How to Know if Artificial Intelligence is Worth the Cost for Your Business
Although many analysts and naysayers discuss the potential effects artificial intelligence may have on jobs in the near future, one thing many people don’t think about is the actual cost of implementing artificially intelligent workers in a business. The ROI, or return on investment, is a real concern for any business, so figuring out the ROI for artificial intelligence and automated workers is an important aspect of any company’s business model. Here are a few ways to look at the ROI for your company’s prospective artificially intelligent workers.
AI Can Fill Gaps in Your Workforce
Sometimes, it is difficult to hire flesh and blood workers. This is a prime example of a time when automated workers are the perfect solution to a problem; if there are no people to work a particular shift or the work is potentially harmful to the human body, artificially intelligent machines may do this work with no complaints and no damage. This increases productivity in general and protects people from harm – a win-win, to be sure.
Training and Job Fatigue Can Take a Toll
In a similar vein to the point above, sometimes it is just too costly to hire and train a brand-new person. A machine is programmed to do the job the same way every time, so there is no training required. This cuts down on training costs and production losses due to the learning curve. Furthermore, it can increase profits because artificially intelligent machines are made to do tasks the same way every time. This will increase the accuracy of the task performed, thus increasing the quality of the product and the satisfaction of the customers. Many people become tired or bored of their work when they must do the same thing every day. Having a machine step in to handle these mundane tasks reduces worker fatigue and increases productivity.
Additionally, there are some jobs that just shouldn’t be done by people, such as lifting heavy objects, operating heavy machinery, or using chemical-based items such as paint or cleaner. It is better to have a machine perform these tasks, so nobody is in harm’s way at work.
Make Your Money Work by Double-Checking Your Specifications
A surefire way to lose money on an AI investment is to contract a group to build and install the new machine and to let the installation team just go. While many teams are professionals and will do the job well, it helps to speak with your AI construction crew and tell them what you need. It is crucial to let them know what work the machines will be performing and how those machines will fit in the overall scheme of your company. If you make sure the builders know what you need, they will build a better and more cost-effective machine.
Although many people are still afraid that artificial intelligence will take their jobs, this has not been proven. Instead, many companies report that AI increases productivity and the quality of human employees’ work because machines can handle the mundane or dangerous tasks and let humans do what they want to do. This benefits all parties involved.
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Joshua Crawford | Managing Director | PROPRIUS