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AI and Automation impact on medium-sized Companies and Organizations

 
The Business Benefits from AI and ML
  • Massive Data Consumption from Unlimited Sources
  • Rapid Analysis Prediction and Processing
  • Simplifies Time-Intensive Documentation in Data Entry
  • Handling Repetitive Jobs
  • Reduction of Error
  • Improves Precision of Financial Rules and Models
  • Easy Spam Detection
  • Interpret Past Customer Behaviours
  • Better Customer Segmentation and Accurate Lifetime Value Prediction
  • Recommending the Right Product
  • Digital Assistance and 24/7 Availability

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Hyper Automation and Artificial Intelligence (AI) are seeping into every aspect of business, from operations to production and from product development to business processes. Processes, tasks and role models – everything is changing with this revolutionizing in the commercial sector. This evolving area of Artificial intelligence (AI) and machine learning (ML) is the future for all businesses, and it’s already affecting the way we live and work today. In fact, research firm Markets and Markets estimates that the machine learning market will grow from $1.41 billion in 2017 to $8.81 billion by 2022!

 

The new digital technologies are having different impacts on jobs in the short and longer term. While automation may displace workers within a sector in the short term, studies are demonstrating that overall employment is growing when looking at a longer period comparing results from different sectors and the World Economic Forum has found that, by 2022, algorithms and other transformative technology could create more jobs – as many as 58 million. Because despite automation and artificial intelligence, people will continue to be important in the future.

 

Artificial intelligence opens up possibilities far beyond currently available functions. PwC estimates that business could save $2 trillion globally by applying intelligent automation to many activities that were previously processed by humans and making employees more productive.

 

Like business of all sizes, SMB are also flooded with data gathered from different sources such as, customer data, supplier data, market data, operations data and many more. AI can quickly pull out insights from these databases and extract valuable data. Managers can get valuable insights on business process from workflow management and/or make sales predictions easily by using data from ERP systems. As AI is able to pull out insights from data easier than human workforce and run the routine tasks to add value to existing business, company can use its human resources to solve potential problems, spend time on creative tasks and boost business ability to innovate.

 

SMBs can also benefit from AI to identify, understand and better target their customers. Business can forecast customer behaviour and run data-based campaigns to have remarkable results with the use of big data and artificial intelligence. It helps them to save a lot of money on marketing and sales efforts by bringing them valuable leads. Not only business can achieve valuable leads and turn them into customers but they can also maintain a good relation and provide a better service to these customers by introducing a 24/7 customer service with the help of AI equipped chatbots. These chatbots are able to handle customer enquiries and provide customer support on time and appropriately, based on the needs of customers.

 

Not only in customer service, artificial intelligence is demonstration it’s capacities in accounting, finance, auditing and tax controlling, fraud detection as well. Instead of recurring routines, data analysis, process control and optimization by automating procedural tasks would be on the agenda of SME by allowing employees to make even more valuable contribution to corporate management. As AI can decipher data and draw actionable insights easily from complicated situations and eliminate/reduce errors, it’s totally transforming and changing the way accounting and tax firms used human intelligence to perform same tasks. With an accurate integration of AI empowered workforce, accountants and bookkeepers can build a value-based business, attract more customers and increase revenue by spending less time that they were used to spend.

 

Customer service and accounting are not the only 2 departments getting aids from AI, sales and marketing are also getting their potential customer’s pipeline faster than ever before by finding interesting leads in their databases as contact information is available for the market you want to target.
By engaging each potential lead in a very personalized way, sales person can turn the lead into a paying customer and recommend the right product with the help of gathered data on the customer.

 

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Artificial Intelligence: Just a Trend or A Long-Term Growth Factor?

Artificial Intelligence Just a Trend or A Long-Term Growth Factor

Artificial Intelligence is having an impact on our world in many different ways by playing an increasingly important role in our lives and worldwide economy. The number of companies that have integrated AI in their process is growing rapidly, in sectors like health-care, retail, HR, marketing and cybersecurity industry and the war for talent acquisition and competition for value creation is on the next level between industries and nations.

