Artificial Intelligence (AI) refers to the simulation of human intelligence in machines that are designed to think and act like humans. AI systems can perform tasks that typically require human-like decision-making, such as recognizing speech, identifying images, and playing games. The Impact of AI: technologies include machine learning, natural language processing, and computer vision, which enable machines to learn from data and improve their performance over time.
In the business world, AI has the potential to revolutionize the way companies operate by automating routine tasks, reducing errors and increasing efficiency. For example, AI-powered chatbots can provide 24/7 customer support, allowing businesses to respond to customer inquiries quickly and effectively. According to the report published by Deloitte, AI can save up to 30% of our time AI algorithms can also be used to analyze large amounts of data and identify patterns, enabling companies to make data-driven decisions and improve their marketing strategies. In the manufacturing industry, AI can be used to optimize production processes and reduce downtime. By leveraging AI, businesses can gain a competitive edge, improve their bottom line and provide better services to their customers.
The Impact Of AI On Projects Automation
Artificial Intelligence (AI) has the potential to greatly improve automation projects by making them more efficient and effective. AI-powered automation systems can analyze vast amounts of data, identify patterns, and make predictions, enabling companies to automate tasks that would otherwise be performed by humans. For example, in the finance industry, AI can be used to automate tasks such as compliance checks, fraud detection, and account reconciliation. This not only saves time and reduces errors, but it also frees up employees to focus on higher-value tasks that require human expertise and judgment.
1. Automation in Finance Industry
The banking and financial services industry (BFSI) involves multiple complex business processes, particularly in handling a large volume of customer requests. These processes are still largely reliant on manual labor and paper-based systems, which are inefficient given the high volume of customer requests received by banks on a daily basis. This requires a large number of staff in back offices to process customer requests, in addition to other tasks such as managing sales, financial, and administrative reports. As a result, there is a significant amount of manual processing involved in these processes.
Loan processing requires a thorough review of a large amount of information, which can be time-consuming. The use of cognitive automation can streamline the process and significantly reduce the time it takes to predict loan approval for customers. This type of automation speeds up the loan processing prediction without sacrificing accuracy, creating a more efficient and effective business process for both the company and its customers.
Cognitive automation in loan processing prediction includes the ability to predict loan approval, manage the flow of applications, and prioritize loan requests. It can also detect potential fraud by predicting unusual customer behavior. Cognitive bots use AI and machine learning to analyze historical data and make informed predictions about loan approval. They make the final decision on whether a loan application is approved or rejected.
2. Revolutionizing HR with AI: The Future of Workforce Management
Human resources management (HRM) is an important aspect of any organization and involves tasks such as recruiting, hiring, and employee development. With advancements in technology, the field of HRM is increasingly adopting artificial intelligence (AI) to improve efficiency and effectiveness
For example, AI-powered recruitment tools can assist HR professionals in identifying the most suitable candidates for open positions by analyzing resumes and conducting preliminary interviews. These tools can also minimize bias in the hiring process by removing the need for human judgment in certain steps of the process.
The Impact of AI in Automation Process
Recruitment is a key function in the HR department. It is often a long complicated process that consumes a lot of resources in terms of effort, cost, and time. If HR can leverage on the right tool to automate and simplify the process, it can be a great benefit.
With Gleematic, we can easily access job or recruitment portals to search for candidates who have applied for the position, gather their information into an internal document, and shortlist candidates based on the recruiter’s criteria. Cognitive bots then conduct an initial assessment of the candidates by sending them emails and monitoring their completion of the assessment phase. The human staff in the HR department only needs to review the assessments completed by the potential candidates.
3. How AI revolutionize Logistic
Due to the high volume of shipping orders, logistics companies must efficiently manage and process them to avoid delays. Collecting information from various sources for documentation through traditional manual methods is no longer sufficient.
To remain competitive in the market, companies can adopt automation in logistics documentation to have more shipments with minimal errors and avoid delays. Automation not only helps address talent shortages but also creates a more sustainable system.
The Impact Of AI In Logistic
The goal of incorporating cognitive automation in logistics is to improve shipping speed and efficiency. Thus, help to reduce the workload and time demands on company staff. Cognitive bots can automate email processing and provide automated tracking data. They can also assist human on customs declaration by compiling data and submitting it to relevant government portals. The result is a freeing up of staff time to focus on higher value tasks and increased profitability
4. The Impact of AI in Insurance Industries
Insurance agents have to handle the manual process of customer onboarding every day, which can be monotonous and stressful. During busy seasons, when there is a large number of new customers, human errors are likely to occur. This can leave a negative impact and potential disadvantages for the future. This is why insurance companies should automate the customer onboarding process. This not only reduces the workload for agents, but also greatly improves the customer experience.
How Customer Onboarding Automation in Insurance Works
The implementation of Cognitive Automation with inbuilt machine learning has streamlined the entire document and data extraction process. Intelligent robots equipped with OCR technology can precisely extract text and images from different types of documents like contracts, passports, policies, and identity cards. The extracted data is then smoothly transferred into the ERP system. This automation also allows for real-time data comparison and document verification through photo matching.
5. The Impact of AI in Intelligent Document Processing
The extraction of documents and data is a crucial aspect of modern office work. Regardless of the industry, businesses often need to process large amounts of documents to gather and record information. If this process is not automated, it can place a heavy burden on business operations and employees.
What Is Intelligent Document Processing
IDP utilizes AI-based techniques such as ML, NLP, and OCR to identify, categorize, and retrieve required information. By incorporating AI, the scope of RPA can be expanded to automate a broader range of tasks. AI acts as the central technology that enables robots to imitate human behavior and comprehend human languages during automation. This way, it enables robots to not only read unstructured and semi-structured data but also comprehend different human languages.
The future of process automation is promising. Using Cogntive Automation solution, industries can boost their productivity by quickly integrating intelligent document processing. Moreover, it can read and process Asian Languages (Mandarin, Bahasa Indonesia, Chinese, and more). The software itself is easy-to-use and no coding required.
Read More: All You Need to Know about Artificial Intelligence – Why and How AI is Transforming the World?
Written by: Fauzul Fahmi