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  • Writer's pictureJames Dean

How Business Owners Beat Inflation Using Money Saving Intelligent AI

Updated: Nov 6, 2023

Today running a business has never been so complex with all the regulations, logistics, overhead concerns, human resources challenges, supply chain and inflation factors at play. Market studies show nearly 60% of business executives are very concerned with inflation and other cost factors. However, one big advantage in today's business world is the extraordinary power of AI apps, robot intelligent machines, cobots and automation that almost anyone can use now. Overall, the percentage of savings a business owner can expect using AI versus a human employee will vary depending on the specific task being automated, the industry you are in, and the cost of your human employees. For example, studies have shown that AI can save businesses up to 50% for customer service tasks, while increasing productivity results.


A similar recent study by McKinsey found that AI and cobots can save businesses up to 30% on labor costs in the manufacturing industry. Another study by Deloitte found that AI and cobots may save businesses up to 50% on labor costs in the customer service industry.


What are Cobots?


Cobots are collaborative robots. They are designed to work safely alongside human workers in shared workspaces. Cobots are typically smaller and lighter than traditional industrial robots, and they have features such as soft materials and rounded edges to help prevent injuries in the event of contact. Cobots are also programmed to respond and be sensitive to their surroundings and to stop moving if they encounter an obstacle or hazardous situation.


For example, cobots are being used in healthcare to automate a variety of tasks, such as dispensing medication, lifting patients, and assisting with surgery. Cobots can be used to dispense medication to patients accurately and efficiently. Cobots are also used to lift patients safely and gently. Additionally, cobots can be used to assist with surgery by providing precise positioning and manipulation of surgical instruments. Watch Video ...


Here are some examples of specific tasks that AI can automate and the potential savings:

  • Demand forecasting: AI can automate demand forecasting tasks, which can save businesses up to 20% on labor costs.

  • Inventory optimization: AI can automate inventory optimization tasks, which can save businesses up to 15% on labor costs.

  • Pricing optimization: AI can automate pricing optimization tasks, which can save businesses up to 10% on labor costs.

  • Fraud detection: AI can automate fraud detection tasks, which can save businesses up to 25% on labor costs in many industries such as banking, finance and brokerage.

  • Warehouse fulfillment: AI intelligent robots are used to move inventory, pickup specific items, sort and package orders now savings upwards of 40% on labor costs.

  • Customer service: AI can automate customer service tasks, such as answering questions, resolving issues, and providing support. This can free up human employees to focus on more complex tasks, and it can also help businesses to improve their customer service levels such as fast food restaurants, hospitals and retail stores.

  • Manufacturing Automation: Increasingly the manufacturing and logistics of goods and services is being handled to a greater extent now by AI robots and cobots.

For example, Amazon uses robots in its warehouses for a variety of tasks, including:

  • Moving inventory: Amazon uses mobile robots to move inventory around the warehouse. These robots are able to navigate the warehouse autonomously and can carry large loads of inventory. This helps to free up human employees to focus on other tasks, such as picking and packing orders.

  • Picking orders: Amazon is also using robots to pick orders. These robots are able to scan shelves and identify the items that need to be picked. They can then pick the items and place them in totes. This helps to increase the efficiency of the picking process and allows Amazon to fulfill orders more quickly.

  • Packing orders: Amazon is also using robots to pack orders. These robots are able to weigh and measure items and then pack them into boxes. This helps to ensure that orders are packed correctly and securely.

  • Sorting packages: Amazon is also using robots to sort packages. These robots are able to scan packages and identify their destination. They can then sort the packages and place them on conveyor belts for shipment. This helps to speed up the shipping process and ensures that packages are delivered to the correct customers quickly.

Amazon is also using AI to improve the performance of its robots. For example, Amazon is using AI to teach its robots how to navigate the warehouse more efficiently. Amazon is also using AI to help its robots learn how to pick and pack orders more accurately.


Today, Amazon is using robots in its warehouses to improve efficiency, reduce costs, and increase productivity with nearly 1 million robots working daily in U.S. warehouses.


Here are some specific examples of how Amazon is using robots in its warehouses:

  • Kiva robots: Amazon uses Kiva robots to move inventory around the warehouse. Kiva robots are autonomous mobile robots that can navigate the warehouse without human intervention. They are able to carry up to 7,000 pounds of inventory and can move at speeds of up to 6 miles per hour.

  • Pick-to-light systems: Amazon uses pick-to-light systems to help its robots pick orders. Pick-to-light systems use lights to indicate to robots which items need to be picked and where they need to be placed. This helps to ensure that robots pick orders accurately and efficiently.