 

AI is not new or just a temporary trend, history tells us that humans and the companies are remarkably successful at working together with robotics to the latest technologies such as smart machines, including 3D printing, AR and VR in order to survive in competitive era and also find new opportunities for their companies’ growth. A study by MMC Ventures revealed that 60% of the interrogated cases, which represents 1,580 companies, AI is being used in their solutions and 40% of the self-proclaimed “AI companies” in Europe had discovered that AI was not used in their solutions.

 

AI is bringing its advantages in sectors like healthcare, transportation, cyber security industry, security industry, prediction of natural disasters, farming, smart-cities, and is helping to reinforce economy. A discussion paper created by McKinsey demonstrated how AI applications are contributing for social good. According to McKinsey’s analysis, AI initiatives are having a positive impact on good health and well-being, peace, justice and strong institutions, provide quality education, protect all life on land and below water, ending poverty, industrial innovation and infrastructure, reducing inequality, climate action, decent work and economic growth, gender equality, sustainable cities and communities and responsible consumption and production, increase work efficiency and output, offers accurate future predictions, detect frauds, avoid human errors with the help of increased automation and many more.

 

Artificial intelligence is certain ally and dramatically improving the efficiencies of our workplaces and increasing the work humans can do by taking all repetitive or dangerous tasks and the human workforce to do work they are better equipped for, such as, tasks that involve creativity and empathy among others. By doing work that is more engaging to them, job satisfactions, productivity and happiness among employees is also increasing.

 

AI in its many forms offers users the ability to do tasks on a scale and at a speed that humans cannot achieve on their own. AI can also gain new insights from analytical tasks. It’s not just about collecting large amounts of data (=bigdata) and investigative it with advanced mathematics or developing amazingly complex algorithms. Once the gathered data is well extracted, managed and good algorithms are chosen, our society will gain countless hours of productivity with just the introduction of well automated tasks.

 

Thus, it seems important to clear the fuss around AI destroying jobs because it’s only fiction rather than a fact. Instead of destroying jobs, AI is bringing a gradual evolution in the job market, people are getting better at their jobs with the help of AI. According to a report from the World Economic Forum (WEF) called “The Future of Jobs 2018, and recent report called “Job creation and elimination worldwide due to AI 2022” AI, Machines and algorithms in the workplace are expected to create 2.3 million jobs. Even who does the work is changing rapidly – human, robot, or co-bot. The division of labour between humans, machine and AI is shifting quickly. By 2025, it is expected to shift to 48% human, 52% machine or algorithm. The combination of human and machine is the new normal in the workforce of the future.

 

Technology helps move society forward, and the integration of AI is doing the same. The integration of AI into healthcare, smart cities, law and other service-based industries is helping in making processes simpler and giving them enough time to focus on other issues. In this increasingly data-driven world the importance and impact of artificial intelligence is only growing and is becoming more crucial in gaining competitive advantage. Therefore, despite all the positive effects and worldwide boom in artificial intelligence industry, companies shouldn’t forget that AI is only a tool that they need to update/improve continuously instead of one-time investment in order to achieve their goals.

 

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IT Trend 2020: Hyper-Automation

IT Trend 2020: Hyper-Automation

Gartner Top 10 Strategic Technology Trends for 2020 have listed Hyper Automation as one of the biggest trends for 2020, as more and more enterprises are adopting automation in their work processes. Forrester has predicted that the global market for RPA services will hit US$7.7 billion next year and is expected to grow to US$12 billion in 2023. AI is increasing productivity through automation and is helping organizations derive meaning from ever-larger data sets.

 

Hyper-automation is the mixture of automation technologies that exist to expand and increase human capabilities by allowing organisations to automate more complex work with the help of robotic process automation (RPA) at its core, with artificial intelligence (AI), process mining, analytics, and other advanced tools that strengthen the ability to automate work. As defined by Gartner:

 

“Hyper-automation deals with the application of advanced technologies including artificial intelligence (AI) and machine learning (ML), to increasingly automate processes and augment humans.”

 

The adoption of Automation is helping organizations, that are data-driven, to be able to better respond to their customers’ demands, identify new business opportunities, improve their service delivery, eliminate all human errors, and reduce costs.  The idea is to automate more and more knowledge work, and engage everyone in an organization to be part of the transformation.

 

How is hyper automation important for enterprises in 2020?

