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McKinsey: Artificial Intelligence application rate will double in 2022
McKinsey: Artificial Intelligence application rate will double in 2022
Robots that can automatically follow customers' shopping carts and pick cucumbers faster than humans are more likely to make headlines, but the most high-profile applications of artificial intelligence and machine learning technology are often unseen. behind the scenes. More and more organizations are starting to apply AI and machine learning-driven tools to back-office processes such as document processing, data entry, employee onboarding, and workflow automation, and they are seeing significant efficiency gains.
The ability to improve back-office productivity through automation has been evident for decades, but the emergence of advanced artificial intelligence and machine learning tools has brought a step change in what automation can achieve, including in highly regulated environments such as healthcare. industry.
(Source: AI generated)
“In the past, artificial intelligence was considered a complex and expensive technology that could only be used by large companies with deep pockets.” Himadri Sarkar, executive vice president and global head of consulting at digital business services company Teleperformance "However, the development of easy-to-use generative AI tools has made it possible for businesses of all sizes to try AI and experience how it can optimize their company's operations," said Sarkar.
Companies are taking note of innovative use cases that not only improve a company's back-office operations but also result in cost savings and increased productivity.
Application of Artificial Intelligence
Adoption of artificial intelligence has more than doubled, according to McKinsey’s 2022 Global Survey on Artificial Intelligence. In 2017, 20% of respondents used artificial intelligence in at least one business area, and now this proportion has reached 50%. Artificial intelligence’s popularity continues to grow, and understandably so. In these challenging times, to meet growing customer expectations, companies must pursue the pursuit of doing more with fewer resourcesOmer Minkara, vice president and principal analyst at Aberdeen Strategic Research, said: “In an environment of high inflation, many companies have had to postpone technology spending and employee hiring, and companies are trying to optimize resource utilization. ”
Fortunately, artificial intelligence and machine learning solutions can play an important role in many industries by automating and optimizing a variety of back-office tasks and processes. For example, retailers can use AI chatbots to handle routine customer inquiries, track orders, and respond to refund requests, thereby improving response times, enhancing customer experience, and reducing the number of human customer service agents.
Meanwhile, financial institutions are discovering the power of machine learning to identify anomalies in large amounts of data that may indicate the presence of fraud, serving as an early warning system to prevent financial losses. Organizations across industries can use AI and machine learning tools to extract and analyze information from documents such as invoices, contracts and reports and reduce the workload of manual data entry while speeding up processing times and minimizing human error .
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