Enhancing Productivity: The Advantages of AI in Various Industries, with Case Studies

Peter / December 19, 2023

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Enhancing Productivity: The Advantages of AI in Various Industries, with Case Studies

AI (Artificial Intelligence) is creating a massive impact in areas of life with recent progress. It is challenging the trends, workflows, and traditional paradigms.
Since the birth of AI, researchers and developers have been trying to enhance productivity and make processes more efficient. Fortunately, we have witnessed prominent benefits of AI in various industries over the past decade.
In this blog post, we will discuss how AI is enhancing productivity and how it plays an important role in revolutionizing industries.
Let's start with the basics.

What Does Enhancing Productivity Mean?

When we talk about enhancing productivity, there are two key aspects:
  • Efficiency
  • Effectiveness
Efficiency is a relationship between inputs and outputs. For increasing efficiency, the input should be less, and the output should be more.
It is the ability to do the desired task with minimum resources, time, and effort. Productivity increases with the increase in efficiency, which reflects minimal cost and maximum profit.
On the other hand, effectiveness focuses on achieving the desired results or best outcome. It involves doing the right things in the right way to create the greatest impact.

How AI Enhances Productivity

AI develops human intelligence in machines or programs so that they can perform tasks without human intervention. It trains machines through a set of data and makes them able to learn, think, and make decisions like humans.
Thus, if a machine can think like a human, it can do a lot of things more efficiently and with minimal errors and resources. It can replace humans in various areas and increase productivity.

For instance, we have chatbots integrated into websites for customers. These bots can understand the problems and queries of customers and respond accordingly. They can provide valuable information and steps to solve the issue. However, when there is a need for human intervention, human representatives can take over the chatbot to proceed further. Overall, chatbots reduce the human effort needed to deal with customers, which reduces the number of representatives needed for assistance and improves productivity.
AI is even improving productivity in our daily lives. You don't need to have personal assistance for many tasks when you have Siri. You can make your to-do lists, set an alarm, play music, and do various things just by voice commands. It is intelligent enough to help you out in day-to-day matters.

What AI Does to Enhance Productivity?

Artificial Intelligence enhances productivity in businesses, industries, and even personal life. Some of the notable ways in which it enhances productivity are:

Automation

People get tired of doing the same stuff again and again. If anything is repetitive, it can be replaced by AI to make it automated. It ensures that people have something creative and more important to do instead of wasting time on something that does not require human intervention.
Back in the day, attendance in companies, schools, and other places used to be on a notebook. With the passage of time, it became computerized, and workers used to enter the data into a computer.
Now, this work has been replaced by AI in various sectors. The AI recognizes the faces and eyes of people entering and exiting the vicinity. The whole process has been automated, so there is no need for an employee here. The AI attendance system is time-saving, error-free, and cost-saving.
This is a simple example of AI automation and advantages. We have AI doing tons of things for us and automating different areas of business and human life.

Data Analysis and Decision-making

Data analysis is a necessity, but it is tedious—making employees tired and exhausted. And if the analysis is repetitive, it becomes another headache. The difficulty of data analysis increases with the increase in the amount of data, and sometimes, it becomes impossible for humans to analyze it quickly.

That is where AI can play its role—machine learning, to be specific. It involves training algorithms to make them able to learn from the fed data. It can take big sets of data and do analysis in no time, which is not possible for humans.

AI can analyze data with optimal accuracy. It can analyze the trends and come up with predictions. It can make better decisions and ensure minimal errors.

Weather forecast is a significant application where AI can take over human intervention. It can improve decision-making and provide close predictions. It can analyze the existing atmospheric data through machine learning algorithms and offer valuable insights that can be beneficial for mankind. It is fast, accurate, and more efficient than human predictions.
AI has been doing weather forecasts since the 1970s, and we are going to witness more efficient and beneficial AI weather forecasts in the near future.

Communication

Efficient communication is a necessity for businesses. Whether it be communication with colleagues, customers, or clients, every type of communication matters.
With AI, it is possible to do real-time translations for effective and better communication. So, no matter what language you speak, you can communicate with anyone. We can turn transcripts, captions, or even voices into the desired language, tone, and voice.
Due to fast-paced AI progress, we might not need human interpreters in the future. It can make communication a lot more effective and efficient.
Even in an organization or web app, AI is used to translate the words of a colleague or person into the desired language. Let's take Facebook as an example. M2M-100 of Facebook AI can translate between any pair of its 100 compatible languages. It explains how AI makes it easier to interact with people from different countries, cultures, and backgrounds.