 

Over 1 million knowledge-work jobs will be replaced in 2020 by software robotics, RPA, virtual agents and chatbots, and machine-learning-based decision management, predicts research firm Forrester in their new report, “Predictions 2020: Automation.”

Data Science, Analytics and Cognitive technologies are feeding RPA with the intelligence which is revolutionizing software automation in industries. Hyper automation offers a lot of benefits to the business by giving access to collaborative intelligence where humans and technology works side by side so that they can perform their roles optimally. As employees don’t need to perform repetitive tasks, they can be educated to work with automation tools, wisely and with intention, and learn the latest business and marketplace information through machine learning. They can also to taught how to interpret AI-enabled decision-making, find creative solutions to resolve problems and get more engaged with their jobs.

 

Simply put, once Hyper automation is incorporated into your business it will help to reduces human effort by doing a lot of work in lesser amount of time, reduce the risk of human errors as machines are calibrated for precision, improve the quality of jobs by eliminating deadly, exhausting, and dangerous for humans processes and leads to increased productivity and higher output.

 

But before any implementations, business must think and identify areas and processes where automation is really needed.  Business leaders must make a business plan and estimate the the return on investment, and of course train existing personnel to make the most of automation instead of thinking that automation will take their job.

 

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AI Trends: What can we expect from Artificial Intelligence in 2020

AI Trends: What can we expect from Artificial Intelligence in 2020

Artificial Intelligence became one of the most dominant topics in 2019 but, together with machine learning and data analytics, these technologies are continuously delivering practical applications and dramatic changes in many industries and are impacting our our daily life. We’re living in the age of automation, and thus, with the increasing spread of AI in almost all industries, the challenges are growing in addition to the areas of application. Therefore, it’s time to make our policies right in order to maximize the advantages without wasting any time.

 

Here below we’ve tries to demonstrate the application of AI shaping different industries in 2020:

 

  • Al in healthcare is not new but the field of health AI is superficially wide, from covering wellness to diagnostics to operational technologies, AI applications are also being integrated for administrative and clinical health care processes. In 2020 more and more AI-powered bots will be assisting with surgery, including heart, colorectal, and thoracic. AI will also be fulfilling its promise of helping the healthcare industry to manage their costly back-office problems and inefficiencies by providing patients and medical professionals automated digital medical records so they can get rid of stacks of folders with decades of health records. With the integration of electronic health record (EHR) technicians are using AI to help document, sort, and store records in digital form.

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  • According to a new report by Reports and Data, the global Artificial Intelligence (AI) in the Construction market is forecast to reach USD 4.51 Billion by 2026. The aim of AI in construction industry is to make the construction process faster, safer and more cost effective by reducing human error and better utilizing big data as even complex plumbing, mechanical and electrical tasks can be designed in 3D and can be worked through while planning, saving time and costs in the building stages.

 

  • Retail industry is not hidden by AI and it’ll keep revolutionizing the retail industry, from helping customers find the items through visual search to personalizing their entertainment experience through chatbots, maximizing sales via cross-selling, proving a better customer service. Also, in 2020, AI will keep helping retailers to understand their customers better via their buying patterns, interests and more, in order to allow them to target specific groups of customers, personalize their experience, and provide them only with the information that is relevant to them.

 

  • We are living in an era in which AI application are having major impact on every industry on the they do Human resources executives are implementing AI to improve HR functions, such as self-service transactions, recruiting and talent acquisition, payroll, reporting, access policies and procedures and they believe that merging AI into HR administration functions will benefit and improve the overall employee experience.

 

  • Human workforce may have limitation but machines can work on a continuous basis to ensure faster production of goods. IoT and AI have already been used in the manufacturing industry since long to assemble the products and revolutionizing mass production of goods and boosting the output of different industries. AI-driven robots can work 24-hours a day and help to drive mass production. Artificial intelligence can reduce the manufacturing operating expenditure and improve the productivity. The global artificial intelligence in manufacturing market size was $513.6 million in 2017, and is projected to reach $15,273.7 million in 2025, growing at a CAGR of 55.2%.

