Many businesses are finding it difficult to survive as the Post COVID-19 pandemic continues to wreak havoc on the world economy. In addition, with rising interest rates, inflation and a sick federal reserve chair is pushing the market further down into possible recession status. Reducing costs through the use of artificial intelligence (AI) is one strategy to lessen losses during a recession. These three various AI models can assist businesses in making financial savings:
1-Predictive maintenance employs machine learning algorithms to foretell when machinery or equipment is going to break down. This can assist businesses in planning maintenance prior to a failure, lowering the need for pricey repairs and minimizing downtime. To assist businesses optimize their operations and cut maintenance expenses, for instance, GE's Predix platform employs predictive maintenance. GE claims that Predix may assist clients in achieving an average ROI of 18 to 24 months.
2-Supply chain optimization: By anticipating demand, maximizing inventory, and locating bottlenecks, AI-powered supply chain optimization can help businesses become more efficient and spend less money. For instance, IBM's Watson Supply Chain optimizer employs artificial intelligence to analyze data from numerous sources, including weather, traffic, and social media, to increase the effectiveness of the supply chain. The average ROI for customers using IBM's Watson Supply Chain Optimizer is between 12 and 18 months.
3-Chatbots: By automating customer service, chatbots can eliminate the need for human customer support personnel. This can help businesses cut labour expenditures while still offering round-the-clock customer assistance. For instance, Ask H&M, the chatbot from H&M, employs AI to respond to client questions and make it simpler for users to locate the information they require. H&M claims that Ask H&M has enabled the corporation to save 30% on customer support expenses.In conclusion, employing AI for chatbots, supply chain optimization, and predictive maintenance can help businesses cut costs during a recession. These AI models can be a cost-effective method for businesses to cut losses and maintain their competitiveness during challenging economic times, with an average ROI in 12 to 24 months. However operating margins and risk tolerance for the company are improved immediately after installation
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