How Artificial Intelligent (AI) is Transforming the Business World?

2021-01-25

 

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 human being’s future. As some feared that AI applications and automation would leave millions of people unemployed and turn the whole business world upside down.

 

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 business of all industries, with various opportunities, just as many as the challenges that go along with it.

 

With regard to 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 3 most important aspects of any business, that are and can be transformed by AI applications: Process automation, Cognitive Insight and Cognitive Engagement.

 

1. Process Automation

 

Organizations are increasingly automating both physical and digital processes within their organizations for better productivity with lower costs. When it comes to automation within organizations, companies can consider either RPA (Robotics Process Automation) or BPA (Business Process Automation), depending on their objectives. While RPA automate specific tasks within the chain by replacing human resources with machines, BPA automates much more complex processes with an aim to optimize them.

And BPA is exactly where AI plays an important role.

AI applications can automate various routine tasks, analyzing large amount of data within matter of seconds and also enhancing 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

 

2.  Cognitive Insight

 

Machine learning and AI algorithms can be great assistant for gaining and leveraging insights in 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.

 

 

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.

 

3. Cognitive Engagement

Organizations today are becoming increasingly customers-centric, as customers demand instant information, which requires a high level of human resources and customer support. Personalization is also an important factor of guaranteeing customer satisfaction. With an aim 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 both collecting, analyzing and handling customers’ information and requests. A single machine can process the work or 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, as well as 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 applications to optimize their systems and gain a competitive edge in the industry.

At SotaTek, we offer a variety of professional technical services that leverage Artificial Intelligence (AI) as well as Data Analysis and Machine Learning. We are proud to create optimized business models, by integrating and leveraging AI technologies, to solve any of your business challenges at ease.

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