  • Collaborative robots (cobots): Amazon is also using cobots in its warehouses. Cobots are robots that can work alongside human employees. Cobots are often used for tasks such as lifting heavy objects and palletizing orders.

Amazon is constantly innovating and developing new ways to use robots in its warehouses. As a result, Amazon is able to continue to improve its efficiency and productivity.


Other examples include the use of manufacturing automation cobots and AI robots:

  • Automotive manufacturing: AI robots are being used in automotive manufacturing to automate a variety of tasks, including:

  • Welding: AI robots can be used to weld car parts together accurately and consistently.

  • Painting: AI robots can be used to paint car bodies more efficiently and with less waste than traditional methods.

  • Assembly: AI robots can be used to assemble cars more quickly and accurately than human workers.

For example, Tesla is using AI robots to automate the production of its electric vehicles. Tesla's Gigafactory in Nevada has over 1,500 AI robots that are used to perform a variety of tasks, including welding, painting, and assembly.

  • Electronics manufacturing: AI robots are also being used in electronics manufacturing to automate a variety of tasks, including:

  • Surface mount technology (SMT) placement: AI robots can be used to place SMT components on circuit boards accurately and consistently.

  • Inspection: AI robots can be used to inspect circuit boards for defects.

  • Packaging: AI robots can be used to package finished electronic products.

Another example, Foxconn is using AI robots to automate the production of iPhones. Foxconn's factories in China have over 1 million AI robots that are used to perform a variety of tasks, including SMT placement, inspection, and packaging.

  • Food and beverage manufacturing: AI robots are also being used in food and beverage manufacturing to automate a variety of tasks, including:

  • Picking and packing: AI robots can be used to pick and pack food and beverage products more efficiently and accurately than human workers.

  • Quality control: AI robots can be used to inspect food and beverage products for defects.

  • Food preparation: AI robots are also being developed to perform food preparation tasks, such as slicing and dicing vegetables and preparing meals.

A further example, Walmart is using AI robots to automate the picking and packing of groceries. Walmart's micro-fulfillment centers use AI robots to pick and pack groceries for online orders. This helps Walmart to fulfill online orders more quickly and efficiently.


These are just a few examples of how AI robots and cobots are being used to automate manufacturing tasks. AI robots are still under development, but they have the potential to revolutionize manufacturing by making it more efficient, productive, and sustainable.


Some of the top cobots being used today to reduce costs include;

  • Universal Robots UR5e - The UR5e is a six-axis cobot with a payload capacity of 5 kg and a reach of 850 mm. It is easy to program and deploy, making it ideal for a variety of tasks, including assembly, pick-and-place, and machine tending.

  • ABB YuMi - The YuMi is a dual-arm cobot with a payload capacity of 0.5 kg per arm and a reach of 550 mm. It is designed to be safe for human collaboration and can be used for a variety of tasks, such as small parts assembly and packaging.

  • FANUC CR-35iA - The CR-35iA is a six-axis cobot with a payload capacity of 35 kg and a reach of 1,550 mm. It is a powerful and versatile cobot that can be used for a variety of tasks, including palletizing, machine loading, and welding.

  • Doosan Robotics HCR-10 - The HCR-10 is a six-axis cobot with a payload capacity of 10 kg and a reach of 1,200 mm. It is a compact and lightweight cobot that is easy to deploy and maneuver. The HCR-10 is ideal for a variety of tasks, including assembly, pick-and-place, and machine tending.

  • KUKA LBR iisy - The LBR iisy is a seven-axis cobot with a payload capacity of 3 kg and a reach of 900 mm. It is a sensitive and collaborative cobot that is ideal for a variety of tasks, such as assembly, pick-and-place, and quality control.

These are just a few of the top cobots on the market. There are many other cobots available, so it is important to choose the right cobot for your specific needs and application.


Factors to consider when choosing a cobot include:

  • Payload capacity

  • Reach

  • Accuracy

  • Programming ease

  • Safety features

  • Price

It is also important to consider the tasks that you will be using the cobot for. Some cobots are better suited for certain tasks than others. For example, if you need a cobot for assembly tasks, you may want to choose a cobot with a smaller payload capacity and greater accuracy. If you need a cobot for machine loading tasks, you may want to choose a cobot with a higher payload capacity and reach.


Once you have considered your needs and application, you can start to compare different cobots. It is important to read reviews and compare features to find the best cobot for your business.


A Few AI Intelligent Software Applications that Help Managers Save Money ...

  • Expensify - Expensify is a mobile app that helps businesses manage employee expenses. It allows employees to take photos of receipts and submit them for reimbursement directly from their smartphones. Expensify also offers a variety of features to help businesses track and analyze employee expenses, such as mileage tracking, receipt organization, and expense policy enforcement.

