Wednesday, June 26, 2024

g-f(2)2549 AI: Enhancing Business Processes and Output Quality

 


genioux Fact post by Fernando Machuca and Copilot



Introduction by Fernando and Copilot


Hello, this is Fernando and Copilot, your guides in the g-f New World. Today, we’re excited to present our new genioux Fact post, “g-f(2)2549 AI: Enhancing Business Processes and Output Quality”. This post is inspired by the insightful Forbes article, “How Businesses Can Figure Out The ROI On AI”.


In the g-f New World, AI is not just a tool, but a partner in our journey towards limitless growth. It’s not about replacing humans, but enhancing business processes and increasing output quality. This understanding is crucial for winning the g-f Transformation Game (g-f TG).


The Forbes article provides valuable insights into how businesses are leveraging AI to enhance their processes and increase output quality, while also keeping an eye on cost savings. It highlights the importance of AI in the current economic landscape and the challenges in determining the exact ROI of AI implementations.


Understanding these aspects is key to navigating the g-f New World and winning the g-f TG. As we delve into the details in our post, we hope to shed light on how you can harness the power of AI to fuel your personal and collective ascent.


Stay tuned, keep learning, and let’s win the g-f TG together! 😊



genioux GK Nugget: 


“AI is not about replacing humans, but enhancing business processes and increasing output quality, with an eye on cost savings.”  Fernando Machuca and Copilot, June 26, 2024



genioux Foundational Fact: 


The adoption of AI in businesses is driven by the desire to enhance business processes and increase output quality, rather than replacing human labor. As per the Q2 CFO Survey, nearly 60% of companies have already implemented AI and automation technologies, and more than half plan to add more in the next year. Interestingly, over 87% of these implementations were aimed at process enhancement. The economic pressures and the potential for cost savings and increased accuracy through automation are further pushing businesses towards AI. However, determining the exact ROI of AI implementations remains a challenge, requiring careful consideration of various factors.





REFERENCES

The g-f GK Context


Megan Poinski, How Businesses Can Figure Out The ROI On AIForbes' CFO newsletter, Forbes, June 25, 2024.



ABOUT THE AUTHOR


Megan Poinski: I'm a staff writer at Forbes writing the C-Suite newsletters. Previously, I was a reporter at Industry Dive covering CPG food and beverage and technology in the space. I have also worked as a homepage editor at The Washington Post, and was a reporter at The Virgin Islands Daily News.



Classical Summary:


The article, “How Businesses Can Figure Out The ROI On AI” by Megan Poinski, discusses the increasing interest of CFOs in using AI and automation to perform tasks previously done by humans. According to the Q2 edition of the CFO Survey by the Federal Reserve Banks of Richmond and Atlanta and Duke University’s Fuqua School of Business, nearly 60% of companies have already implemented such technologies, and 53.6% plan to add more in the next year.


However, the goal is not to replace humans. Over 87% of companies that implemented AI in the last 12 months did so to enhance their business processes, a trend expected to continue in the next 12 months. Increasing output quality is another key reason for adopting AI, with 57.7% of companies doing so in the last year and 58.1% planning to in the next year. Less than half aimed to reduce labor costs through AI in the last year, but 54.7% have that goal for the next year.


Daniel Weitz, survey director for the Federal Reserve Bank of Atlanta, suggests that the current economic situation might be pushing CFOs more toward AI automation. Companies that automated tasks last year experienced faster price growth, and they anticipate slower price growth this year, possibly due to the cost savings from automation and the greater accuracy of machine-based calculations.


The article concludes by acknowledging that while most businesses assume AI will benefit their bottom lines, determining how much and how long that will take can be challenging. The author mentions a conversation with David Obrand, CEO of AI-powered sales engagement platform Salesloft, about factors to consider when making that calculation. However, the details of this conversation are not included in the shared excerpt.





Megan Poinski


Megan Poinski is a staff writer at Forbes, where she writes the C-Suite newsletters¹. Her work focuses on providing insights and news for today's and tomorrow's business leaders and decision-makers¹.


Before joining Forbes, Poinski was a reporter at Industry Dive, where she covered Consumer Packaged Goods (CPG), food and beverage, and technology in the space¹. She has also worked as a homepage editor at The Washington Post and was a reporter at The Virgin Islands Daily¹.


In addition to her work at Forbes and Industry Dive, Poinski's articles have appeared in various other publications, including Food Dive, Grocery Dive, New Hope Network, and Global Supply Chain News³.


Poinski's work is widely recognized and followed, and she continues to contribute to the discourse on business leadership, AI, and technology through her insightful writing¹². Her contributions are valuable resources for anyone interested in understanding the evolving landscape of business and technology.


Source: Conversation with Copilot, 6/27/2024

(1) Megan Poinski - Forbes. https://www.forbes.com/sites/meganpoinski/.

(2) Megan Poinski - Journalist Profile - Intelligent Relations. https://intelligentrelations.com/journalist/megan-poinski/.

(3) Megan Poinski’s Profile | Forbes Journalist | Muck Rack. https://muckrack.com/megan-poinski-5.



The categorization and citation of the genioux Fact post


Categorization


This genioux Fact post is classified as Nugget Knowledge which means: Ultra-concentrated wisdom, easily remembered and applicable to your daily life.



Type: Nugget Knowledge, Free Speech



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REFERENCES



genioux facts”: The online program on "MASTERING THE BIG PICTURE OF THE DIGITAL AGE”, g-f(2)2549, Fernando Machuca and CopilotJune 26, 2024, Genioux.com Corporation.



The genioux facts program has established a robust foundation of over 2548 Big Picture of the Digital Age posts [g-f(2)1 - g-f(2)2548].



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