Importance of AI in value creation

November 22, 2023 Par Faustin Djoufouet

The importance of AI in creating the value no longer needs to be demonstrated. These days, artificial intelligence (AI) is on everyone's lips. Considered until yesterday as a futuristic technology, AI is now interfering in our daily lives, both as consumers and as professionals. Simple chatbot to the algorithms driving our autonomous vehicles, the dazzling progress of AI marks a major revolution.

But beyond the technical dimension, it is the economic impacts of AI that are attracting all the attention today. Because this technology has colossal potential for create added value within organizations. Increased productivity, disruptive innovations, hyper-personalization: AI applications open up new perspectives.

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In this article, we invite you to explore the way in which artificial intelligence is redesigning the economic models of companies in the 21st century. We will see how AI can improve your operations, imagine new products and services, better understand your customers to provide them with even more value.

🥀 Contribution of AI in agriculture

In agriculture, AI can be used to collect and analyze data about crops, soil, weather, pests and diseases, to provide valuable information to farmers.

Sensors, drones and satellites are tools that collect data on crops, soil and weather conditions. The collected data is then analyzed by AI algorithms to help farmers better understand trends and patterns in their crops.

Farmers can thus make more informed decisions on the management of their crops, particularly in terms of fertilization, irrigation and treatment of diseases and pests. Here are some applications of AI in agriculture:

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✔️ Optimize agricultural production using AI

AI can help optimize agricultural production providing accurate crop information and helping farmers make more informed decisions about managing their crops.

Data collected by sensors, drones and satellites can be used to create predictive models that allow farmers to plan their crops more efficiently.

For example, AI algorithms can predict when crops will be ready for harvest, allowing farmers to plan harvest more efficiently. This can reduce production costs and improve product quality.

AI can also help improve water management by providing accurate information on crop water needs. AI algorithms can help farmers determine the optimal time for irrigation, which can reduce water loss and improve irrigation efficiency.

✔️ Reduce environmental challenges related to agriculture using AI

Agriculture faces many environmental challenges, including water pollution and loss of biodiversity. AI can help solve these challenges by reducing the use of chemical pesticides and fertilizers.

By providing accurate crop information, AI algorithms can help farmers use chemicals in a more targeted manner, which can reduce their overall use. This may have a positive impactthe environment by reducing water pollution and preserving biodiversity.

AI can also help reduce greenhouse gas emissions by improving the energy efficiency of agricultural operations. Data collected by sensors and drones can be used to optimize the use of agricultural machinery, which can reduce fuel consumption and greenhouse gas emissions.

AI algorithms can help farmers to make informed management decisions agricultural waste, especially in terms of composting and recycling. This can reduce agricultural waste and improve soil quality.

✔️The benefits of using AI in agriculture

The use of AI in agriculture has many benefits, including:

Better crop management: AI algorithms can provide accurate crop information, which can help farmers make more informed decisions about managing their crops.

Better water management. AI algorithms can help farmers determine the optimal time for irrigation, which can reduce water loss and improve irrigation efficiency.

A reduction in the use of chemicals. AI algorithms can help farmers use chemicals in a more targeted way, which can reduce their overall use and reduce negative environmental impacts.

Better energy efficiency. Data collected by sensors and drones can be used to optimize the use of agricultural machinery, which can reduce fuel consumption and greenhouse gas emissions.

✔️The challenges of using AI in agriculture

The use of AI in agriculture is not without challenges. Some of the most significant challenges include:

The costs. The costs of installing and maintaining sensors, drones and other AI technologies can be prohibitive for some farmers.

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Data confidentiality. Data collected by sensors and drones may contain sensitive information about agricultural activities. It is important to ensure the confidentiality of the data collected to protect the privacy of farmers.

Training. Farmers need to be trained in the use of AI technologies to get the most out of them. This can require significant investments of time and money.

🥀 Contribution of AI in finance

AI is used in many areas of finance, including risk management, forecasting, fraud detection, personalization of financial services, and much more. Here are some examples of the use of AI in finance:

⚡️ Risk management

Risk management is a complex task that requires constant assessment of economic, political and social factors.

Financial institutions can use AI to monitor and assess risks in real time. They use machine learning models to analyze data and current events. This enables financial firms to make faster and more informed risk management decisions.

⚡️ Forecast

AI can perform predictive analytics using machine learning models to anticipate future trends and economic events.

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This can help financial institutions to make more informed decisions in investment, portfolio management and trading.

⚡️ Fraud detection

Banks can use AI to detect fraud by analyzing transaction patterns and customer behaviors.

AI can identify suspicious transactions, fraudulent activity, and anomalies in transactions. This allows them to quickly detect fraud and take action to prevent it.

⚡️ Personalization of financial services

Thanks to AI, banks can personalize their services. This makes it possible to offer services more suited to their specific needs and thus strengthen customer loyalty.

⚡️ Trading

AI is used to improve the accuracy of trading predictions. Machine learning models can identify trends and patterns that would be difficult for humans to spot. This allows traders to make more accurate and informed trades.

Limitations and challenges associated with the use of AI in finance

Despite the benefits of using AI in finance, there are also challenges and limitations to consider. Here are some of the main challenges and limitations:

✍️ Bias

Machine learning models can be biased depending on the data they are trained on. If the data is skewed, it can lead to skewed results that can have negative consequences for customers and for financial companies.

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✍️ Data Privacy

The use of AI in finance requires the collection and use of sensitive customer data, which can raise data privacy concerns.

✍️ Complexity

AI is a complex technology that can be difficult to understand and use for employees who lack specialized technical skills. This can make it difficult to implement and use AI in financial businesses.