  • Fluidly - Fluidly is a cash flow management software that helps businesses track their cash flow in real time. It provides insights into future cash flow needs and helps businesses to identify and avoid potential cash flow problems. Fluidly also offers a variety of features to help businesses improve their cash flow, such as bill pay automation, invoice tracking, and overdraft protection.

  • FreshBooks - FreshBooks is a cloud-based accounting software that helps small businesses manage their finances. It offers a variety of features, including invoicing, expense tracking, time tracking, and payroll. FreshBooks also offers a variety of integrations with other business apps, such as CRM systems and e-commerce platforms.

  • Mint - Mint is a personal finance management app that helps users track their spending, budget their money, and reach their financial goals. Mint offers a variety of features, including account aggregation, spending categorization, budgeting, and bill pay reminders. Mint also offers a variety of insights into users' spending habits, such as where their money is going and how much they are spending on each category.

  • Zoho Books - Zoho Books is an online accounting software that helps businesses manage their finances. It offers a variety of features, including invoicing, expense tracking, time tracking, and inventory management. Zoho Books also offers a variety of integrations with other business apps, such as CRM systems and e-commerce platforms.


So what About Career Jobs in Automation Engineering and AI Technology?


Its a great career path long-term, for example the average salary for an Automation Engineer in the United States is $107,092 per year as of November 2023, according to ZipRecruiter. Salaries can range from $36,500 to $240,000 per year, depending on experience, location, and industry. And nearly every business today uses AI technology or automation robots.


The highest-paying states in America for Automation Engineers are:

  1. California

  2. New York

  3. Massachusetts

  4. Washington

  5. Texas

  6. Ohio - Checkout Lorain County Ohio Community College program in Automation Engineering

The highest-paying industries for Automation Engineers are:

  1. Technology

  2. Manufacturing

  3. Healthcare

  4. Automotive

  5. Aerospace

Automation Engineers with the following skills are in high demand and can command higher salaries:

  • Robotics

  • Industrial control systems

  • Programming languages such as Python, C++, and Java

  • Software development tools

  • Project management

If you are interested in a career in Automation Engineering, it is important to get a degree in engineering or a related field. You should also gain experience in automation software and hardware.


Here are some tips for increasing your earnings as an Automation Engineer:

  • Get certified in automation engineering.

  • Gain experience in multiple industries.

  • Develop your leadership and communication skills.

  • Network with other Automation Engineers.

  • Stay up-to-date on the latest automation technologies.

With the right skills and experience, you can have a successful and rewarding career in Automation Engineering.

Conclusion


A primary challenge facing business owners now is inflation. According to a recent poll by the U.S. Chamber of Commerce, 54% of small business owners say inflation is their top concern. This is because inflation is driving up the costs of goods and services, which is making it difficult for businesses to stay profitable, but AI technology, cobots, intelligent robot machines and nano sensors can offset many of the rising costs of business.


Other major issues facing business owners now include:

  • Rising interest rates: The Federal Reserve is raising interest rates in an effort to combat inflation. This is making it more expensive for businesses to borrow money, which can make it difficult to invest in growth or cover unexpected expenses.

  • Supply chain disruptions: Supply chain disruptions have been a problem for businesses of all sizes since the start of the COVID-19 pandemic. These disruptions are making it difficult for businesses to get the materials and products they need, and they are also driving up costs.

  • Labor shortages: Many businesses are struggling to find and retain workers. This is making it difficult to operate at full capacity and meet customer demand.

  • Cybersecurity threats: Cybersecurity threats are on the rise, and businesses of all sizes are at risk. These threats can cause significant financial damage and disruption to operations.

Business owners are also facing a number of other challenges, such as increasing competition, changing consumer preferences, and regulatory changes. However, inflation, rising interest rates, supply chain disruptions, labor shortages, and cybersecurity threats are the most pressing issues for most businesses right now.


Here are some tips for business owners who are facing these challenges:

  • Focus on efficiency: Inflation and rising interest rates are making it more important than ever for businesses to be efficient. Look for ways to reduce costs and improve productivity without sacrificing quality.

  • Be flexible and agile: Supply chain disruptions and labor shortages can make it difficult to plan for the future. Be flexible and agile in your operations so that you can adapt to changes quickly.

  • Invest in your employees: Labor shortages make it important to invest in your employees and create a positive work environment. This will help you to attract and retain top talent.

  • Protect your business from cybersecurity threats: Make sure that your business has robust cybersecurity measures in place to protect your data and systems from attack.

We recommend that business owners fine tune their business model to incorporate highly efficient AI technology and robot intelligent machines to reduce costs, while increasing productivity results. By taking these steps, business owners can increase their chances of success in the face of the many challenges they are facing today.


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