eDiscovery, legal research and legal memo creation - ready to be sent to your counterparty? Get it done in a heartbeat with AI. (Get started for free)
What are the potential cost savings of using AI technology?
According to a recent study, the cost to train the most capable AI systems has been doubling every 9 months due to the growing computational power required.
The study also found that employee compensation is a significant contributor to the overall cost of developing advanced AI systems.
However, the researchers believe that the development, deployment, and running costs of AI could decline in the future as the technology industry shifts towards providing AI solutions as a service.
A 2023 Statista study assessed the impact of AI adoption on cost reduction across various business areas, with manufacturing, service operations, and marketing/sales benefiting the most.
Researchers estimate that broader adoption of AI in healthcare could lead to savings between $200-$360 billion per year, or 5-10% of total healthcare spending.
AI and machine learning have been shown to significantly reduce costs and time in the product design phase, not only in generative design but also in predictive analysis of consumer appeal.
The combination of AI and big data technologies can automate up to 80% of physical work, 70% of data processing, and 64% of data collection tasks, leading to substantial cost savings.
A new study found that AI can review contracts more accurately and thoroughly than junior lawyers or legal outsourcers, potentially leading to cost savings in legal services.
The same study also revealed that AI can review contracts faster than human counterparts, further contributing to potential cost savings.
Researchers have discovered that AI can help detect breast cancer more effectively, potentially leading to earlier diagnoses and reduced treatment costs.
A MIT study challenged the common belief that AI can automate most tasks, finding that only 3% of visually-assisted tasks across 800 occupations can be cost-effectively automated.
The hidden opportunity costs of misaligned AI projects can be significant, as companies may invest heavily in AI solutions that fail to deliver the expected returns.
AI-powered predictive maintenance can help reduce equipment downtime and maintenance costs in manufacturing, leading to substantial savings.
Advances in natural language processing have enabled AI-powered chatbots to handle customer service inquiries more efficiently, reducing the need for human staff.
AI-driven supply chain optimization can help businesses reduce inventory costs, improve demand forecasting, and streamline logistics, leading to significant cost savings.
AI-powered fraud detection systems can help organizations save millions by identifying and preventing fraudulent activities more effectively than traditional methods.
Automation of repetitive, rule-based tasks through AI can free up human workers to focus on more strategic and value-adding activities, enhancing overall productivity and cost-effectiveness.
AI-powered personalization in marketing and sales can lead to higher conversion rates and reduced customer acquisition costs, as businesses can tailor their offerings and campaigns to individual customer preferences.
The use of AI in drug discovery and development can expedite the research process and reduce the high costs associated with traditional pharmaceutical R&D.
AI-driven predictive analytics can help organizations make more informed decisions, optimize resource allocation, and avoid costly mistakes, leading to overall cost savings.
eDiscovery, legal research and legal memo creation - ready to be sent to your counterparty? Get it done in a heartbeat with AI. (Get started for free)