8 opportunities to leverage AI in your organization
Improving Organization Readiness using AI-led Automation process
Arvind Handuu & Zoran Gacovski
These days you cannot help but see nearly all industries talking about revolution in the offing as a result of Artificial Intelligence, Analytics, Robotics, Robotic Process Automation and whatever other ‘nom de guerre’ your industry uses.
Here is an attempt to catalog a few opportunities for a business executive responsible for helping the companies take advantage of the opportunities ahead.
Background
Digital transformation becomes highly-integrated into the business processes and AI is leading the business technology upsurge. Applying AI in the business process automation is bringing a lot of benefits that come with it.
The automation of processes is a strategic approach that can help organizations to improve the workflow efficiency and responsiveness in their environments. Automation will lead to speeding-up the processes, ensuring flawless outcomes, while reducing the overall costs.
AI-led Automation Use Cases
AI-led automation process is based on different business intelligence and analytics solutions, applied in different scenarios – from decision-making to customers care. This is typically classified in the following categories:
– Decision Support and Strategic
– Operations efficiency
– Engagement Experience
Here we present a few opportunities for you to explore:
1.Decision-making at managerial level:
AI-led automation models can assist the managers in making decisions within a business process. The advancements in AI introduced multiple machine learning algorithms (decision trees, neural networks etc.). These algorithms can help the managers and business-owners to solve problems by applying previous datasets for getting the expected output. For example, the models can help to decide whether a customer should be sent a product recommendation, or needs a follow-up call.
2.Repetitive tasks automation:
Automation of the recurrent tasks is one of the most common applications of AI. AI-based process automation as a tool that applies machine learning and AI methods – can help to handle a large volume of repetitive processes that otherwise need a committed human workforce.
3.Recognition and prediction:
The AI can be used to learn, observe, and analyze data sets that are collected from various channels and identify patterns that humans cannot. Businesses can apply AI methods to determine their course of action. For example, analysis of the data patterns for fraudulent activities related to online transactions, or segmenting clients based on their buying behavior for marketing purposes.
4.Customer Experience :
Let’s consider an example of calls handling at a telecom provider, a chatbot, which, based on Artificial Intelligence, presents the customer with best offers, and subsequently starts automated process for recording the order in an order management system. The benefits are higher turnover, faster and more effective handling time and lower costs.
5.Cost-effectiveness:
the management of business processes is an intensive process that requires significant financial resources, as well as time. The automation, on the other hand, is cost-effective and can use the available resources. Thus, process management steps can once be implemented within an automation technique – and applied many times later.
6.Estimation of Claims:
: At insurance companies, as an example, the AI-based tool can assess the level and accuracy of the claim by analyzing photographs of the damage. Then the tool will ensure that the damage data is recorded in the claims handling system.
7.Handling of paper-based information or records::
AI tools can be trained to scan a large number of records and extract the information to database and made available for future processing. Companies can leverage AI-based automation tools to manage typically paper-based processes, e.g. legacy land records, invoice to payment cycles, oil well leases and exploration rights management, Title insurance, data exchange between otherwise disconnected applications.
8.Handling of remote processes:
in energy providers – data about meter readings are gathered from incoming unstructured emails using AI technology. These meter readings are then recorded in the backend system and processed as necessary.
Summary
AI-facilitated process automation solutions will help businesses to overcome performance barriers and improve their work efficiency and responsiveness. AI is no more a technology that is frightening and hard to adopt.
Small, as well as large organizations can deliberately understand the power of AI-based automation tools for optimizing their business processes. In the upcoming years, the adoption of AI for business process automation will become ubiquitous and more accessible for all organizations.
