“AI is set to be the key source of transformation, disruption and competitive advantage in today's fast changing economy.”- PwC
AI will continue to improve business forecasting in 2023 by offering accurate and current insights into the future. AI is a very flexible tool because it looks for patterns in many kinds of data, making it well suited for accurate forecasting. In addition, businesses must be able to recognize changing patterns in modern customer behavior and market trends.
Why should business need to start utilizing AI in today’s dynamic business environment?
1. Create Better, Faster, and Longer-Term Decisions with AI
AI-supported decision-making enables you to analyze much more information than humans can do. It can predict machine performance to enable better decisions
- Look for the data and analytics to support the business outcome
- Let AI assist you in finding and using the data you need
- Prioritize, then scale. Start with a specific factor to utilize AI in more complicated decisions
2. Predict accurately with AI’s virtual power
AI simulations are effective because they can speed up your future operations and assist in lowering risks.
- Create synthetic data from AI stimulations to advance AI initiatives
- Consider using digital twins to utilize AI's capacity to produce relevant simulations
- Align your experts to address simulation issues
3. Address labor market issues with AI
According to a PwC survey in 2022, 98% of businesses agree with it and now they are either speeding up AI to boost automation and decrease the need for general hiring, or they are planning to do so.
- AI can improve employees’ performance and reduce the burden to fill hard-to-fill positions
- AI can ease repetitive tasks and improve the quality of work
Find out more about how AI can be a competitive advantage for business at I2DIS 2023! Our guest speaker, Mr. Jeff Felice (President of CertNexus), will give more insights about it!
Reference:
Moritz, S. & Smaje, K. (2022). Forging the human–machine alliance. McKinsey & Company. https://www.mckinsey.com/capabilities/mckinsey-digital/our-insights/tech-forward/forging-the-human-machine-alliance
