By Tushar Dhawan, Partner, Plus91Labs
The era when Artificial Intelligence (AI) was just an idea floating around in everyone’s mind is now over. AI is now technology that is transforming economics, business and the way companies are run. AI-powered automation has the potential to have a major impact on productivity as well as efficiency.
Consider this: The McKinsey Global Institute forecasts that by the year 2030, around 30% of the hours worked across the United States may be subject to automation. It’s not a science fiction narrative; instead, it’s the truth today. Artificial intelligence enhances process efficiency and encourages creativity across various domains, ranging from manufacturing facilities to executive meetings.
The customer service field which was once characterised by lengthy wait periods and irritable customers, is witnessing a dramatic shift. AI-driven robots are able to respond quickly to everyday inquiries permitting human workers to address much more complex problems while forming more solid relationships with their customers. In fact, Gartner has assessed that in 2025, more than 80 percent of support and customer service businesses will use generative AI technology in one form or another in order to boost the productivity of their agents as well as augment the customer experience (CX).
But how does AI achieve it?
AI transforms internal processes in conjunction with direct interactions with customers. Thanks to robotic process automation (RPA), which is often used with AI, back-end tasks such as data entry, invoice processing, and report preparation become easier. RPA guarantees consistency and accuracy while also increasing productivity and decreasing the chance of human error.
AI has more potential than just automation. According to a report by Accenture, a whopping 88% of Indian executives feel that AI will be essential for staying in the market by 2025. This is because AI, when compared to human agents, can comprehend and process data patterns swiftly. AI allows companies to explore the possibilities for innovation and optimise resource utilisation by forming incredibly precise smart judgments.
AI, when employed in the financial sector to catch fraudulent transactions, determines a company’s creditworthiness, and tailors investment portfolios. In healthcare, AI aids in the entire process of patient administration, medical image analysis, and medication creation. These applications do not just boost productivity; they also help medical professionals deliver more accurate diagnoses and treatment plans as well as increase patients’ satisfaction.
Artificial Intelligence (AI) allows humans to be more inventive and ingenious. They can focus on problem-solving tactics, strategic planning, and coming up with ideas. With the aid of AI technology, innovative business models and products can be designed and usher us into a new age of innovation. Considering the rise of content produced by AI, programs such as ChatGPT can create material that appears and feels similar to that composed by an individual. While they are unlikely to fully replace human writers, they will significantly increase their productivity and free their time to pursue more creative endeavours.
There are a few issues to be faced that come with this change. The issue of workplace displacement is a significant concern. Yet, recent events have shown that technological breakthroughs can provide new employment opportunities for those who work. There is a need for skilled workers capable of working with AI systems as well as overseeing complex methods, as routine tasks are being replaced by AI.
Businesses must give major importance to training new staff and retraining the older ones to maximise AI’s capabilities and minimise risks. Plus, companies can create an environment of change and innovation by equipping their employees with the knowledge and skills needed for the next generation.
In the end, AI is an unstoppable force which is changing the way firms operate. AI can help businesses achieve previously unimaginable performance and efficiency by facilitating innovations, automating processes, and aiding in data-driven decision-making. Despite certain obstacles, firms that choose to invest in automation can expect substantial advantages and gains in the future.
