Need For AI in Organization
The advancement in technologies entails a new structure in the organizational culture where company employees cooperate. Technology always has led to many vital breakthroughs in the productivity and the living style of society. Cutting-edge technology brings automation which has been a concern for employees, but self-regulation does not cause layoffs extensively. Instead, it transforms the order that manufacturing works and offers more advanced and productive techniques to approach the production process with rearranging job positions. Not all operations can be automated using modern AI solutions, and humans are still an essential part of organizations. The computerization of repetitive and simple tasks is already realized by organizations, while other human-specific rational judgment-based tasks are still done by individuals. The current work order needs to address the problems related to the collaboration of humans and high-tech frameworks.
Data is becoming the new gold in the present world, and the importance of data compels organizations not to think twice and execute AI solutions to the business.
The executives in the principal positions oversee the possible risks and opportunities that the organization can deal with going forward. Administrators are more aware than outsiders about the problems associated with the company. It makes them accountable for the success and failure of the company. They need to investigate which division of the company works erroneously or is there any way of doing it in a different but efficient manner.
The retail industry is expected to have notable growth by utilizing modern technology and practices at an early date. 80% of executives expect that their retail companies will adopt AI-powered intelligent automation between 2020-2027, according to the IBM institute study. [6] The AI industry could be worth more than 15 trillion USD by 2030. [7] This forecast underscores the significance of the early application of AI models to diverse business enterprises. 37% of the businesses surveyed by Gartner in 2019 use AI in the workplace now. Only 29% of small and medium-sized enterprises answered that they adopted the leading technology. [8] It corresponds to the modest proportion but considering that AI technology is escalating, the figure will surge forthwith. 40% of executives maintain that contemporary technologies and expertise are too expensive. [9] Even though the sophisticated technology is costly, it avails companies by a lot. If we give a practical example of AI, this would be the recommendation engine of Netflix, which benefits the company by saving up to a billion USD. [10] These facts identify that the need for AI in the organization is high.
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