Global businesses are increasingly adopting Artificial Intelligence (AI) to generate revenue and reduce costs. AI has now become the key business differentiator that is influencing how businesses and ecosystems are run. As per Mckinsey’s State of AI survey 2020, more than 50% of responders had already adopted AI in atleast one business function. The high-tech industry, as a forerunner of digital adoption, is leading this trend as it tries to recover from the COVID-19 impact to businesses gloablly. But by combining AI, Machine Learning (ML), and predictive analytics, the industry can build new capabilities and take advantage of the changes in the marketplace to make significant inroads into untapped sectors. In this article, we’ll discuss how the High-Tech industry can leverage AI for business growth.
AI use cases
The lockdowns and work from home left many with a considerable amount of free time. Streaming services and their bingeable content came to our rescue. Netflix, Amazon, or Hulu – no matter your OTT of choice, what actually keeps us glued to our screens is their personalized recommendation engine powered by AI and ML. Segregating content by categories and suggesting newer content based on our viewing pattern, it makes our streaming experience enjoyable.
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Highly differentiated and predictive servicing
AI has forever changed the service industry, and customers today are demanding customized experiences throughout their service journey. Businesses must tailor their services/solutions for individual customers to thrive in the highly competitive market. When done right, it can drive both customer loyalty and the top line for the business.
Prediction of customer product requirements, grouping of products, inventory stocking: From product demand forecasting to handling transportation services to automating customer communications, AI is helping organizations effectively manage their global supply chains efficiently. It has allowed businesses to move from predictive to prescriptive solutions backed by data-driven decisions. It also helps enterprises reduce expenses and iimprove their bottom line.
Semi- conductor manufacturing
By enabling customized end-to-end solutions for various micro-verticals, AI has allowed semiconductor manufacturers to capture 40-50% of total value from technology stack. Growth of AI will also bring new growth opportunities for the semiconductor industry in the fields of cloud, edge devices, automated driving, data storage and networking.