Artificial intelligence and operating cost reduction

Artificial intelligence and operating cost reduction

Artificial intelligence(AI) may result in a significant operating cost reduction

Artificial intelligence is a very important subjectnowadays, but not everyone understands the scale of its value for the business. Thus, the existing AI technology can increase the productivity of the business by 50%. With the help of AI learning, Netflix managed to save USD 1 billion in 2017. When a company is using AI, 34% of customers spend more money on their products and services. Apart from this, 49% are thinking about buying something from the company more often in case it uses AI. These facts should be enough to assure you that artificial intelligence can be very beneficial. And here are a few ways of how you can use AI to reduce costs, improve efficiency and make your business more successful.

Artificial intelligence can help to reduce the mistakes and improve the overall efficiency of your company. For example, for the above-mentioned issue, you can use an AI personal assistant. Using your calendar, it will schedule calls and meetings, send you reminders, and so on. The probability of a human error will be reduced significantly, which means that you won’t waste the budget on fixing mistakes. Moreover, you will be able to spend the time saved on something more important.

3D printing help to reduce costs and improve competitiveness in a manufacturing industry

3D printing makes it possible to assemble ideas at a faster pace. In some instances, it could be possible for 3D concepts to be designed and printed on the same day but in terms of large-scale manufacturing, it is certainly faster than conventional methods. This can help companies to reduce manufacturing time from months to days while ensuring that they remain ahead of their competitors.

Inspite the challenges, 3D printing will change the way of manufacturing

However, in the main, these are not challenges that cannot be overcome with some careful forward thinking and planning. The manufacturing industry is filled with competition and that means that these challenges are nothing more than hurdles to overcome. This is because the industry has to not only think about the technical benefits that 3D printing for manufacturing can bring, but also the value it can add to a business.

It is crucial that businesses do not only identify applications and parts that they can create with 3D printing, but their manufacturing strategy as a whole and how 3D printing should fit into that. This is down to the fact that the technology can enhance innovation and value to overall operations. So, it is not about finding products that fit the technology but ensuring that the technology suits the product and the company working model

ANSWER B

Challenges, which companies have to deal in Artificial intelligence, such are:

Requires financial investment and can be quite costly. Robots and other products of artificial intelligence replacing humans can become the cause of unemployment. Robots and other products of artificial intelligence do not possess such human qualities, as creativity or emotional intelligence.

Challenges, which companies have to deal in 3d printing, such as:

Manufacturing costs
(Lack of) Expertise
Software development and capabilities
Recyclability
The cost of the equipment
The materials available for your industry
Post processing needs

 

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