Artificial intelligence (AI) isn’t just a buzzword. Its impact touches most of our lives every day.
For organizations, AI is currently being used to achieve a variety of business objectives. Applications include offering customers product recommendations to assisting with internal inventory management, reducing fraud and cybersecurity threats, operating digital personal assistants that save time, streamline processes, and enable businesses to make better use of their data, and more. But whatever its application, a 2024 McKinsey study reveals that AI is currently being employed in one way or another by over 70% of all companies worldwide. And AI’s role in organizations across every sector is only expected to grow in the future.
Despite AI’s growing presence in company operations around the globe, the reality is that AI remains a source of confusion for employees.
A whopping 84% of employees reported being unclear about what generative AI is or how it works, according to a 2024 survey by technology research and advisory firm Valoir. Similarly, 77% of all employees surveyed felt that they didn’t have adequate training in AI tools or that they fully understood how AI related to their jobs, according to the 2024 Digital Work Trends Report. Furthermore, managers didn’t fare much better than their employees. 73% of professionals at the managerial level confessed that they didn’t feel completely educated on, knowledgeable about, or trained in AI.
Implementing AI Strategies
Ultimately, strategic use of AI can significantly enhance the efficiency of business functions and processes. When AI takes over automating repetitive, manual tasks, employees have time to work on more productive, revenue-generating activities. It’s estimated that AI’s capabilities have the potential to automate tasks that account for up to 60-70% of the average employee’s time.
Because AI can analyze large amounts of data faster and at a scale beyond human capacity, it can open new doors to data analytics. Business activities that can benefit from the strengths of AI include forecasting revenue, predicting customer attrition, and identifying trends in employee retention. AI can also alerting professionals about the risk of customer fraud, manufacturing equipment breakdowns, and other potential issues in advance.
In the IT field, AI-driven detection models can be trained to boost security monitoring and identify and prevent BOTs and other cyber security threats from infiltrating a company’s enterprise systems.
Within a company’s financial functions, AI can be used to automate tasks, reduce mistakes, and save time and money. For example, payroll that’s manually processed contains an up to 8% level of human error. Properly-deployed AI and machine learning can help correct this issue.
Overall, the effective use of AI can help organizations enjoy more data-driven decision-making, improved resource allocation, more targeted and personalized customer experiences, more streamlined project management, and the delivery of more in-depth insights on market trends that can fuel new product development. As a result, business leaders who have a firm grasp on the benefits AI can deliver, how AI can be applied to their company’s operations, and how to properly deploy it will be better positioned for career success.“
For all the predictive insights AI can deliver, advanced machine learning engines often remain a black box,” acknowledged McKinsey & Company experts. However, it’s a challenge that business leaders are encouraged to face head-on to benefit their organization and their own career trajectory.
Let IEEE Empower You Through Education in AI
IEEE offers a range of educational resources that can help you better understand AI’s expanding role in business today so that your organization can harness and capitalize on its power.
Introducing the IEEE | Rutgers Online Mini-MBA: Artificial Intelligence Program
Designed to demystify AI for business managers and leaders, the new IEEE | Rutgers Online Mini-MBA: Artificial Intelligence program takes a strategic, non-IT view of AI. The program provides the foundational knowledge to assess AI’s analytical and decision-making capabilities. It will help you identify how AI can address business pain points, optimize processes, better serve customer needs, and improve an organization’s bottom line.
The highly specialized, 12-week program covers an introduction to AI as well as topics such as data analytics, process optimization, the benefits and application of AI to marketing and sales, customer service, the supply chain, and finance functions, ethics in AI, and the impact AI will have on careers, colleagues, and competencies in the future. The training features engaging real-world case studies, practical insights, forward-thinking ideas, and actionable strategies designed to help learners integrate AI into their operations. It also incorporates an invaluable capstone project experience, enabling students to take what they learned throughout the Mini-MBA program and apply those concepts to a specific business challenge.
Ideal for senior managers, directors, VP-level professionals, engineers, and young professionals looking to distinguish themselves in the job market, the IEEE | Rutgers Online Mini-MBA: Artificial Intelligence program delivers competitive advantages to both learners and their organizations by successfully complementing technical skills with a strategic, business overview of AI and its real-world applications. Learn more and save your seat today!
Flexible Online Learning Programs for Semiconductor Companies
IEEE has created several eLearning courses designed to enhance AI knowledge and skills that are key to individuals within the semiconductor industry. These educational resources will help ensure that employees are well-versed in the latest AI advancements and equipped with practical skills to drive innovation and strategically deploy AI for maximum success and efficiency within their organization. Resources include:
- Artificial Intelligence and Machine Learning in Chip Design:
This program series discusses the significance of artificial intelligence and machine learning and how these technologies are shaping the future of chip design, key applications in design automation, relevant technologies, deployment considerations, and future prospects. - Integrating Edge AI and Advanced Nanotechnology in Semiconductor Applications:
In this five-course program, learners will explore the intersection of artificial intelligence, edge computing, and nanotechnology with real-life applications and future trends.
- Semiconductor Manufacturing: Impact and Effectiveness of AI
As part of the AI Integration in Semiconductor Manufacturing program, this course offers a comprehensive introduction to the evolving landscape of semiconductor manufacturing, with a special emphasis on the integration of artificial intelligence into this critical industry.
These course programs are also available to individuals through the IEEE Learning Network (ILN), providing flexible learning options for professionals at all levels.
Upon successfully completing the programs, participants earn professional development credits, including Professional Development Hours (PDHs) and Continuing Education Units (CEUs). They’ll also receive a shareable digital badge highlighting their proficiency in the technology area which can be showcased across various social media platforms.
If you are interested in obtaining institutional access to any of these programs through your organization, please contact an IEEE Content Specialist today.
- Artificial Intelligence and Machine Learning in Chip Design
- Integrating Edge AI and Advanced Nanotechnology in Semiconductor Applications
- AI Integration in Semiconductor Manufacturing
Resources:
(30 May 2024). The State of AI in Early 2024. McKinsey & Company.
2024 Digital Work Trends Report. Slingshot.
February 2024). Language Matters: AI User Perceptions. Valoir.
Sterling, Terry. (30 January 2024). 11 Reasons Why Leaders Need to Understand Artificial Intelligence (AI). Balanced Scorecard Institute.
June 2023. The Economic Potential of Generative AI. McKinsey & Company.
Kempton, Beth. (22 August 2024). 10 Ways to Use AI in Business in 2025. Upwork.
Grennan, Liz, Kremer, Andreas, Singla, Alex, and Zipparo, Peter. (29 September 2022). Why Businesses Need Explainable AI—and How to Deliver It. McKinsey & Company.
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