Driving Workplace Efficiency with Artificial Intelligence
Artificial intelligence (AI) remained a matter of fiction for several years, until now. With AI in real world becoming a reality, a large gamut of industries can be seen climbing the AI bandwagon to remain competitive in the market. As human resource continues to be the biggest cost driver for most organizations, there is a rampant ongoing research to leverage AI to improve the work environment and operational standards of enterprises.
Besides, the rise of AI has proven pivotal in creating new job opportunities for a skilled workforce, as well as to those aspiring to enter the field of AI. Large enterprises and startups are on the lookout for people who can fill in for technical roles, apart from the non-technical roles such as research scholars, managers and back-end teams.
With the entry of AI in the work environment, employees can avoid spending time on mundane and repetitive tasks, and lay focus on decision making roles where the involvement of humans is irreplaceable. From the manual labor standpoint, AI can be a game changer in ensuring better working conditions, reducing injuries and casualties in the tough work conditions. As automation addresses 14 percent of the construction and vehicle operations, it is estimated that close to 3,500 lives can be saved, each year by 2030. Several industry veterans are laying focus on debunking the myth that the involvement of AI can lead to higher unemployment rates.
In addition to manufacturing, AI is very important in several other verticals such as healthcare, transportation, education, and marketing. As one of the exemplifications of AI, chatbots are seen as one of the biggest modern trends to provide customers with an automated and personalized conversation, honing the customer service process. According to David Marcus, the VP of Facebook, the number of chatbots on the social media site has surged by three times since 2016, going from 33,000 to over 100,000 chatbots now.
As the use of chatbots has become increasingly prevalent, employees can use the same for finding new jobs or prospective employees, in addition to answering common human resources (HR) question. As the chatbots can be expected to modernize the HR processes and allow employees to get the support remotely, AI can power chatbots to provide virtual coaching and mentoring for employees.
Technologies such as SAP CoPilot bring in the possibility of linking the chatbots and virtual assistants to the work related tasks such as purchasing contracts. The use of this application reduces the need for the workforce to use different applications to reach a certain outcome. Instead, the CoPilot makes it possible to assist the user through a blend of AI, speech recognition, machine learning, and statistical analysis. When questions are asked or commands are given to the SAP application it analyzes the informal speech and executes the command, giving the user response in terms of objects, suggestions, data et al.
Similarly, business consulting giant, Deloitte, has partnered with a machine learning firm to come up with models to analyze contract documents and extract data for easy and comprehensive analysis. The AI model looks through the complex documents, analyzing the business trends in addition to looking for risks. In a situation where the organization needs to review over 10,000 contracts, the auditor would choose to have the analysis of a representative sample. Such AI-based models make it possible for the system to understand and process natural languages, and identify the structure of contracts to automatically track and highlight terms and conditions in the contract.
Apart from contracts and business objectives, AI-based applications are used to record and automatically transcribe the audio or video. This proves important when manual note taking could lead to any incorrect information or loss of important points. The transcription makes it easier to take notes later and mark the key points. In the beta version of this app, smartphone calls can be recorded and transcribe for the user, making it possible for them to search points at a later time using specific keywords.
As the world is adopting a futuristic, purpose-driven mindset, AI has proven its role in improving social media marketing, restaurant facilities and providing software and soft skills training. With the presence of AI, the workforce globally can look at a safe, intelligent, and productive working environment.