Artificial intelligence (AI) is transforming the world in unprecedented ways. From enhancing productivity and efficiency, to improving customer satisfaction and profitability, AI is creating value for businesses and society alike. But how can we measure the benefits of AI and quantify its impact? Here are 10 efficient and measurable benefits of AI that can help us answer this question.
- Increased automation: AI enables machines to perform tasks that normally require human intelligence, such as speech recognition, image analysis, natural language processing, and decision making. This reduces the need for human intervention and increases the speed and accuracy of processes. According to a report by McKinsey, AI could automate 45% of work activities in the US, saving $2 trillion in annual wages.
- Enhanced innovation: AI can also augment human creativity and innovation, by providing new insights, generating novel ideas, and discovering new patterns and solutions. For example, IBM’s Watson can analyze large amounts of data and provide recommendations for new products, services, or strategies. Similarly, Google’s DeepMind can create original music, art, and games, by learning from existing examples and applying its own creativity.
- Improved customer experience: AI can help businesses deliver personalized and engaging customer experiences, by understanding customer preferences, behavior, and feedback. For instance, Netflix uses AI to recommend movies and shows based on user ratings and viewing history. Likewise, Amazon uses AI to suggest products and offers based on user purchases and browsing habits. These recommendations increase customer satisfaction and loyalty, as well as revenue and retention.
- Optimized operations: AI can help businesses optimize their operations and resources, by analyzing data and providing actionable insights. For example, UPS uses AI to optimize its delivery routes and schedules, saving fuel and time. Similarly, Walmart uses AI to optimize its inventory management and pricing, reducing waste and costs.
- Enhanced security: AI can help businesses enhance their security and protect their data, by detecting and preventing cyberattacks, fraud, and other threats. For example, Microsoft uses AI to identify malicious software and block it before it infects the system. Likewise, PayPal uses AI to detect fraudulent transactions and prevent losses.
- Improved healthcare: AI can help improve healthcare outcomes and quality of life, by diagnosing diseases, recommending treatments, monitoring patients, and discovering new drugs. For example, IBM’s Watson can analyze medical records and images, and provide diagnosis and treatment options for various conditions. Similarly, Google’s DeepMind can analyze genomic data and discover new drugs for rare diseases.
- Increased accessibility: AI can help increase accessibility and inclusion for people with disabilities or special needs, by providing assistive technologies and services. For example, Microsoft’s Seeing AI app can help visually impaired people navigate their surroundings, by describing objects, people, text, and colors. Likewise, Google’s Live Transcribe app can help hearing impaired people communicate with others, by transcribing speech to text in real time.
- Reduced environmental impact: AI can help reduce environmental impact and promote sustainability, by optimizing energy consumption, reducing emissions, and supporting conservation efforts. For example, Google uses AI to reduce its data center energy usage by 40%, by adjusting cooling systems based on weather and demand. Similarly, Conservation International uses AI to monitor wildlife populations and habitats, by analyzing images from camera traps.
- Enhanced education: AI can help enhance education outcomes and opportunities, by providing personalized learning experiences, adaptive curricula, and interactive feedback. For example, Khan Academy uses AI to tailor its lessons and exercises based on student performance and progress. Likewise, Duolingo uses AI to adapt its language learning courses based on student level and goals.
- Expanded entertainment: AI can help expand entertainment options and experiences, by creating immersive content, interactive characters, and realistic simulations. For example, Netflix uses AI to create original content based on user preferences and trends. Likewise, Electronic Arts uses AI to create lifelike characters and environments for its video games.
These are just some of the efficient and measurable benefits of AI that demonstrate its value for businesses and society. As AI continues to evolve and improve, we can expect to see more benefits emerge in the future.