Artificial Intelligence

The world we know is ever changing and evolving. Rapid growth like this hasn’t been witnessed since the Industrial Revolution took off 200 years ago. And here we are met again with a turning point in how our lives will operate. With AI being introduced into multiple perspectives of our daily operations, the question now is, can we adapt and keep up with the change, or will AI surpass our functional capabilities.  

In the past companies and businesses big and small alike have relied on human intelligence to observe data and fluctuations. While this approach was beneficial at the time in some ways, it often left an open gap for delayed responses to emerging trends and now has become almost entirely insufficient. Here comes AI to bridge the gap, offering more insight and oversight than traditional techniques could apply. This is where operations will start changing and growing at a remarkable speed that humans must begin utilizing the full extent of modern technological capabilities.  

Several companies are already taking advantage of what AI can offer to achieve a measurable impact on their business and operations. Take for instance Foxconn and Amazon Forecast. Foxconn, a global electronics manufacturer producing some of the most widely used electronics worldwide, were presented with challenges during Covid-19 on how to forecast supply and production demand. By introducing Amazon Forecast, an AI driven system, Foxconn successfully improved its forecast accuracy by 8% saving an estimated $553,000 annually. This real-world example showcases how adaptation of AI can deliver tangible benefits in volatile markets.  

Business Quote

A relevant quote comes from Terry Gou, founder of Hon Hai Technology Group (Foxconn) about the importance of data and innovation in business: 

"I never think I am successful. If I am successful, then I should just be retired.”

This quote captures Mr. Gou’s spirit towards success, and for success to be prevalent, adaptation to the ever-changing world is always required.   

Business News

1. FOXCONN and Amazon Forecast Solve Forecasting Issues

2. Hon Hai Resource Institute

Business Lesson from FOXCONN

One key business and life lesson that AI is offering to humans is that change will come in the digital world, and we can either adapt and implement these new ways or be faced with challenges.

Book Recommendation

This book is a great resource that dives more into how AI is the most powerful technology that mankind has produced. For business-driven browsers, this read can be used as a great tool to anticipate AI and easily adapt to the implementation that can change how you operate your business.

Artificial Intelligence in Practice: How 50 Successful Companies Used AI and Machine Learning to Solve Problems Written by Bernard Marr with Matt Ward

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