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Did you know?
- A recent survey by Gartner found 79% of corporate strategists saying AI and analytics are vital for their success over the next 2 years.
- The global AI market is projected to skyrocket from $515.31 billion in 2023 to $2,025.12 billion by 2030.
- By 2025, the AI software market will reach almost $134.8 billion, thus significantly outpacing the overall software market growth.
- By 2025, automation and a new division of labour between machines and humans will disrupt 85 million jobs all around the world in large and medium businesses across 26 economies and 15 industries.
- 97% of IT managers believe that automation is crucial for digital transformation.
As AI and automation have changed the way people do business, and are expected to make further inroads in the business landscape, it’s time to join the bandwagon if you haven’t done it already. As a business leader, taking the ‘wait-and-see’ approach could cost you dear.
Why?
Because as these technologies are evolving rapidly and showing exponential adoption and impact on various businesses, the early adopters are going to have an advantage over their peers. If you aren’t in the league already, playing catch-up could be a struggle. Perhaps it won’t be an exaggeration to say that ignoring AI and automation today is the equivalent of ignoring the Internet’s rise in the early 90s.
If you are still debating the need of embracing AI and automation, here are the top three reasons to do it right away.
1. Greater Revenue Growth
By automating your business’s repetitive tasks that eat up a lot of work hours of your employees, such as task scheduling, data entry, and reporting, you can free up precious time. Your employees can then invest this freed-up time to focus on more strategic and value-added activities, which can help in increased productivity and rake in additional revenue.
You could even use AI to analyse customer data and spot behavioural patterns to customise marketing campaigns. Employing AI-powered chatbots for faster and improved customer service is yet another way to boost revenue.
If your business is sitting on loads of untapped data reserves that are scattered and in incompatible data formats, you can use AI automation to extract, organise, and analyse proprietary data. Such large pools of data can then be used to improve crucial business decision-making, identify growth opportunities, forecast the demand for your products and/or services, develop new offerings, decide optimal pricing points for them, create better-targeted marketing campaigns, streamline inventory management and logistics, improve business processes, and boost revenue.
Increased Cyber Safety
Did you know?
- The average cost of a data breach worldwide in 2023 was USD 4.45 million, which is a 15% increase over 3 years.
- Organisations that use security AI and automation extensively end up having average savings of USD 1.76 million compared to organisations that don’t.
- 51% of organisations plan to enhance their security investments.
These statistics indicate why it’s essential to invest in AI automation to boost your business’s cyber safety.
Since AI can analyse large amounts of data in real-time and search for patterns and anomalies that could indicate a security threat, it can help your business detect and respond to threats much faster compared to manual or traditional methods. You can even leverage AI to collect and analyse threat intelligence data, which can help you better understand the threats your business faces and plan and implement effective ways to mitigate them.
Automating with AI can also help manage several manual security tasks that are typically error-prone and time-consuming, thus freeing up precious time for your cyber security personnel to focus on more strategic and critical work. By using AI-driven modern technologies, you can design and build more secure systems, which are less vulnerable to cyber attacks. This can help your business cut down on its overall risk of a data breach, data theft, and other security incidents.
Improved Cyber Resilience
As a business leader, using AI and security automation can give your business’s cyber resilience a massive boost. Your organisation will be more cyber resilient when you make your security operations centre (SOC) more efficient by employing AI and security automation. By empowering your SOC’s team members to identify intrusions quickly and mitigate the threats or fix the breaches fast, AI and automation can facilitate fast response times.
Since a mid-sized company’s SOC receives an average of almost 2,00,000 security events daily, trying to handle them manually will swamp your personnel. A much better, faster, and more efficient way is to empower your SOC with AI automation, which will increase its caseload capacity by 300% or more.
Still need more reasons to embrace AI and automation? With AI and security automation, your organisation can respond to breaches almost 30% faster than your peers without security automation. But that’s not all. Companies that invest in automation have a 4X advantage in stopping a targeted cyber attack. Perhaps now you know why AI and automation are powerful game-changers.
Wrapping Up
Now that you know why it’s important to embrace AI and automation as a business leader, you should define your objectives clearly and choose appropriate AI-powered automation solutions that align with your business goals and needs. It’s best to implement them with small pilot projects before going all-in, and train and upskill your employees to ensure they leverage AI and automation optimally and effectively.
Once you have implemented AI and automation, don’t forget to monitor the performance of these AI-powered automation solutions and systems continuously, making crucial adjustments to improve their efficiency. Additionally, as a business leader, you need to stay abreast of emerging technologies and trends in the field of AI and automation to make sure you are well-positioned to adapt them faster than many others and stay ahead of the competition.
This article was written by Sonali