AI and Cost Management: Strategies for Reducing Expenses and Improving Profit Margins in Business

doi:10.1109/ICKECS61492.2024.10616761

Paper

AI and Cost Management: Strategies for Reducing Expenses and Improving Profit Margins in Business

Published Apr 18, 2024 · Ibrokhim Ismanov, Nozimjon Qayumov, Durdona Mukhamadjonova

2024 International Conference on Knowledge Engineering and Communication Systems (ICKECS)

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Abstract

In an era where business efficiency and financial optimization are paramount, Artificial Intelligence (AI) emerges as a transformative force in cost management strategies. This survey paper explores the multifaceted role of AI technologies in enhancing business operations, with a focus on reducing expenses and improving profit margins. Through a systematic review of current literature and an examination of various AI applications-ranging from Machine Learning (ML), Natural Language Processing (NLP), to Robotics Process Automation (RPA)-we delve into the mechanisms through which AI facilitates predictive analytics, operational efficiency, and decision-making processes. We present a comprehensive analysis of mathematical models and algorithms that underpin AI’s cost management capabilities, including regression analysis, time series forecasting, and optimization algorithms for resource allocation. Comparative results highlight the effectiveness of these technologies in real-world scenarios, underscored by graphical analyses of cost savings and return on investment (ROI). Despite the promising advancements, we discuss the challenges faced by businesses, such as ethical considerations and potential job displacement. The paper concludes with future directions for AI in cost management, offering insights and recommendations for businesses aiming to leverage AI for financial optimization. This study not only bridges the gap in literature but also serves as a guide for integrating AI into cost management strategies.

Systematic Review

Study Snapshot

AI technologies, such as Machine Learning and NLP, can effectively reduce expenses and improve profit margins in businesses, but ethical concerns and job displacement remain.

PopulationOlder adults (50-71 years)

Sample size24

MethodsObservational

OutcomesBody Mass Index projections

ResultsSocial networks mitigate obesity in older groups.

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Paper

AI and Cost Management: Strategies for Reducing Expenses and Improving Profit Margins in Business

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References

The considerations for some aspects of cost accounting system methodology

Financial accounting provides reliable information on an organization's property status and financial results, aiding in decision-making and promoting growth.

Citations

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