Even with all the discussion around the use of artificial intelligence in the enterprise and whether enterprises should deploy it or not, some organizations and industries have already taken the plunge and are using it in many areas of the digital workplace.
AI makes it possible for machines to learn from experience, adjust to new inputs and perform human-like tasks and, using natural language process and deep learning, enable users to train computers to carry out specific tasks and process large amounts of data. David Jones is VP of marketing at San Francisco-based AODocs. He said he is seeing more and more organizations realize the benefits of deploying AI to help automate, simplify, and improve functions within their organizations.
Today, enterprises are already using AI in many capacities, including the following.
1. Classifying and Organizing Information
Many organizations leverage AI to use their information management framework to automatically identify content assets. For example, when a document is uploaded to an AI-powered Content Services Platform (CSP), it will quickly scan and identify basic information about what kind of object it is (a contract, or a memo, an invoice, etc.), and then apply metadata attributes to help categorize that document accordingly.
2. Improving Customer Service
Who among us isn’t familiar with the chatbots that appear when we visit many of our favorite websites? These virtual assistants use AI to deliver a more personalized experience and to quickly get customers where they want to go.
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3. Ensuring Security and Governance
Numerous financial institutions are leveraging artificial intelligence to analyze financial records and transactions to help detect and prevent fraudulent activity (both inside and outside of their organization). In addition, AI is being applied to automate records management and information governance protocols, as well as to control and restrict access to confidential data.
4. Automating Processes and Workflows
From the use of RPA to automate manual data entry and re-entry, to initiating workflows for approving invoices and renewing contracts, AI is already streamlining many common processes at many enterprises.
5. Human Resources And AI
Human resources (HR) departments have adopted AI quickly. According to Igor Efremov, head of recruitment at Itransition, a Denver-based software development company, HR leaders were among the first who tapped into the technology, and now AI aids hundreds of talent acquisition managers with building a better workforce.
He said that AI-enabled tools streamline such time-consuming tasks as resume screening and shortlisting the most suitable candidates. The technology is also highly valued for its impartiality, devoid of human bias, it grades the applicants based solely on the relevancy of their skills and experience.
Apart from this, AI-enabled chatbots are widely utilized to substitute human recruiters in communication. Available around the clock, bots can instantly respond with the application status, answer all the candidate’s questions about the company, job position and responsibilities, or schedule an interview. The most renowned HR chatbot, Unabot by Unilever, was also trained to facilitate new hires’ onboarding process, supplying them with all sorts of organizational information on request.
“Still, AI is not without shortcomings. Learning from historical data, the algorithms can adopt persisting prejudices and start deprioritizing applicants based on their gender, race, age group, background, and such other criteria,” he said.
Related Article: 7 Ways Artificial Intelligence is Reinventing Human Resources
Most business leaders are quite excited to implement AI into the company's business functions to start realizing its extraordinary benefits, Dustin Oxborrow, SVP of sales at Calif.-based CLARA analytics, told us.
For insurance, AI can help adjusters and claims teams focus on higher level activities, including spending more time on the human side of working with claimants. From finding the right healthcare provider for injured workers to intervening in claims that could be headed to a lawyer’s office before problems escalate, AI furthers these tasks. Additionally, he sees AI taking over the following functions in insurance.
- Data aggregation: Use image and language processing to read PDF, free form text, and other files and convert them into structured data sets that can generate new insights about claims.
- Data management: Make sure that info is centralized, cloud accessible, and cleaned and managed, and updated dynamically.
- Predict outcomes: Generate dynamic predictions about the potential cost and trajectory of claims based on similar cases, taking hundreds of factors and millions of data points into account.
- Monitor thousands of events: Alert adjusters based on conditions that they and their teams configure, which adjust automatically based on new data coming into the system.
- Automate reports: Automatically calculate the correct MSA settlement amount and generate MSA reports quickly and in a way that maps to regulatory standards and policies.
There are also several ways AI-driven functions can be applied across a number of enterprises and industries. One of the major use cases now is messaging.
Lingjia Tang is co-founder and co-CEO of Ann Aarbor, Mich.-based Clinc, a global conversational AI platform provider. In the months and years to come, she said, we'll see AI and ML technology be applied to a plethora of business applications, especially for customer experience functions. One application of AI that's already being adopted by companies across industries, particularly in banks and other financial service companies, is conversational AI. Conversational AI refers to the use of messaging apps, speech-based assistants and chatbots to automate communication and create personalized customer experiences at scale.
Conversational AI can be deployed as the first point of contact when a customer calls into a service center and, depending on the depth of the inquiry, it can assist either through the end or up until the situation needs to be elevated to an actual employee.
While there is a wide array of difference in the level of sophistication with the natural language processing powering these assistants, high-tech conversational AI can be trained to be intuitive in nature, enabling it to keep up with the natural flow of a conversation and understanding of slang.
Rosaria Silipo is principal data scientist at Switzerland-based KNIME, an open source data analytics company. She pointed out that classic usages of AI impact the analysis of the CRM system. Every company maintains a CRM system with information about customers and their previous purchases. From this dataset, AI has routinely extracted information about churning likelihood, customer segmentation for campaign management, product propensity, and upselling probability. However, recently AI has been inserted in bots, as to make them able to provide automated, smarter, and more targeted advice when answering help requests and business questions.
Finance and acquisition departments inside many companies are already also benefiting from the assessment of the current situation provided by an AI system, but even more so, by its forecast and evaluations of future scenarios. “I think these are the general departments that are already benefiting from the usage of AI. Of course, depending on the business and on the market niche, more targeted AI applications are already available to increase revenues, improve current products, and generate new business ideas,” she said.
9. Privacy Enforcement
One final area worth mentioning, but which deserves a separate study is security and privacy. Ludovic Rember, founder of Privacy Canada said that as technology and internet development have increased rapidly year after year, artificial intelligence or AI has become a trending technique for many businesses who advertise to an online market.“Since this field is still relatively new, all the backend information has not been discovered yet, what we do know is that it can be very effective in gaining an online presence,” he said. “It takes over the tedious work that humans can do such as reviewing data analysis from online behaviors for a company and its customers. Having this option is great, because it is time and cost efficient, but some experts are starting to wonder if implementing AI will interact with privacy and security measures that a business or individual has already set up.”
Other thoughts are that AI could potentially break all security breaches and leave valuable exposure to the public, and people who know how to access these tech areas can gain information that is supposed to be left private.