Technological developments in the field of artificial intelligence (AI) have the potential to minimize the risks of volatile world markets by anticipating changes that affect costs at an earlier stage. Making decisions based on static analyses no longer suffices in a digitized economy that increasingly relies on connectivity, real-time data and automation. The large volume of data makes analyses more complex.
All enterprise workflows will change with AI driving digital business processes – also in future cost management: Predictive costing with artificial intelligence will simplify decision-making processes for rapid cost-based pricing and price adjustment.
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