3 Strategies to Help Your Business Get Smarter
Today’s business can get smarter and run more efficiently using technology.
If you truly want to run your business effectively, it all starts with understanding how its costs break down. If you are armed with this knowledge, you can make better decisions about solution procurement and operations management. Let’s examine how you can cut costs without harming your business in the process.
Outsourcing Can Help
Outsourcing is often misunderstood, but it is an incredibly powerful tool to control your costs and improve operations. If you take part of your business that is costly to run normally, then outsource it to a provider, you get more stable costs and expertise that you might not normally be able to leverage.
Businesses have all sorts of outsourcing options these days, including gig workers or managed service providers. You can outsource help desks for support, or you can outsource recruitment and payroll. The sky’s the limit, so to speak; if you can imagine it, you can probably outsource it, provided you find an appropriate vendor.
Data Allows for Better Decision-Making
The more data your business has, the more tools and resources it has at its disposal to enable better decision-making. You can look at data to learn about what has worked well in the past, what could work well in the future, and what needs to be addressed immediately. Data is key to the many types of initiatives you might have planned for the future.
Data analytics can give your business key insights into how it can be more efficient with sales, marketing, operational processes, and so on. It can help you build better consumer experiences and customer relationships, something which can increase revenue and give you more resources to work with in the future.
Keep Flexibility in Mind
You can provide greater value to your employees by keeping flexibility at the top of your mind. This means giving them tools to communicate and be productive whether they are in the office or on the move, and thanks to cloud-based resources and solutions, you can do this easily and efficiently.
Another way you can innovate and keep things flexible is through the use of artificial intelligence technology. An AI chatbot, for example, can free up employees for other tasks, focusing instead on tasks that generate revenue.
Point North Networks can help your business be more cost-effective and productive at the same time. To learn more, reach out to us at 651-234-0895.
Artificial Intelligence (AI) Impacting the Healthcare Industry in Interesting Ways
Healthcare is one industry that consistently operates under an immense amount of pressure, and as such, professionals in the industry are always trying to find new and innovative ways to make things more manageable. The latest technology to aid in this trend is artificial intelligence, or AI, and it has proven to be a considerable asset for the industry. Here are some ways that AI has changed the way healthcare manages particularly stressful situations for the better.
AI Can Efficiently Analyze Vast Troves of Data
No matter how often (or not) you go to the doctor, chances are that your provider only has a fragmented version of your health records, the reason being that it relies on you manually updating them every time you go in for a checkup. Unfortunately, this lack of information can mean that your doctors don’t get the birds-eye view they need to provide the best care possible. AI makes sifting through data like this much easier and more practical, and machine-based predictions can catch things that the human eye might miss. AI could be used to predict health issues before they even appear, meaning that preventative care can be administered promptly (much like addressing issues on your IT network before they become major problems).
AI Can Make New Medicines, Cheaper
When you consider the amount of time and research that goes into crafting effective medicines, you start to realize that there is a reason why it’s not cheap. However, through the same technology that allows automated self-driving cars, databases of molecular structures can be considered and tested through simulations. With this technology, time spent on research and development can be significantly reduced, as evidenced by the 2015 ebola virus outbreak, where analysis and treatment were developed far more quickly thanks to it. AI can also be used to study existing medicines or find new ways for them to be used. If new use cases for existing drugs can be identified, companies can save money and make their offerings more diverse.
AI Can Make Healthcare More Secure
Healthcare providers are responsible for storing and securing a lot of sensitive or personally identifiable information, as well as financial data. Considering that many patients’ lives depend on this data, it becomes incredibly important to keep it all secure, especially with the rise of cybercrime. It might be possible for humans to prevent some of these threats from coming to fruition, but it’s not possible for them to prevent all of them. AI might be able to aid them, though, by powering automated security solutions designed to keep records safe from malicious activity. After all, many threats are using AI themselves, so why not turn the tables on the attackers?
AI Can (Potentially) Help Eliminate Bias
There is an inherent bias in the healthcare industry with factors like race, gender, and ethnicity playing a part in how accessible healthcare is to some. This bias has seeped into research. AI programs can help to eliminate some of this bias, as it is separate from human deliberation and can remain impartial throughout the entire process. AI can effectively identify the objective truth and prevent factors like these from influencing research or access in healthcare.
3 Ways Your Small Business Might Benefit from Artificial Intelligence Technology
Artificial intelligence has taken the world by storm, and the advent of emerging technologies has many small businesses thinking about how they can utilize it to cut costs, improve operations, and eliminate unnecessary or repetitive tasks. Let’s take a look at three ways your business can leverage artificial intelligence to the best of its ability.
We should first start by outlining what we mean by “artificial intelligence.” In the business environment, AI and, on a more broad scale, machine learning, is when automated technology performs tasks normally accomplished by human workers with an emphasis on taking data and applying it to specific scenarios in which it can learn or identify trends. It is expected that the AI industry will exceed $390 billion by the year 2025, so it’s safe to say that this technology is not going anywhere. Your business has much to gain by thinking about how it might apply it in the near future.
Here are just a couple of ideas for how you might be able to use AI for your business.
Streamline Certain Tasks and Operations
Businesses often have a lot on their plate. Between managing resources and maintaining operations, it can often feel like an overwhelming balancing act where spending too much time on one thing leads to not spending enough on another. Some tasks require more time and focus than others by virtue of how complex and thorough the work must be, such as vetting new hires or assisting customers in need.
Consider some of the more lengthy or time-consuming tasks out there. Most businesses need to search for top-tier talent to keep themselves competitive, which means sifting through mounds of resumes, cover letters, and other documents for job applications for qualified candidates. This process can be automated through the use of artificial intelligence. Another aspect that can be automated and improved through the use of AI is customer support. Customers often ask the same questions, and if AI systems can learn from and build their foundation of knowledge based on interactions with consumers or clients, they can provide your organization’s employees with more time to focus on innovative new ideas and workflows.
Improve Data-Driven Analytics
All businesses collect data in some way, shape, or form, but the way that this data is used will vary by industry. In fact, some organizations don’t fully utilize the data available to them; either they collect the data and don’t know what to do with it, or they collect the data and don’t have the tools to adequately act with it. Either way, AI gives businesses the opportunity to make full use of this important asset.
AI allows your organization to use any data it collects to its advantage through predictive modeling. By extrapolating data for trends, AI is able to take its best guess at what the future could hold for your business. Through the use of AI, organizations can leverage available data to make educated decisions about their futures; this ensures that the organization can move forward in an informed way that is both in line with its business model and progress-driven.
Cut Costs and Increase Efficiency
We have all heard the horror stories related to AI and how it is stealing jobs away from qualified human beings, but this is the wrong mindset to approach this technology with. While it might be concerning to laborers in unskilled industries, the truth of the matter is that most workers can stand to benefit from AI to a certain extent. Let’s reframe this perspective; instead of saying “AI is going to steal my job,” you can instead say “AI will make my job easier.” Suddenly, the prospect of implementing an automated system is not so scary.
When looked at through this lens, it’s easy to see the value that AI presents and the opportunities it poses for not just simple tasks, but more complex ones as well. Even if AI cannot fully automate more complex tasks, the fact alone that it can help make certain aspects of them easier to manage should be reason enough for celebration, as any technology that can make running your business and managing your workload easier should be given full consideration. And you know what they say… less time wasted means more profit!
Now that you know about some of the ways that businesses can use AI to their advantage, the only question remaining is this: how are YOU going to leverage artificial intelligence? What ideas do you have for this exciting technology? Be sure to let us know in the comments below.