Artificial Intelligence: How AI Can Help Businesses Leverage High ROI

Artificial intelligence (AI) is one of the major trends in technology, and it has evolved to become a crucial tool for organizations that want to create highly efficient and cost-optimized organizations. Today, there are several plug-and-play AI tools that businesses can adopt, and it’s evident that there’s a voracious appetite to unlock new sources of data to help them achieve their core business goals. . However, adopting these tools and getting data for fun is never helpful because you will end up drowning your organization in information overload. The key to getting a clear path to ROI for any AI-enabled software is to ensure that the output of the solution is not in a separate silo – it needs to be embedded into the DNA of the company. business in a way that will not disrupt existing business. processes and workflows.

Edge-based AI solutions that improve real-time efficiency
Companies continue to have access to large budgets to invest in new emerging technologies like AI, however, the companies that benefit the most are those who see AI in the perspective of improving business capabilities in the short term. term rather than using it as an R&D project. To do this effectively, organizations needed to have structured databases and organized repositories such as data lakes so that the entire organization could also effectively use and extract value from adopted AI solutions. This is no longer the case, because fortunately, when AI moves to the periphery, the cognitive intelligence available in an organization also moves to the periphery.

No longer does the core team need to spend days slicing through data to find pathways to ROI, when in fact, edge-based AI solutions can help employees across the board. organization to solve problems in real time. A good example of this is one of the biggest areas of artificial intelligence – computer vision. This subsector of AI seeks to understand and automate tasks that the human visual system can perform by analyzing raw images or video data. If there are CCTV cameras, this software can be deployed with unparalleled ease across millions of square feet of commercial, residential, or commercial real estate. Some of the features that computer vision can help are object recognition, image classification, and pattern detection. These data points can now be unlocked in real time across an enterprise’s entire footprint, giving operators access to new data points they previously did not have access to.

Where this technology becomes exciting is that the data mined can now be translated in real time into actionable insights that can equip members in the field. Imagine the workflow of an airport operator looking to efficiently manage the flow of passengers from check-in to boarding. Right now, they have to rely on their command center or agents on the ground to monitor traffic and wait times to see where the bottlenecks are in the passenger journey. This problem gets even worse when you have hundreds of thousands of daily passengers in multiple areas ranging from check-in counters, security, lounges and gates.

An airport operator can leverage an AI-based solution, such as computer vision, to amplify the efficiency of its operations in a number of ways. One way is to use real-time alerts where the AI ​​will send respective check-in, security or gate agents alerts on their instant communication headset telling them exactly what needs to be done to improve passenger flow. Has the queue length or wait time exceeded their SLA? If so, it will tell the manager where and when to open an additional counter. The other key component of this software is its ability to provide predictive and prescriptive analytics where the AI ​​will use a combination of historical data and insights into business outcomes to accurately predict the future and in turn guide managers towards the best overall decisions. For example, it will help them anticipate the most congested areas and times of the week, and it will then help by accurately forecasting the number of security and immigration officers needed based on each hour of the week. Not only will this ensure the passenger has a better experience, but it will also ensure that they optimize staffing schedules to meet forecasted demand.

We are only scratching the surface!
Additionally, these algorithms continuously optimize over time, turning real-time actionable insights into rich trend reports that multiple stakeholders can use. This in turn informs recommendations that allow operators to impact their business both in the moment and with an eye to future results. Pathways to ROI are also evident in other physical environments such as big box stores, shopping malls, QSRs and warehouses. Therefore, I am confident that we are going to see many companies across India start adjusting their long-term strategy with data-driven predictive insights from AI-based solutions like computer vision.

(The author is SVP of Strategy & Business Development, at Deep North)