How business process are transformed through AI
- June 18, 2019
- Atif Rizvi
Artificial Intelligence, popularly known as AI is no longer a fickle concept having an audience only in movies and sci-fi TV shows.
No, the real and most diverse and demanding audience of this concept are the very companies that you interact with today, on an everyday basis. These are not just software companies like Apple or Microsoft, ostentatiously whipping out Siri or Cortana and dazzling you. AI, today is used in some form or the other by every major business firm, operating on a large scale. In fact, one may go on to assume the fact that some of these business firms became the so-called “large scale” because of their shrewd and efficient application of AI. This is the level at which AI is incorporated in the business process, today. With AI complementing these processes, the business has transformed in recent decades and so has the style of conducting it. With AI both affecting all the conventional processes of business, the transformation has been revolutionary, and its time that we analyze how and how much have these business processes been transformed through Artificial Intelligence.
Firstly, what AI gives any business operator is- speed. Speed to function in real time. Algorithms based on human behavioral patterns have been created to help banks monitor bank fraud. Today, all most all banks use this to inspect whether the customer using their ATM or other services is legit or not. With only people monitoring this process, the difference in real time would have been impractical but now the same is achieved in seconds. Similarly, other operators use AI to conduct analysis on the traffic situation on roads, tracking of shipment, etc. Thus, the most common advantage that companies draw from the application of AI is saving of time. Thus, by incorporating this in their everyday business processes, companies have saved countless hours and needless to say billions of dollars.
Next, if I have to comment I would say AI has completely transformed the product review feature for companies, all for the better. With AI there is a higher chance of understanding the customer’s needs, the analysis of the customer experience is more streamlined, less biased and more accurate. In fact, studies have revealed that at times AI goes a step further and determines certain angles of product review that the customers themselves never figured out, but upon knowing agreed. An added bonus of this feature is that implementation of the upgrades designed is also easier. AI adds to the flexibility in business processes, Mercedes Benz used this for customizing cars for their elite customers, a venture both successful and popular only possible due to AI. If you think about it, you will realize that customization of products on a large-scale basis is impossible with only humanitarian aid, not only for the fact that is bound to be several mistakes but the data present would simply be impossible for the human brain to process. But with AI, storing, transferring and applying the changes for generalized products becomes much easier and is, therefore, being used by various companies on an everyday basis.
Internal processes of business firms to depend heavily on the use of Artificial Intelligence. Read our post to understand the various technologies under AI here. With promising results in terms of just, unbiased and accurate analysis, AI-based programs are receiving an overwhelming response. Companies are adopting this computerized method for determination of salary, promotion or just to keep a record of their employees’ efficiency. Both compensation and Recruitment processes have revolutionized with the onset of AI in the everyday business process. Large companies are using “chatbots” like Olivia to handle the overwhelming number of applications, even the first phase of shortlisting for many of these hardly have any human involvement. But this does not stop here, firms like Unilever are actively using Artificial Intelligence for psych-analysis of candidates. The problem-solving capacity, the critical thinking ability, chances are by the time you are sitting in an interview the computer has already created an entire report on these and many other subjects and presented it to your future employers.
So, I think it is safe to say that excluding AI from business process today would be impossible. It is so deeply ingrained in all the processes that business firms are carrying out on a daily basis that upon close scrutiny one may go the limit of commenting that it is impossible to conduct business without it. While the use of Artificial Intelligence has proved to be very effective and cost efficient for business processes, it is important to keep in mind at the same time, the simple fact that it can never replace the human instinct, which is just as necessary for a business to run. There is a need for companies to evolve these processes in a way that has both humans and the AI complementing each other and working as hand in glove and if we are able to balance both these sides, the business processes would ultimately become much easier going, efficient and successful.