Appraisal of Artificial Intelligence and Cost Reduction Management in Educational Institutions

Ezek Martins U.

Department of Management Kampala International University Uganda

ABSTRACT

Higher institutions of learning face ongoing financial challenges, and finding ways to reduce costs while maintaining educational quality is crucial. This study therefore assessed the use of AI in cost reduction management in educational institutions. It put forward that the integration of artificial intelligence (AI) into cost reduction management holds promise for optimizing resource allocation, streamlining processes, and improving efficiency. Thus, AI can be effectively integrated into cost reduction management in universities through administrative task automation. By automating tasks such as data entry, document processing, and scheduling, universities can streamline their operations and allocate resources more efficiently.  Also, AI can contribute to cost reduction through smart energy management. By utilizing AI-driven energy management systems, higher institutions of learning can optimize energy consumption, reduce waste, and lower utility costs. Furthermore, by leveraging AI-driven decision-making and optimization algorithms, universities can make informed procurement decisions, leading to cost savings. This is because, AI technologies, such as machine learning algorithms, can automate financial analysis processes for learning institutions. By automating budgeting, forecasting, and expense tracking, universities can improve financial management, potentially reducing costs and improving overall financial efficiency. The integration of AI into cost reduction management therefore, offers significant potential for enhancing the economic aspects of education.

Keywords: Artificial Intelligence, Cost Reduction, School, Management, Education.

CITE AS: Ezek Martins U. (2024). Appraisal of Artificial Intelligence and Cost Reduction Management in Educational Institutions. RESEARCH INVENTION JOURNAL OF CURRENT RESEARCH IN HUMANITIES AND SOCIAL SCIENCES 3(1):1-7.