Opinions expressed by Entrepreneur contributors are their own.
hese days we hear a lot of companies using the buzz words Like Machine Learning, Deep Learning and AI in their products and services, however the real world problem is that when asked about the impact of the services or the product they have, then most of the times it comes to on this single statement of “overall increase in business efficiency”, thus it creates confusion and the statement is pretty ambiguous in nature, which is sometimes baseless and without experimental driven. Hence in this article, I want to uncover this above statement and make it easier for both companies and the clients to calculate the actual impact of the product/services.
Being a technology consultant and working in the domain of AI, I personally used the exact statement whenever I wanted to pitch my services to the client, but when realizing the quantitative impact of the services I was unable to justify my piece of work because the services offered didn’t provide me the numbers and the figures. Facing this conundrum I got to understand the fundamentals of the buzz words in practicality.
“Technology is relative to time”
Reviewing the archives of the 19th century on the industrial revolution, I summarized that it was a way of automation in those days, and there was growth in the overall production of the products just by getting new machinery in the supply chain. The whole change of system can be called AI of that era in a simpler way.
Now coming up in a today’s world the definition of AI is not limited in only technology space the ground reality is whenever there’s an automation of the manual process that can be defined as Artificial intelligence, the end result should be always growth not just limited to efficiency because efficiency without sustainable growth results is of no use.
Recently we worked with one of the leading grocery chains in Europe and we didn’t write a single deep learning algorithm but integrated two in-house software systems one was POS(point of sale ) system and the was an ERP, the integration of the databases made it easy for the organization to get instant results of the per cashier transaction in an hour and then the company was able to identify the lethargic cashiers with actual figures on real time.With this chain effects, the average time per customer billing reduced to 45% and sales increased by 30%, which was something with an actual growth chart.
Conclusion says that in long run one cannot use ambiguous terms like business efficiency or business productivity, without demonstrating the actual growth charts, as growth means value addition and that what is really a need in this high paced world.