk for little reward.
Of all the new technologies being developed today, few face this problem more than the methods being developed to organize and process information. Synthetic datasets, artificial intelligence processors, and other data tech are in a state of rapid development, but many companies aren’t sure they’re worth investing in. While their hesitation is understandable, businesses have far more to gain than to lose from these technologies, which offer benefits like:
- Greater Flexibility
The single greatest benefit of investing in improved data and processing technologies is the ability to make decisions flexibly. To cut costs, expand your customer base, and otherwise improve your business, you must identify opportunities whenever and wherever they arise. Amassing as much relevant data as you can give you the potential to spot these opportunities. But sorting through and interpreting all of this data takes a long time, especially if you want to be thorough. But spend too long, and some other company will find and capture the prospects, thereby denying your business a chance to grow.
Recent advances in computing let you process data more quickly and flexibly than ever before. In particular, developers have been working on parallel processing, a method that imitates the way the human brain performs multiple cognitive functions at the same time and links those functions together. Compared to traditional, linear computing, this allows your company to process data more and more efficiently over time. You can identify and pursue new prospects as soon as they arise, ensuring that you never miss an opportunity to cut costs, make sales, and otherwise enhance your company.
- Lower Costs
Besides helping you achieve cost savings in other areas of your business, investing in the best data and processing methods allows you to cut costs directly. Many of the market research and internal evaluation activities you perform now could be done far more efficiently with the right data and tools. For example, customer preferences and changes in demand are often predictable based on past sales data, provided you have the applications to interpret it quickly and accurately.
These methods mean that when you decide what products to sell next and how to promote them, you can cut down on your use of focus groups, customer interviews, and other market research methods. Given that these processes cost you both in money and in time, you are likely to achieve considerable savings as soon as you make the transition. This may itself be enough to make up for the cost of amassing data and buying advanced processing tools, leading to rapid improvements in your bottom line.
- More Options
Whether you’re considering what product to produce, what device to use when producing it, or what market to expand into, your company has a wide range of options to evaluate. With so many options, it’s often impossible to even to identify all the possibilities, let alone to decide which one is best for your company. You may never even be aware of prospects that could have dramatically improved the efficiency and profitability of your company. Even if you do learn about them, you may not have the time or focus on following up on them in detail, and could end up turning down something that would have done wonders for your company.
By investing in quality data and the tools to evaluate it, you avoid overlooking or underestimating key business prospects. Your business will never miss out on a chance to do what it does better.
- Reduced Errors
By amassing a large pool of data and processing it with artificial intelligence, you can eliminate many of the biases and sources of error that have traditionally plagued businesses. Fewer errors mean fewer missed opportunities— not to mention lower costs since you won’t have to take the often-expensive steps to reverse your mistakes. AI and other processing technologies are not totally immune to error, of course, but they are in a state of constant improvement. And, if set up properly, they allow you to make vastly more accurate decisions than you’ve ever made before.
- Sustainable Production
One of the most common goals of modern businesses is to improve the environmental sustainability of their operations. By cutting greenhouse gas emissions, pollution, and water use, companies can reduce major sources of costs while winning over eco-conscious customers in one fell swoop. But improving sustainability is easier said than done. While many technologies can cut a company’s environmental footprint, finding the one that matches your business’s unique energy use patterns is no easy task.
Advanced data and processing make the transition to clean energy easier than it has ever been. By gathering as much information as you can on your company and processing it in detail, artificial intelligence devices can determine precisely how you use energy. They can then compare these consumption trends to the variety of clean energy technologies available. This allows you to adopt clean generation and all the business benefits that go with it while experiencing as little disruption as possible.
For more information on the benefits of artificial intelligence for companies of all stripes, or to sign up to be notified of our upcoming STO, contact Imaginea.io today.