FEATURE : AI

Power of automation to augment productivity in the back office has been clear for decades , but the recent emergence of advanced AI and ML tools offers a step change in what automation can accomplish , including in regulated industries , says Paul Meyer at iOCO .

Definitions of AI abound . One source notes AI is defined as a machine ’ s ability to perform the cognitive functions we usually associate with human minds . Gartner notes AI applies advanced analysis and logicbased techniques , including machine learning , to interpret events , support and automate decisions , and take actions . technologies working together behind the scenes – big data , natural language processing , ML and more . Integrating these elements requires expertise , strategy and insight .

Use cases

The impact of cognitive technologies on business will grow significantly in the immediate future . Consider just one aspect of cognitive technology , generative AI . McKinsey calls generative AI the next productivity frontier , which could add trillions in value to the global economy . Nearly every corporate function is expected to radically change . In fact , the nature of work itself will be transformed .

According to McKinsey ’ s 2022 Global Survey on Artificial Intelligence , uptake and implementation of AI has more than doubled – from 20 % of respondents having adopted AI , in at least one business area in 2017 , to 50 % in 2022 .

MIT Technology Review remarks it is easy to understand the growing popularity of AI in challenging economic times as it can help meet ever increasing customer expectations with organisations being asked to do more with less .

But the most compelling applications of AI and ML technology can often be found behind the scenes with organisations increasingly finding substantial efficiency gains by applying AI and ML-powered tools to backoffice procedures such as document processing , data entry , employee onboarding , and workflow automation .

The power of automation to augment productivity in the back office has been clear for decades , but the recent emergence of advanced AI and ML tools offers a step change in what automation can accomplish , including in highly regulated industries .

AI is becoming mainstream and is not just another technology or business case . It will shape the future , what it means to be a company and some claim possibly even what it means to be human .

The straight answer to this is that all business sectors stand to be transformed through the implementation of AI and Machine Learning . These solutions automate and optimise all manner of processes and tasks . For example , retailers may use AI-powered chatbots to handle customer queries , track orders , and respond to refund requests .

AI is not just another technology or business case . Although interacting with AI may seem simple from the user ’ s perspective , it involves many sophisticated

In deploying AI to perform these routine tasks businesses improve response times and enhance customer experiences .

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