Disruptive Technology: How Businesses Are Adapting to AI, Blockchain, and IoT
The deteriorating climatic conditions, depletion of natural resources, and other environmental issues have made sustainability very important. Due to the advancement of technology and improved network connectivity, people have become more aware of environmental problems and other issues of global concerns. Due to this, there is pressure on business owners, leaders, and administrators to incorporate sustainable practices into their businesses.
Lately, businesses are embracing sustainable business practices like installing appliances that consume low energy, educating the employees about the relevance of sustainable practices, encouraging recycling programs, and more. Many businesses are also switching their suppliers for more green options. Thus, they are adopting and incorporating all viable solutions that can turn their business into a more sustainable one.
One such solution that can accelerate sustainability is AI. As we know, AI is transforming the way we do business. Starting from the data analysis software that will process large unstructured data quickly, AI can improve forecasting and do predictions faster, enabling businesses to create products based on customers' needs. Now, let us discuss how AI can accelerate sustainability in business.
AI for personalised journeys
The success of a business depends on your ability to market products in a way, which will gauge audience attention. But if you need to grab the attention of the conscious customers, you will have to state brands' sustainable initiatives. With AI, you can promote your business, based on the needs of each customer. Businesses can send personalised marketing emails and notifications which will grab the attention of conscious customers.
AI to make data-driven decisions
For getting profit and to save money, businesses and manufacturers need to know the exact number of products that can be sold. Once they know the exact number, they can manufacture products as per the demand, thus reducing wastage and optimising resource usage. As we know, the majority of businesses leave a huge amount of carbon footprints and consume a lot of resources and energy to make the product. But once you know the correct data, you can understand the demand for the product and manufacture it only as per the need. This will reduce the number of unsold items and the amount of carbon emitted. But how can you achieve it with AI?
The Conundrum, a UK-based Technology Company states that, with proper investment in AI, you will be able to forecast sales and predict the demands not only based on the post-sales analysis but also based on events like weather forecasts and cultural events. Forecasting demand with AI will help the business to know what consumers want and companies can make items based on their needs. Thus, businesses will be able to make data-driven decisions, which will help in manufacturing products as per the requirement. This will also help in reducing waste, saving resources, and minimising expenses for businesses.
AI to manage inventories
Inventories form a major part of any business. For the efficient running of a business, all the inventories starting from manufacturing to product distribution must be managed carefully. But managing inventories is a time-consuming and tedious task. By applying AI, you can optimise inventory management and reduce the chances of committing any mistakes. With AI, you can make inventory management pre-planned, automated, and based on demand. It will reduce waste and boost profit.
AI to lower energy bills
One of the biggest expenses of any business is the energy cost. By installing AI in your office building and factories, you can effectively cut your energy bill. AI can monitor and collect information on the energy consumption of the building. Based on the evaluation, AI will manage energy consumption and reduce its use during peak hours. By analysing data, AI can predict problems such as bottlenecks and detect equipment failures, enabling businesses to come up with a plan to mitigate the issues.
To reduce the energy bills, it is also advised to compare business gas prices and electricity prices through Business Energy UK. By comparing the bills, you can understand whether you are given the best deal in the market. If not, then you can switch suppliers and energy tariffs through this site. If you are trying to transform your business into a sustainable one, you can also find suppliers who are generating energy from greener sources through Business Energy UK.
AI-based model imagery
If you are in the fashion industry, you will be aware of the high carbon emission caused by photoshoots. The lighting and sampling of products will result in wastage of energy and add to your business expenses. Along with this, the pollution and waste due to the packaging, shipping, and excess inventory also need to be considered. In this case, you can use an AI-based Virtual Dressing Room to solve these problems.
With the help of a virtual dressing room, the shoppers can try these outfits in a model that resembles them. They can mix and match the dresses and can visualise how they will look in them. This will help the customers to buy the dress that they love and fit them without stepping out of their houses. Also, since there are fewer chances for any misfits, customers will not be returning the products, thus reducing the waste caused by repackaging. Also, AI enables retailers to use the technique for fashion photoshoots, thus saving time, resources, and expenses, and reducing the carbon footprints.
AI to boost the conservation of natural resources
For the operation of any business, a lot of natural resources are being used. By introducing AI in water resource management, industries can use water resources sustainably. They can incorporate satellite imagery, machine learning, and sensors into their operation and can understand real-time water loss and its misuse. This will help the companies to understand where water usage is maximum and can come up with water management strategies to resolve the excess use of water. For instance, if you are in the irrigation industry, AI can streamline work by identifying the amount of water present in the soil and can calculate the water demand. This will reduce the wastage of water resources.
AI to detect the sources of pollution
With IoT and AI, businesses can understand and figure out the sources of pollution. They can discover and analyse air quality quickly in real-time and understand the source of pollution at an early stage. Businesses and industries will get an insight into the issue and can come up with plans to mitigate them.
AI can accelerate sustainable options
One of the major drawbacks of sustainable energy is that one cannot predict the amount of solar or wind energy available during a particular day. But now there are various weather forecasting models with cognitive self-learning capabilities available in the market, which can help you to forecast the amount of renewable energy available during a particular day. Thus, AI can overcome one of the biggest drawbacks of using renewable energy sources.
AI is revolutionising the way we do business and is transforming all industries. It is helping them to mitigate many issues and is also helping in accelerating sustainability, which is important for the growth of both business and the health of the planet.