Three Ways Business Leaders Can Use AI Right Now
AI has enormous potential to reshape business, as most business leaders recognize. In a global study published by the Boston Consulting Group and MIT Sloan Management Review, 84 percent of the 3,000 business leaders interviewed expect AI to give them a competitive advantage.
Despite the anticipation, though, AI is still vastly underutilized in many of today’s industries. Only 23 percent of the leaders surveyed had already incorporated AI into their business models. This could put businesses that aren’t utilizing AI at a huge disadvantage compared to companies that have already adopted the technology and excelled at its integration.
Each industry has unique uses for any technology, including artificial intelligence. By understanding those uses and investing in the appropriate AI solutions, businesses that lag behind can still catch up in time to participate in the AI revolution.
Much of what we hear about AI is presented in a futuristic manner, but the technology is already becoming a vital part of numerous industries. While a majority of business leaders have yet to implement it, many others are already taking advantage of the edge that AI gives them in several different ways.
The focus of maintenance has always been prevention. Routine, often redundant, service schedules have been necessary for companies to avoid equipment failure. But routine maintenance also produces a lot of waste, and it isn’t always successful.
Instead, companies now are turning more toward cognitive anomaly detection and prediction, which utilizes AI to harness terabytes of real-time data about a machine’s operations. DataRPM, a Progress company, which provides predictive maintenance solutions and products that help detect anomalies through Cognitive Anomaly Detection and Prediction (CADP), explains that data collected from machinery can indicate when performance is declining. That means a technician can get involved before the equipment fails or shuts down.
Consequently, companies can address anomalies long before they lead to equipment crashes, lengthy downtimes, and lost productivity and revenue.
Computers interact best with each other, and the IT realm uses that fact for a variety of IT security and support functions.
