5 ways AI optimisation can elevate your company
Often seen as a “buzzword”, AI is not the complex and expensive technology a lot of business executives think it may be. With more AI development tools and platforms available in the market, AI is becoming increasingly accessible. 15% of UK companies are currently using AI in their business as of 2021, according to the Government's most recent AI activity report. Moreover, a further 2% of UK businesses are currently piloting AI technology, and 10% are planning on adopting it in the future.
Failing to see the benefits of AI technology may cause your company to fall behind, and not be able to keep up with the competition. An AI optimisation platform, for example, makes implementing advanced data analytics and predictive modelling within your company processes easy and accessible.
Spending money wisely is a top priority for any CEO and decision-maker. Dedicating a part of your budget to the adoption of a unified AI platform is a wise move when the long-term benefits gained from the technology drastically outweigh the initial costs in the form of company efficiency, customisation, and innovation.
Below, I have put together five ways AI, in particular, AI optimisation technologies, can elevate your company no matter what business sector you may be in, from finance to healthcare and retail to insurance:
1. Scalability
Using a platform that incorporates AI optimisation techniques increases a company's efficiency in building and scaling predictive models through a fast and smooth process, simultaneously saving you time and money. With AI optimisation, teams can scale out their models seamlessly from a local machine to various clouds and devices by easily and quickly configuring their models.
Because it is based on code-free processes, non-coders can run projects on their own, reducing reliance on other teams, alleviating pressures on overburdened teams or on new hires. It also allows for AI projects to be run simultaneously – thus increasing productivity, giving people more time to focus on critical tasks, boosting collaboration and sharing of knowledge between individuals.
2. Sustainability
AI optimisation can assist in helping you meet your company’s sustainability goals including cutting down on energy consumption and carbon emissions of your AI projects. According to a recent Accenture report, 74% of consumers cite ethical corporate practices and values as the main reasons to choose a brand, and 65% of employees think it’s the organisation duty to ensure they are “net better-off” through work. It is estimated that data centres account for at least 12% of UK electricity consumption.
Companies running data centre servers, powerful GPUs, and cloud computing are using a huge amount of energy that can be very taxing for the business’ economy. It is, therefore, necessary to push to ensure that energy is reduced to a minimum and only the absolute necessities are required – which will naturally reduce the cost. By optimising the underlying model code without compromising on accuracy, you can improve code efficiency and reduce energy consumption.
3. Customisation
AI optimisation brings multi-objective model optimisation, meaning you can customise your AI models to suit your exact business objectives. You can tailor aspects including execution time, explainability, and other user-defined objectives. In the finance sector, for example, finance professionals can use AI to maximise profitability by customising the target return rate of a trading model alongside other criteria such as the model prediction speed and accuracy.
4. Improving client satisfaction
By optimising predictive models, high-quality and accurate results are ensured for your business with 100% confidence. This will, in turn, not only improve overall client satisfaction but also increase your brand reputation, helping you get more sales and clients. For example, using AI optimisation, businesses can build and optimise website content recommendation models to run faster, so that models can analyse each visitor's data quicker and predict effective content in real-time. Taking into account a variety of data points, including purchase data and other live or past behaviour on the site, they are able to dynamically change the content displayed on the screen, all in all, ensuring a top-quality customer experience.
5. Competitive advantage
Incorporating AI optimisation will give you an innovative and competitive advantage, empowering you to be ahead of the AI game by building better, faster, and greener predictive models, allowing you to predict market and technology trends amongst many other things based on large amounts of data, at speed. These predictions can help identify the most profitable business opportunities before they’re on the radar of competitors.
The bottom line
The UK government’s AI report demonstrates that by 2040 the overall adoption rate of AI will reach 34.8%. This clearly shows that AI is not an excessive technology but a necessary tool in today’s climate that can help meet business goals. Stay agile with AI optimisation, and be ahead of the competition.
