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Six ways that AI creates business value

June 14, 2023

More than at any time in recent history, businesses in all fields are moving closer to AI by incorporating it into their operations, whether through partnerships with experts and technology companies or investments in AI research and development. This is enabling companies to gain a competitive advantage, improve efficiency, and create new opportunities for growth.

Deloitte’s AI Institute has analyzed the top applications of AI across all major industries. Here are insights into trusted AI and risk management:

1. Cost reduction

“Applying AI and intelligent automation solutions to automate tasks that are relatively low value and often repetitive, reducing costs through improved efficiency and quality. (Example: Automating data entry and patient appointment scheduling using natural language processing).”

2. Speed to execution

“Reducing the time required to achieve operational and business results by minimizing latency. (Example: Accelerating the process of drug approval by using predictive insights to create a synthetic trial).”

3. Reduced complexity

“Improving understanding and decision making through analytics that are more proactive, predictive, and able to see patterns in increasingly complex sources. (Example: Reducing factory downtime by predicting machinery maintenance needs).”

4. Transformed engagement

“Changing the way people interact with technology, enabling businesses to engage with people on human terms rather than forcing humans to engage on machine terms. (Example: Using conversational bots that can understand and respond to customer sentiment to address customer needs more effectively).”

5. Fueled innovation

“Redefining where to play and how to win by using AI to enable innovative new products, markets, and business models. (Example: Recommending new product concepts and features based on customer needs and preferences mined from social media).”

6. Fortified trust

“Securing a business from risks such as fraud and cyber – improving quality and consistency while enabling greater transparency to enhance brand trust. (Example: Identifying and anticipating cyber attacks before they occur).”

Source: Deloitte US