✍️ Regulations

The use of AI in finance is subject to strict regulations, particularly in terms of data protection, fraud prevention and transparency. Financial firms must ensure that their use of AI complies with these regulations.

🥀 The application of AI in management

The application of AI in management can help companies optimize their processes, make more informed decisions and improve their profitability. Here are some examples of the use of AI in management:

✔️ Data analysis

AI can be used to analyze large amounts of data in a short time, which can help businesses understand market trends, predict customer behaviors and make informed decisions.

For example, a business can use AI to analyze sales data and identify which products are selling best, in order to make marketing and production decisions. Using AI can help businesses save time by automating repetitive tasks, allowing employees to focus on more complex and important tasks.

✔️ Decision-making support

AI can be used to help managers make more informed decisions by providing relevant information and recommending actions to take.

For example, a business can use AI to recommend products to a customer based on their preferences, purchasing history, and market trends. AI can help managers take more informed decisions providing relevant information and recommending actions to take.

✔️ Process automation

AI can be used to automate repetitive and boring tasks, which can help businesses save time and reduce human errors. Thus, companies can reduce their costs.

For example, a business can use AI to automate invoicing, inventory management, or production planning. AI can help businesses improve the quality of their products and services by identifying problems faster and finding more effective solutions.

✔️ Improved customer experience

AI can help businesses deliver real-time, personalized service to their customers, which can improve customer satisfaction and loyalty.

For example, a company can use AI to offer a chatbot to its customers, to answer their questions in real time and help them find what they are looking for.

Although using AI in management offers many benefits, it also presents challenges. As in other fields, the use of AI can be expensive, due to the investments required to purchase specific equipment and software, as well as to train staff.

AI can be vulnerable to cyberattacks, which can put company data and customer security at risk. Furthermore, there are questions ethical issues, such as the use of personal data and automated decision-making that may have significant consequences for individuals.

🥀 The application of AI in health

Applications of AI in health are vast and varied. They range from the search for new treatments to the personalization of health care, including the management of medical data and the early detection of diseases.

✔️ More accurate diagnosis and treatment

One of the most significant benefits of AI in healthcare is that it enables more accurate diagnosis and treatment. AI systems can analyze large amounts of data and identify patterns that would not be detectable by medical professionals.

AI can help identify symptoms and early signs of disease, which can significantly improve patients' chances of recovery and quality of life.

For example, AI systems can be used to analyze and interpret medical images. AI systems can also be used to help diagnose rare diseases by identifying specific features in the data.

AI can also help personalize treatments based on individual patient characteristics. This can improve their efficiency.

For example, AI systems can be used to analyze genetic data and medical histories of patients to help doctors recommend the most effective treatment for each patient.

✔️ Improved healthcare efficiency

AI can also help improve healthcare efficiency by reducing wait times and costs. For example, she can help sort appointment requests based on their urgency. This allows patients requiring immediate attention to be treated more quickly.

AI can also help reduce healthcare costs health by helping to automate certain tasks. AI systems can also be used to help optimize the use of resources such as personnel and medical supplies.

✔️ Development of new drugs and treatments

The development of new drugs and treatments can also be assisted by AI. AI systems can simulate the interaction between drugs and cells. This can help identify the most promising treatments.

AI can also help identify new drugs by examining thousands of possible drug combinations and most effective identifiers.

Additionally, AI can help speed up the process drug development by reducing the number of clinical trials required. AI systems can be used to simulate the body's reactions to a drug.

This can help identify potential side effects before the drug is tested on human subjects. This can reduce the time and costs needed to develop new drugs and treatments.

✔️Improved disease prevention and monitoring

AI can also improve the disease prevention and monitoring. AI systems can be used to analyze health data and identify risk factors for chronic diseases such as diabetes, hypertension and heart disease.

Healthcare professionals can use this information to recommend lifestyle changes and early interventions to reduce the risk of chronic diseases.

Additionally, AI can help monitor patient health and identify early signs of complications. Wearables such as smartwatches and fitness bands can collect health data such as heart rate and sleep quality.

✔️Challenges to overcome

While AI has many benefits for the healthcare industry, it also poses challenges. One of the main challenges is health data protection.

Health data is extremely sensitive and must be protected against cyberattacks and privacy violations. Healthcare professionals should be aware of these risks and take steps to protect their patient data.

Another challenge is the acceptance of AI by professionals health and patients. Healthcare professionals can struggle to trust AI systems to make medical decisions.

Similarly, patients may find it difficult to accept a treatment recommended by an AI system rather than a doctor. It is therefore important to raise the awareness of health professionals and patients to the benefits of AI and to involve them in the development and use of these technologies.

Conclusion

Artificial intelligence is fundamentally changing the way organizations create and capture added value. Whether to optimize internal operations, imagine the product of tomorrow or better serve its customers, AI conceals concrete applications immediate.

Much more than a technological revolution, artificial intelligence must be understood as a fabulous breeding ground for strategic and economic innovations. Provided of course that you define a clear vision guiding its implementation, and put humans at the center of any AI initiative.

Rest assured that this tremendous growth opportunity does not come without major risks and challenges. But companies that can quickly experiment, learn and deploy AI at scale will enjoy a decisive competitive advantage in the long term.

So take your AI strategies to enter the economy of tomorrow! But before you leave, here is how to create your business on the internet.

author avatar
Faustin Djoufouet Teacher Researcher
I am a Doctor in Finance and an Expert in Islamic Finance. Business consultant, I am also a Teacher-Researcher at the High Institute of Commerce and Management, Bamenda of University. Group Founder Finance de Demain and author of several books and scientific articles.