Driven by Artificial Intelligence (AI) – Improving Operational Efficiency and Competitiveness in Business

Artificial intelligence has already become a necessary factor of advanced digitalization of companies and is one of the main prerequisites for global competitiveness and highly efficient operations. With cloud computing wider usage, decreased costs of AI technology and openAI, advanced AI technology and algorithms have become easily accessible to everyday users and even small to mid-size companies, which has widely extended its application. Based on the relevant research studies, this paper analyzes areas where AI can provide added value with its application in different industries like healthcare, retail, telecommunications, manufacturing, etc. Hence, an overview on different areas of AI implementation potential, like marketing and sales, product and service development, finance, supply chain management, customer experience, maintenance, quality control, services’ and products’ personalization, etc. and its benefits and challenges will be analyzed in detail. Main focus of this paper is on the organizations that have already started digitalizing their business from end to end and have exact benefits from applying AI by increasing revenues and decreasing costs.