Stories of artificial intelligence (AI) transforming customer experience span across all industries and geographies. Augmented customer service agents, data-driven marketing, and chat bots are just a few examples. But looking only externally at AI’s impact misses the mark in a world where innovators are building the technology into virtually every internal operation and workflow.
AI’s ability to help data scientists process large complex data sets faster is a key driver of interest and adoption. Indeed, a recent EY survey produced by MIT Technology Review Insights found that “speed” was a key desired business outcome of AI initiatives, whether that is accomplished through “accelerated decision-making” or “streamlined business operations.”
One area where AI is helping managers and employees keep up is within the IT department. As a result of AI improvements in IT, industry-leading companies are not only increasing efficiency and reducing costs but also improving the employee experience. For example, AI-powered internal help desks are helping support staff by providing them with pertinent user information at just the right moment. These help desks are also able to remove some simple, routine tasks altogether, freeing up staff for more complex support. Security is another IT operation that is benefiting from AI. Companies are now augmenting IT security staff and teams with machine learning solutions that help employees better spot anomalies and security issues before they occur.
A recent McKinsey & Company article on “Bots, Algorithms and the Future of the Finance Function” details how automation and AI are reshaping the way companies run their finance departments. According to McKinsey, the finance function is ripe for innovation using AI. In fact, the firm found that “technologies can fully automate 42 percent of finance activities and mostly automate a further 19 percent.” The research also found that those finance areas most suited for automation were more transactional processes, including general accounting, cash disbursement, and revenue management.
Finally, AI is helping the human resources department. Increasingly recruiters are looking to the technology to draw upon a broader pool of applicants, and make better matches between candidates and open positions. But that’s not all. Innovative HR leaders are using AI to help better identify internal candidates or ID training opportunities, a key strategy for overcoming shrinking talent pools and increasing hiring costs.
In closing, our advice for executives, and IT leaders, in particular, is to look inward to examine how artificial intelligence can improve your business. Get the right training, look for the right opportunities, and impact your bottom line.