Personalization

AI helps in finding personalized solutions according to the user.
Say you open YouTube and log in through a new account. You start watching videos and make a couple of searches. Now, YouTube's AI algorithm will try to figure out what you like to watch, and you will see similar videos on your feed or home page.
If you watch shows like Shark Tank, it will show you different episodes, shorts, etc. If you like Kobe Bryant, you will mostly see Kobe's video at the top.
YouTube users see personalized video recommendations and content they interact with through subscriptions, comments, likes, etc.
This is a simple example of how AI personalized things. And when things get personalized according to the user, the productivity is enhanced.

Resource Management

For increasing efficiency, resource management is of utmost importance. Spending the right number of resources at the right time ensures maximum output and profitability.
AI can manage human resources as well as other resources for any task. It can help in,
Energy management: Utilizing electricity for heating, cooling, machines, and other things efficiently Balance workload: Analyzing people and resources needed for a task and allocating resources accordingly Prioritize tasks: Arranging tasks according to their importance to do the right thing at the right time Creating a perfect team: AI can create perfect teams for any task by analyzing the skills, qualifications, availability, and other factors.

Benefits of AI in Various Industries and Businesses

The benefits of AI are revolutionizing industries, businesses, and various areas of life.
Let's see some of the major industries and how AI is enhancing productivity.

Health

During COVID-19, analyzing huge patient databases was not a simple task. However, it was critical to act quickly and fight this disease to protect the human race.
EpitoGen technology was developed by the researchers with the help of AI. It helped in detecting antibodies from patient samples and offered 99% accuracy. 
AI played a vital role in COVID-19 in clinical decision-making, vaccine development, handling big data, etc. It can drastically change the landscape of the health industry. The AI applications can help in diagnostics by looking at X-rays, CT scans, and MRI data. They can give faster and more accurate results, which enhances productivity.
Similarly, AI can analyze patient's data and assist healthcare professionals in treatments and personalized medicines. It improves overall service and saves a ton of time.
Other than these areas, AI is playing its role in remote patient monitoring, managing health records, drug development, chatbot consultation, and a lot more.

Manufacturing

AI takes manufacturing to the next level and makes everything a lot easier, faster, and error-free. With this incredible technology, we have incorporated robots into the manufacturing side. These robots do hazardous, time-consuming, and laborious tasks in no time.

For instance, in car manufacturing, painting a car's body is preferred to be done with the help of robots. These ensure even coating on every part or side and ensure optimal accuracy. Employees can stay away from this hazardous task and focus on something more important.

AI programs can work well in quality control. They can find faults and defects in the product and improve the product quality for customers. Similarly, robots are being used in assembling, handling, packaging, waste reduction, etc.

E-commerce

The E-commerce industry has incorporated AI to automate processes and make things faster.Using AI, we can improve the experience of users visiting the website. It gives personalized recommendations of the products based on previous searches, history, purchases, special events, and other factors. Thus, users easily find what they are looking for along with the recommended choices. It increases sales and the overall experience of the customer.

Secondly, AI can manage all your inventory and automate the whole process. For instance, if Christmas is near, it predicts suitable items to restock, such as lights, baubles, greeting cards, candles, Christmas trees, etc. Machine learning algorithms can understand the demand for products according to events and trends and increase your sales by stocking the products at the right time.
Moreover, AI can do automated marketing, such as sending emails to customers, applying discounts on products, improving customer engagement, etc. Not only that, you can control the whole supply chain and make better decisions using AI.

Finance and Banking

Over the past years, AI has revolutionized traditional banking systems and finance.
With powerful AI applications and software, fraud detection has become a lot easier. The algorithms can analyze the transactions and detect any fraudulent activity.
The second important benefit of AI in banking is automated credit scoring. Based on the previous records of the customer, the system can give scores and automatically evaluate the credit amount. It reduces the number of defaulters. Automation makes decision-making and credit scoring faster than ever before and requires minimal human interference.
Bank customers look for personalized investment options, banking services, saving plans, etc. AI can automate this process by recommending personalized services that can be beneficial for customers. It can be done through emails, messages, and websites.
Other than these, AI helps in regulatory reporting, data analysis, customer service, document processing, authentication services, etc.

Programming

Programming is a tiring process, but an AI program can make it quicker and easier.
Programmers use AI to complete a part of the code to save time. They can get the code snippets they need without any hassle and then make changes they want.
AI is quite helpful in code generation as well as bug detection. It can analyze the whole code and make bug detection simpler than ever before. It can even suggest fixes to make the code bug-free and more efficient. Secondly, programmers also spend a lot of time testing their codes. AI can automate this process and give better results.
AI can assist programmers in many ways and increase overall productivity.

