3 Smart methods to increase profitability every successful board member should know in 2024!

Artificial intelligence has become an incredible resource for making businesses more automated and run more smoothly. In this post, I will discuss 3 methods of making large companies more profitable using artificial intelligence that every successful board member should know.

How to increase profits for large companies?

The biggest business expense in any company are personnel costs. This is also the single most important post to keep an eye on as your business grows, fortunately this is also where AI technology has the greatest potential to deliver the most business value and cut costs. By strategically applying AI technology in decision-making processes and throughout the organization, you give your company the best chances to increase profits in both the short and long term.

My top 3 methods to increase profitability for large companies:

1. Make more informed decisions. Does the technology you really need already exist? Don’t go down the costly and time-consuming path of trying to develop software that already exists. It is better to have knowledge of what good technologies and software are already available so that you can reach your business goals faster and with a higher profit margin.

2. Strategic purchases. By having a deep understanding of what types of technology provide the best value in the right place at the right time in the organization, you can reduce the cost of bad purchases. Some of the most common problems due to lack of knowledge are when projects turn out to be more expensive than expected or when a project consumes too many resources.

3. Automate routine tasks. Reduce personnel costs by automating time-consuming tasks. By integrating well trained quality assured AI-based systems into the organization’s workflow, the system will become more reliable and be able to handle even more complex tasks with greater confidence.

Many CEOs and board members are interested in learning what types of AI methods have the greatest chance of delivering the greatest returns in the shortest amount of time. In my AI In Business online lecture, I share which AI methods provide the highest return on time and business value and the latest insights from Harvard University on how businesses can use AI to become more profitable. If you want to learn more key insights and smart practices, critical to success in AI projects, I highly recommend our AI Successful Decisions Board Education.