The Impact of AI in Business 2020
Many industries, including production, healthcare, real estate, and retail, are facing numerous challenges. Whether it is for security, processing data, the current pandemic, or failure to meet client expectations, these challenges have left a significant impact on businesses. AI has become the next phase of digital transformation and a necessary step to success. To fully grasp the impact of AI in business 2020, it’s essential to see how many companies are willing to invest in it.
Why AI In Business 2020?
Adopting AI in a business can be used as a massive competitive advantage. By 2022, 93% of organisations are expected to adopt AI/cognitive systems. Soon after implementing it, these companies are estimated to experience a 63% improvement in customer lifetime value. Organisations that implement AI faster can double their income, while those who fall behind will notice a 20% decline in cash flow. According to Peter van der Putten, an assistant professor at Leiden University, the timing is impeccable. AI is a convenient option for understanding the function and structure of the ongoing pandemic and can come in handy when mining research models for improving the business. With it, more useful and accurate data becomes available. Plus, plenty of devices that run on AI will hit the market very soon. This opens a path to countless opportunities for growth. It gives entrepreneurs enough time to learn to use technology to their advantage, which can prove beneficial for the near future.
Leave a Comment