Why Your Company Should Be Fluent in AI

Artificial intelligence is changing the world’s economy. Both JPMorgan and Bloomberg estimate that AI will add trillions of dollars of domestic product in the next 10 to 20 years. Like it or not, AI is here to stay and it’s going to make big changes in business along the way.

AI Can Help Your Business

Even if you’re not a technology-focused company, your company should be fluent in AI. Artificial intelligence is the way of the future for all types of companies in various industries. If you don’t keep up, your competitors will likely gain an advantage.

AI can help you to automate tasks and increase productivity . This frees up your employees to focus on more important work- the kind that AI can’t do. Allow AI to assist you with tasks related to inventory management and repetitive tasks that could easily be automated.

AI Can Assist With Marketing

If your company is marketing online as most companies today are, . For example, maybe you’re writing social media or blog posts, but don’t have the time to create videos. There are content creation tools that are powered by artificial intelligence that can easily turn text into professional-looking videos in just minutes. Video-based content is becoming increasingly important in marketing strategies, so this technology is incredibly valuable.

AI can also help you to target the right people. We’ve all seen the advertisements on social media that look like they were hand-picked for us. Actually, they were computer-picked based on our online activity.

You want to be marketing your services or products to the right audience. AI can help you do that.

AI in Manufacturing

Artificial intelligence is also critical in the manufacturing industry . Rather than mass producing thousands of identical products like traditional manufacturing does, AI can quickly and effortlessly make products specific to customer requests.

AI can also be used to monitor other technology and predict issues before they come up. These predictions can help manufacturing companies maintain devices well and prevent equipment failures. It will also reduce the overall costs related to maintenance and repairs.

Getting Your Employees to Embrace AI

First, it’s important that your employees embrace AI. They should know that artificial intelligence is not a threat to their jobs, but instead, an enhancement to it. Assure them that, despite its many benefits, AI will never have the same capabilities as a human being.

Next, implement effective training programs regarding any AI that your company currently uses or introduces in the future. Be sure to talk about troubleshooting that may occur, so that your employees are empowered to address problems as they arise.

Artificial intelligence is here and it is only going to become more prevalent in the future. If you want your company to keep up with your competitors, fluency in AI needs to be a top priority. Invest the time in the technology and invest the time necessary for training your team on how to use it properly.

Originally published at https://chartwestcott.com.

Chart Westcott is Co-Founder and COO at Ikarian Capital, LLC a long/short equity biotech focused investment adviser. Read more at http://chartwestcott.net.

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