The Rise of Artificial Intelligence in Business
As mentioned in Part 1 of this blog series, big data and the Internet of Things are steadily becoming more and more connected. People are now expecting to be able to do more things with more ease, and connectivity is the key to this possibility.
The Internet of Things is described as the extension of the internet on the physical world and customers are demanding that technology not only shapes but fits our lives as they currently stand. But how is Artificial Intelligence (AI) shaping the business process and what can we do to keep up with its demands?
This article will discuss Artificial Intelligence in itself and how it benefits a business process management system.
The rise of Artificial Intelligence in business
In the wake of big data and the Internet of Things, companies need to be more agile and adaptable than ever before. Business process management tools (BPM) help companies orchestrate resources, route work to the right people, automate routine manual tasks and enable self-service.
BPM is traditionally centred around cost-cutting and process optimisation, but has now moved to a more customer-centric focus where equal emphasis is placed on the customer’s experience when interacting with a company’s product or service.
The move to digital processes
According to a report by McKinsey, 37% of business processes have moved to digital. This includes e-Commerce, CRM, and supply procurement to name a few.
By connecting AI to existing BPM tools and delivering the data generated by digital processes to AI systems, companies could do even more to minimise any potential human latency. This, in turn, will cut costs and deliver a much-improved end product to the customer.
Machine learning will optimise processes
It is a well-known fact that analytics have taken over pretty much everything, including process management. Previously, we had access to data but perhaps not enough guidance that we could action. AI takes analytics a step further by learning a process and providing actionable information.
This means that with the help of AI, unstructured data becomes organised and can go from a structured human process to an automated dashboard with all information processed and analysed patterns at your fingertips.
New interfaces, new opportunities to connect
As we begin to understand more and more about our customers, certain technologies have now come to the fore including voice commands and instant chat. These optimised technologies ensure easier instruction handling and processing of automated tasks.
Many BPM systems now offer the above features and there is still a lot left to the imagination in terms of AI and other process management systems. AI has the power to help us live better lives while simultaneously offering positive end results.
Chatbots, fuelled by AI, is becoming a viable customer service channel for businesses to use. It can become difficult to tell the difference between a human or a computer as AI has been ‘taught’ how to recognise keywords in order to get context to answer a customer’s question. These are considered the best AI channels as the customer believes they are talking to an actual person whereas if they knew they were receiving help from an automated machine, a similar response would not be found.
The most basic AI systems are in actual fact, document retrieval systems that are able to ‘communicate’ with a customer and at the same time, give them what they want, whether it be a document or website page with more information.
What can we expect for the future with AI?
Many tasks that are repetitive and currently performed by people will be moved to AI and “robotic colleagues” in the near future. This should not be alarming to current employees who will have hopefully gained a significant amount of experience in order to fulfil higher value tasks that are no longer a time luxury to get to. Technology will free up time in order to further and deepen strategies in order to get greater results and grow a business significantly.
This will hopefully (and most likely) increase employees’ job satisfaction, which positively impacts the client’s overall experience with the company.
From a CIO and Business Process Management point of view, it makes sense to continue your education of AI and areas in which it can be used to enhance new ways of working and thinking.
Fluidity is a Cape Town based software development company that has built their reputation on their ability to meet the needs of customers with the innovative power of tech.
Fluidity believes that companies who adapt will ultimately survive and thrive, and that innovation and technology is key to those ends. They partner with their clients as they help them innovate and compete with software solutions that create results.