U.S. inflation has hit a 40-year high, leaving businesses scrambling for ways to combat diminishing profit margins. Some have been quick to pass the buck onto consumers by increasing prices, or by reducing the size of products (a practice known as "shrinkflation"). But for many, offloading increasing costs by these methods is a surefire way to drive away business. As scrappy businesses seek to defy inflation, artificial intelligence has the answer: Efficiency.
With a focus on efficiency, businesses are able to do more with what they have. Because consumers shouldn't be the only ones looking to save money. Businesses should too.
To save money, you need to start by improving efficiency. In AI, efficiency means optimizing operations with precise forecasting, predictive maintenance, quality control and risk reduction. But it also means identifying and correcting areas of inefficiencies that cost companies. It increases productivity and maintains profit margins amid increasing costs. Simply put, it saves you money.
According to an analysis by Boston Consulting Group, AI can reduce conversion costs by up to 20 percent, with up to 70 percent of the cost reduction resulting from higher workforce productivity. But AI is also expensive, time-consuming and out of the question for many small businesses and bootstrapped startups. The good news is that startups and small businesses can use big data--without AI--by leveraging the fundamental strategies behind data science.
Continue reading: https://www.inc.com/magazine/202203/steven-i-weiss/tope-awotona-calendly-meetings-productivity.html
With a focus on efficiency, businesses are able to do more with what they have. Because consumers shouldn't be the only ones looking to save money. Businesses should too.
To save money, you need to start by improving efficiency. In AI, efficiency means optimizing operations with precise forecasting, predictive maintenance, quality control and risk reduction. But it also means identifying and correcting areas of inefficiencies that cost companies. It increases productivity and maintains profit margins amid increasing costs. Simply put, it saves you money.
According to an analysis by Boston Consulting Group, AI can reduce conversion costs by up to 20 percent, with up to 70 percent of the cost reduction resulting from higher workforce productivity. But AI is also expensive, time-consuming and out of the question for many small businesses and bootstrapped startups. The good news is that startups and small businesses can use big data--without AI--by leveraging the fundamental strategies behind data science.
Continue reading: https://www.inc.com/magazine/202203/steven-i-weiss/tope-awotona-calendly-meetings-productivity.html
