Over the last few decades, the staggering development of Artificial Intelligence, which can be seen in all aspects of life, has left cynics extremely worried about humans' future as some feared that AI applications and automation would leave millions of people unemployed and turn the whole business world upside down. Currently, AI has been applied in several sectors such as supply chain management, gaming, healthcare, etc.
Up to now, these terrifying prospects have not come into real life. Nevertheless, the rise of artificial intelligence has undeniably changed the meaning and concept of ideas, innovation, and inventions. As a result, AI developments present businesses of all industries with various opportunities, just as many as the challenges that go along with it.
1. What is Artificial Intelligence?
Let’s begin by defining “Artificial Intelligence” (AI) - the hype word yet remains vague to many readers. According to Investopia.com, Artificial intelligence (AI) refers to the simulation of human intelligence in machines programmed to think like humans and mimic their actions. The term may also be applied to any machine that exhibits traits associated with a human mind, such as learning and problem-solving. Machine learning and Deep Learning are subsets of AI.
2. Roles of AI
Concerning business nature, it would be more applicable for companies to look at AI applications as candidates for business improvements rather than technologies. In this article, we will dig deeper into the 3 most important aspects of any business that can be transformed by AI applications: Process automation, Cognitive Insight, and Cognitive Engagement.
Process Automation Organizations are increasingly automating physical and digital processes within their organizations for better productivity with lower costs. Companies can consider either RPA ( Robotics Process Automation) or BPA ( Business Process Automation), depending on their objectives when it comes to automation within organizations. While RPA automates specific tasks within the chain by replacing human resources with machines, BPA automates much more complex processes to optimize them.
And BPA is exactly where AI plays an important role.
AI applications can automate various routine tasks, analyze large amounts of data within seconds, and enhance user interfaces and experiences, all of which can greatly support Business Process Management.
According to McKinsey, AI can automate up to 45 percent or more of a particular job, freeing up workers for more mission-critical or high-value work that technology cannot easily accomplish.
Some examples of process automation are:
● Automated report generation and distribution
● Email automation
● Order automation
● Automated claims processes
● Automated file transfers
Concerning business nature, it would be more applicable for companies to look at AI applications as candidates for business improvements rather than technologies. In this article, we will dig deeper into the 3 most important aspects of any business that can be transformed by AI applications: Process automation, Cognitive Insight, and Cognitive Engagement.
a. Process Automation
Organizations are increasingly automating both physical and digital processes within their organizations for better productivity with lower costs. Companies can consider either RPA (Robotics Process Automation) or BPA (Business Process Automation), depending on their objectives when it comes to automation within organizations. While RPA automates specific tasks within the chain by replacing human resources with machines, BPA automates much more complex processes to optimize them.
And BPA is exactly where AI plays an important role.
Organizations are increasingly automating both physical and digital processes within their organizations for better productivity with lower costs.
AI applications can automate various routine tasks, analyze large amounts of data within seconds, and enhance user interfaces and experiences, all of which can greatly support Business Process Management.
According to McKinsey, AI can automate up to 45 percent or more of a particular job, freeing up workers for more mission-critical or high-value work that technology cannot easily accomplish.
Some examples of process automation are:
- Automated report generation and distribution
- Email automation
- Order automation
- Automated claims processes
- Automated file transfers
b. Cognitive Insight
Machine learning and AI algorithms can be great assistants for gaining and leveraging insights into business processes. According to a study by Havard Business Review, 38% of studied technology projects among organizations aimed at detecting patterns in data and interpreting them.
Cognitive insights produced by AI algorithms are often much more data-driven and intensive, moreover, as the machines learn throughout the process, it also gets better at decision making.
38% of studied technology projects among organizations aimed at detecting patterns in data and interpreting them.
These machine-learning applications are being used to:
- predict what a particular customer is likely to buy;
- identify credit fraud in real-time and detect insurance claims fraud;
- analyze warranty data to identify safety or quality problems in automobiles and other manufactured products;
- automate personalized targeting of digital ads; and
- provide insurers with more accurate and detailed actuarial modeling.
c. Cognitive Engagement
Organizations today are becoming increasingly customer-centric, as customers demand instant information, which requires a high level of human resources and customer support. Personalization is also an important factor in guaranteeing customer satisfaction. To optimize customer experience, companies across the world have been adopting AI for Cognitive Engagement in their companies. AI applications such as chatbots or digital agents play important roles in collecting, analyzing, and handling customers’ information and requests. A single machine can process the work of many single human beings. Moreover, as these chatbots and agents learn through their conversations with customers, they also improve their communicating and problem-solving skills. For example, SEB - one of the top Swedish banks, hired the digital agent Amelia to automate many internal IT service tasks for its 14,000-plus workforce, such as unlocking Active Directory accounts and answering FAQs. Following a successful internal implementation, the bank expanded Amelia’s scope to customer-facing activities. Amelia was soon providing services to millions of customers, which they could access through a Swedish-language conversational interface. (Amelia.com)
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Listed above are just a few of the many ways that Artificial Intelligence can transform and empower businesses and pose potential challenges to the current workforce. AI has been and will continue to evolve, bringing about unpredictable changes and innovations. Strong enterprises should be the pioneer in adopting AI for development of their systems and gain a competitive edge in the industry.
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