Customer Service

Businesses are now relying on AI to improve their customer service. They want to serve customers faster without any queue and offer a reliable solution to their problems.
You will see a chatbot on different types of websites, whether it be E-commerce, banking, SaaS, etc. All these businesses have automated chatbots that listen to the queries and problems of the customers and help them find the right solution.
Similar to chatbots, there are AI ticketing systems, automated email responses, appointment scheduling, and various other things to make customer service more efficient and effective.

AI can also analyze the feedback left by customers after interacting with a chatbot/customer representative or leaving a product review. The analysis can help in improving customer service, finding faulty products, and actions that can improve the business.

Marketing

AI has made marketing more efficient. It analyzes the data of people to show relevant ads to maximize conversions. We call it personalized marketing that understands the users' behavior, demographics, interests, age, gender, and other things to serve relevant ads. It helps in targeting the right customer at the right time. You can even automate A/B testing, email marketing campaigns, conversion & revenue calculations, and various areas of marketing to save time and increase ROI (Return on Investment). With the help of generative AI, you can create content, images, videos, voiceovers, etc. Writing an email or blog post, gathering new ideas, and creating new images are just a few clicks away.

OpenAI's GPT-4 is capable of creating content of your choice. Its DALL-E can also make images according to your prompts.Similarly, you can find tons of AI tools, such as text-to-voiceover and image-editing apps. By using these AI tools, enhancing marketing productivity becomes a lot easier.

Human Resource

AI can handle human resources and play a vital role in enhancing productivity.
Large organizations have massive data, including records, attendance, achievements, salary, benefits, and a lot of things that require a separate department with many HR professionals. AI can manage and analyze this massive data efficiently, reducing the need for human effort.

AI can do talent acquisition and recruitment. It can automatically filter resumes and send suitable candidates to the next stage. It is better than manual screening and allows HR teams to work faster. It can also complete the onboarding process, including document verification, contract signing, etc.

Some companies use AI tools to manage employees. The intelligent system can help employees take leaves on suitable dates, recommend personalized courses, schedule meetings, take employees' feedback, track performance, etc.

Explore Real-world Case Studies Showcasing AI's Productivity Benefits

Study of a Fortune 500 Software Firm by MIT and Stanford

MIT and Stanford did research on a Fortune 500 software firm that used generative AI in the workplace. There were over 5,000 customer support agents having diverse experience, backgrounds, and qualifications.
The researchers measured the productivity of support agents for one year. The productivity of support agents that used generative AI for creating scripts increased by 14% on average.

The study shows that the effect of using AI was more novice and low-skilled workers. Their productivity increased by 35%. With the help of AI, inexperienced and new agents were working better than the experienced ones. However, the effect on highly skilled, experienced, and trained agents was minimal. According to the research, AI can be helpful for early-career employees and can boost their productivity levels in no time. On the other hand, experienced employees can train AI for better results and help it improve for others.
The research also shows the benefits of AI on the whole business. It improved customer satisfaction and resolved customer queries faster. It also improved employee retention by reducing the workload and making multitasking easier and less stressful.

AI Improves Developer's Productivity

This study is based on the use of GitHub Copilot, which is an AI pair programmer. It helps programmers to complete their code faster. The researchers recruited 70 experienced programmers to implement an HTTP server in JavaScript. The developers were divided into two groups. One was the treatment group that had access to GitHub Copilot, and the second group was the control group that didn't use AI tools.

The results were astonishing. The group that did not use any AI tools completed the code in 2.7 hours, while the group that used GitHub Copilot completed the task in 1.2 hours, which is 55.8% faster.

It shows how AI can increase the productivity of programmers and help them code faster. They can save time for other critical tasks and enhance productivity.

Faster and Better Business Documents with ChatGPT

A recent study by MIT students shows the enhancement in productivity after using ChatGPT for business documents.

Four hundred forty-four experienced business professionals from various fields, including marketers, data analysts, writers, and HR professionals, participated in this study.
They were assigned two documents each. All these participants wrote the first document without AI tools. For the second document, half of the users used AI tools, while the remaining wrote without AI.

The first round, in which all participants wrote documents without AI assistance, produced the same results. It proved that all professionals are well-skilled and professionals and both groups are equal.

The results of the second round were astonishing. The group that didn't use AI completed the task in 27 minutes, while the group that used AI completed the tasks in 17 minutes. ChatGPT helped professionals to increase productivity by 59%.

After writing, the documents were graded by professionals. The documents that were written with the help of AI were graded better than the others. It proved that even though AI assisted writers to complete the task faster, there was no compromise on the quality.