November 16, 2018 | Written by: Toby Cappello
Categorized: AI | Discovery and Exploration
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“AI is one of the most transcendent questions facing us as a society. It will change the way all of our businesses work…it will change the way society is organized, it will change the jobs we do, and the way we do them.” – Nicholas Thompson, editor-in-chief, Wired Magazine
As with any business technology, it’s important to know how adoption will improve the bottom line, make customers happier, employees more productive, and lead to larger returns.
Mature, digitally advanced companies are looking to AI to help employees reduce time spent interacting with complicated legacy systems, or on low-value, tedious tasks. According to the AI is Ready for Employees, Not Just Customers Forrester report, workers spend up to 30% of their time interacting with internal systems, knowledge repositories, and reporting apps. However, there are now solutions that assist employees with administration, knowledge retrieval, and customer support, resulting in lower employee support costs and improved productivity and job satisfaction—and happy employees lead to happy customers.
In industries as diverse as banking, legal, oil and gas discovery, the results of AI adoption are profound and best of all—repeatable. The following three examples demonstrate how AI can be used to increase employee productivity.
End-to-end conversational AI empowers employees to assist customers fast
“It’s impossible for our customer advisors to know all of our 200 products. So we provide them with tools to have the right information for the right client.”
Mathieu Dehestru, Head of Transformation, Marketing and Big Data at Crédit Mutuel insurance
French bank Crédit Mutuel is using AI to augment the expertise and customer focus of nearly 20,000 customer service advisors across some 5,000 bank branches. Routine inquiries are co-assigned to virtual banking assistant as well as their human counterparts, accelerating customer response times by 60%.
The financial industry moves fast and is in constant flux; customers demand answers and advice that call on deep levels of expertise from advisors. Accrete.AI uses Watson to help fund managers discern the value within the noise; addressing the everyday overload of large volumes of information, like earnings reports, federal pronouncements, news updates, social feeds and more.
AI helps professionals generate value while reducing risk
“We found that we were not attracting new clients at the pace we had projected. We realized we were operating in an exceptionally competitive market, but in order to differentiate ourselves, we had to take a step back to objectively evaluate the value we offered and projected to the market.” – Jason Juliano, CEO of Aponia Data Solutions
Harvard Business Review estimates that inefficiencies in contract management costs companies between 5 and 40 percent of the value of any given deal. In order to help their clients stay on top of risk management, Aponia Data Solutions uses AI to help clients speed and improve complex audit processes. Aponia deployed a Cognitive Integrated Risk Management chatbot named Adam, powered by IBM Watson. Adam assists clients by answering questions about risk, compliance and audits posed in natural language, empowering clients to reduce the probability of a failed audit which could result in fines or breeches in contracts. Aponia, in partnership with IBM, takes a data-driven approach to auditing using cognitive systems so professionals can conduct reviews in minutes vs. hours.
AI is a powerful ally for financial procurement and legal divisions of growing businesses. Driving more value from attorney hours is a win for all law firms and the clients they represent, so LegalMation, an AI company that creates technology for lawyers, leverages AI to create early-phase response documentation in minutes, a process that normally takes hours.
AI powered solutions give workers super powers
“It’s helped our engineers get up to speed very quickly on what has already been done. We can learn from the past, and there’s no need to reinvent the wheel.” – Caitlin Bushnell, Graduate Process Engineer, Woodside.
As older generations retire, companies need to discover new ways to keep legacy information in-house. To make that knowledge available throughout the company, Australia’s largest independent oil and gas company, Woodside, turned to an AI solution. Before AI, Woodside engineers spent up to 80% of their time trying to uncover possible solutions to problems or hazards—and only 20% of their time on actual engineering. With AI, time spent on researching has been reduced by 75%, because AI powered search enables easy access to decades of learning built by Woodside’s own employees.
In the past, automation replaced human labor, now it can be used to both upskill employees and expand their job scope. It’s no longer a question of if AI will be implemented to take on many of the rote tasks and duties in our working lives, but when. AI gives industries, companies and individuals a chance to prepare for the future of work.
How can businesses apply AI to increase employee productivity and augment performance for more interesting work?