November 16, 2018 | Written by: Toby Cappello
Categorized: AI | Discovery and Exploration
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How productive and effective would your employees be if the tedious, non-strategic elements of their roles were streamlined? With artificial intelligence (AI), they could focus on aspects of their role that produce the most value. They’d be empowered to make better decisions, discern recommendations faster, and execute tasks with greater confidence and accuracy. Here are three ways businesses are already using AI to make work more interesting.
1) With AI, experts in banking, insurance and other industries can act with the confidence to produce better customer experiences and opportunities for growth
The insights employees need to do their best work are often hidden within terabytes of disparate, diverse, constantly changing data that traditional systems can’t access.
To combat this a leading bank in France, Crédit Mutuel, uses AI to augment the financial 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 assistants as well as their human counterparts, accelerating customer response times by 60%.
For more complex queries, AI insight engines help line of business employees surface the right information in context, with accuracy and speed, all in natural language instead of data science queries.A Watson AI assistant learns through addressing customer needs, and augments human agents’ decision-making skills on thousands of cases, and because it is constantly learning, it automatically improves over time.
New York-based Accrete.AI, uses Artificial Intelligence to help fund managers and financial advisors discern valuable actions from hype by applying natural language understanding and deep learning to eliminate bias and find valuable “alpha” information from deep within multiple information repositories and news sources.
You can learn more about how financial services teams are already using Watson AI solutions to mine unstructured claims, and loan and product data to determine the right recommendations faster by registering to watch the IBM Watson AI & the Future of Work Virtual Summit.
2) AI sifts through complex content such as contracts and legal documents in seconds, allowing professionals to discern, prioritize, act and resolve concerns faster
Think of how much time your legal experts and contract reviewers spend managing large repositories of contracts, with complex terms that often require hours of manual contract compliance review. Streamlining those reviews to offload repetitive and manual tasks can dramatically expedite workflows so legal experts can spend their time generating value from contracts in procurement and other areas, while simultaneously reducing risk.
In order to help their clients stay on top of risk management, Aponia Data Solutions applies AI to help clients speed and improve complex audit processes. Aponia has deployed a Cognitive Integrated Risk Management chatbot named Adam, powered by IBM Watson. Adam assists clients by answering questions posed in natural language about risk, compliance and audits, empowering clients to reduce the probability of a failed audit which could result in fines or breeches in contracts. Check out the IBM Watson AI & the Future of Work Virtual Summit to learn how Watson helps parse contracts to mitigate enterprise risk.
3) Firms are applying AI to pinpoint patterns to help teams spot opportunities, drive enterprise innovation and transform industries
Constant, systematic innovation thrives on data and effective decision-making, which makes AI platforms a powerful ally to financial, procurement and legal divisions of growing businesses. These solutions are being used effectively to free employees from tedious time-consuming work so they can shift their focus to more strategic tasks. 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, leveragesAI to create early-phase response documentation in minutes, a process that normally takes hours.
Before implementing their AI solution, a KPMG tax professional in Research & Development would spend thousands of hours manually reviewing materials to determine the appropriate evidence —and missing a detail could mean missing out on millions of dollars. After integrating Watson AI into their workflows, tax advisors at KPMG can more quickly examine massive amounts of information, like loan assets and nuanced tax interpretations, allowing them to focus on the more interesting, tactical activities of their job –like finding deeper insights, and offering clients richer, tailored, more detailed recommendations.
It’s no longer a question of if AI will be implemented to take on many of the rote tasks and duties in our daily schedules, but when. Accepting AI, and learning about its benefits give industries, companies and individuals a chance to adapt, re-skill, and prepare for the future of work.
To learn how your business can apply AI to increase employee productivity, augment performance and make work more interesting, register today for the IBM Watson AI & the Future of Work Virtual Summit, sponsored by Wired, with a keynote from Wired editor-in-chief Nicholas Thompson.
Discover how is AI changing the way professionals work. Register to watch IBM Watson’s AI & the Future of Work Virtual Summit.