How to apply Artificial Intelligence in Business
42% percent of companies in Europe currently use at least one AI technology, a quarter use at least two types and 18% have plans to adopt AI technologies in the next two years. According to the latest report published by the consulting firm McKinsey & Company, the use of artificial intelligence by companies has increased by 25% compared to previous years, generating higher revenues for all of them.
The truth is that the potential applications of Artificial Intelligence in business are practically unlimited and new ways of applying the technology within industries are constantly emerging.
Leveraging artificial intelligence in project management, occupational risks detection, logistics, marketing or financial actions allows companies to stay ahead of trends in the long term, avoiding millions of dollars in losses, ensuring accurate decision making, boosting business profitability and generating more safety for the people who frequent the site.
The disruptive innovative potential of Artificial Intelligence in companies offers the detection of new business models, products, services and operations that allow company managers to develop growth strategies through the AI Value-Precision Curve, AI-Flywheel and AI-Moat, creating unbeatable competitive advantages in the long term.
Identifying value, risks and opportunities with Artificial Intelligence
Cases using AI are increasingly growing and have reported a remarkable trend in adoption within companies focusing on:
- Development of optimized systems to find new AI-based product enhancements
- For optimization of operations
- Analysis and automation of customer services
- Risk assessment and detection
- Optimization of logistics processes
- Maintenance and performance measurement in manufacturing
- Analysis and prediction of any type of situation
The implementation of AI in any of these areas has reported an increase in revenues in the companies that have implemented it due to the optimization of resources, sales forecasting or demand detection.
AI not only improves a company’s day-to-day operations, it also ensures efficiency and multiplies the return on investment.
From the moment a company becomes aware that it needs to implement Artificial Intelligence to accelerate its growth process and market positioning, it goes through several stages.
Each phase contains different dimensions along which key performance indicators (or KPIs) can be measured to explore the adoption of AI in enterprises.
1. AI Awareness
A study by the European Commission analyzes the level of knowledge that managers have about Artificial Intelligence and highlights that 87% of executive leaders recognize anomaly detection as one of the great assets of AI. 96% of companies identify AI with autonomous machines.
2. AI Adoption
However, awareness is only the first step towards AI adoption in an enterprise. According to the survey, 42% of companies describe themselves as “adopters” of Artificial Intelligence technologies, while another 40% say they do not currently use or plan to use any type of AI in their business, at least for the next 2 years.
The study reveals that 18% of the remaining companies represent a considerable proportion that have plans to adopt AI in the next two years.
Looking globally, larger companies stand to benefit the most from AI adoption, given their greater economies of scale and ROI potential. Therefore, it is not surprising to find that almost twice the proportion of large enterprises (39%) use two or more AI technologies compared to micro (21%) and small enterprises (22%).
But what types of Artificial Intelligence are most commonly used by companies?
Some industries use AI for its ability to expand customer understanding through natural language processing (NLP), sentiment analysis, etc.; while others use it to support everyday human tasks by automating processes or to make daily activities more efficient and accurate through high-performance video processing and data prediction.
3. Sector outlook
Each sector has a specific goal or problem that needs to be solved and Artificial Intelligence is the perfect support to invest its resources and let technology do its job. This is why companies prefer to look for off-the-shelf systems and software (59%), although 38% are looking to contract external providers to develop their own applications, while only 20% of managers opt to modify AI software directly in-house.
Although companies encounter internal barriers when they want to implement AI solutions in their businesses, the most common ones point to the difficulties of hiring new staff with the right skills, the cost of adoption that developing a customized intelligent solution can generate, or the investment involved in adopting new agile business processes.
If we analyze the future prospects with these data, the diversified adoption of the different types of Artificial Intelligence at an accelerated pace is expected in the coming years, which would represent a healthy growth of the sectors.
18% of companies not currently using AI plan to adopt at least one technology in the next two years
According to official data for 2025, it is expected that 25% of Spanish companies will use disruptive high technology such as Big Data or Artificial Intelligence in their businesses.
Currently, 4 out of 10 companies have adopted at least one branch of Artificial Intelligence as part of their strategy for the next two years.
Computer Vision Use Cases
Artificial Intelligence allows to detect and alert instantly any situation that is of interest to the business. For example, where in the supermarket people are most crowded, on what day and at what time.
It is also possible to generate proactive alerts based on a target-based sensor configuration to detect and instantly alert situations that may arise in the supply chain or logistics sector through direct notifications.
If we add predictive analytics to automatic video processing, it is possible to generate forecasts so that companies can develop a customized action plan depending on individual cases.
At Perspectiv, with the data collected by the artificial intelligence system, we automatically generate percentages that reflect probabilities that may be of market risks or opportunities.
All this reduces costs in unnecessary actions or actions that can be automated, improves processes and differentiates you from the competition by doing things in an advanced way so that you can obtain data and make decisions on the fly.
At Perspectiv we combine Visual Artificial Intelligence and data to increase business profits based on prediction.
Perspectiv’s technology ensures that solutions based on Artificial Intelligence and high-performance video processing are focused on observing, monitoring and detecting situations to increase business profits through prediction, while avoiding risks through the analysis of large amounts of data.
Book a call with our team to learn more about our packaged solutions designed for each sector.