 

  • AI is bringing increasing transformations in the financial services and is changing the way services are delivered to customers by allowing more informed and tailored products and services, internal process efficiencies, higher cybersecurity and minimizing

 

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Artificial Intelligence – Existing Educational Systems and Next Generation Jobs

Artificial Intelligence in education

 

Artificial intelligence has existed as a field for more than 50 years, but in pace with technological developments in recent years, the area has found increasing numbers of applications and has been the subject of increasing attention. New methods and technologies mean that the mobile phone not only understands what we say, but also translates between languages ​​as quickly as we speak, recognizes faces. There are methods and technologies of artificial intelligence that lie at the core of self-driving cars and robots that perform precise surgical procedures. Facial recognition in stores, robotic sellers who submit offers based on past behaviors, facial recognition in stores, language assistants (like Alexa or Google Home) who are always listening and making recommendations based on recorded conversations. Al is a subject area that is changing how we live and work and how the future will be.

 

With all these AI advances, the demand for expertise in artificial intelligence has exploded. Graduates are employed before they finish their education and receive millions of salaries. Analysts believe that 2020 will be an important year in terms of AI in the workplace and claim that artificial intelligence will create 2.3 million jobs worldwide that year.

 

The most important thing to remind here is that software and tools based on artificial intelligence reflect the culture, preferences and background of developers. Therefore, it is crucial for each country to build its own strong expertise in the field, both in research and education. An investment in artificial intelligence can only succeed if it is based on a general strengthening of the ICT subject. Here it is necessary to strengthen the competence and education at all levels, as well as to promote the interaction between theory and technology, and between research and application.

 

To be on the top of AI game, governments should aim to develop internationally strong research environments in the field. This must be done by building on and strengthening the existing research networks and the environments within artificial intelligence in their own country and helping to position these in European and international networks. It is important to link up with the strategies for artificial intelligence in Europe, and adapt to the EU’s strategies, compliances and framework conditions for research and development.

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In order for a strategy for artificial intelligence to succeed, it should put man in the center. It should aim for the entire population to be able to exploit the new tools the field brings in a reflective way where they are able to judge the weaknesses and strengths.

 

Artificial intelligence is not only important for innovation, growth and competitiveness, but for how we want to work and live in the future. Increasing the overall digital competence is also necessary in view of the ethical challenges associated with this development.

 

Education systems needs to be brought up to date to reflect that we now live in a world where problem-solving and creativity are becoming more important assets. Regurgitating knowledge is something that you can automate very easily, but with actual education system, isn’t preparing children for the modern workforce.

 

No need to repeat that for students, AI will inevitably impact their careers. The AI era is inevitably creating new job types, ranging from machine regulators to emotion engineers. McKinsey predicts that AI will replace up to 800 million jobs by 2030. That’s a drastic reshaping of the workforce — and one that universities should help students prepare for. Students interested in careers in AI can pursue a wide range of exciting new career possibilities focused on data science, machine learning or advanced statistics.

Human Machine Partnership – Is 2018 the year of #MachineLearning?

Human Machine Partnerships2018 is all about the further rapprochement of man and machine. Dell Technologies predicts the key IT trends for 2018. Driven by technologies such as Artificial Intelligence, Virtual and Augmented Reality and the Internet of Things, the deepening of cooperation between man and machine will drive positively the digitization of companies. The following trends will and are shaping 2018:

 

Companies let AI to do data-driven thinking

 

In the next few years, companies will increasingly use the opportunity to let artificial intelligence (AI) think for themselves. In the AI systems, they set the parameters for classifying desired business outcomes, define the rules for their business activities, and set the framework for what constitutes an appropriate reward for their actions. Once these sets of rules are in place, the AI systems powered by data can show new business opportunities in near real time.

 

The “IQ” of objects is increasing exorbitantly

 

Computing and networking items over the Internet of Things are becoming increasingly cost effective. The embedding of intelligence into objects will therefore make gigantic progress in 2018. Networked device data, combined with the high levels of computing power and artificial intelligence, will enable organizations to orchestrate physical and human resources automatically. Employees are becoming “conductors” of their digital environments and smart objects act as their extension.

 

IQ of Things

 

AR headsets ultimate comeback in 2018

 

Its economic benefits have already been proven by augmented reality (AR). Many teams of designers, engineers or architects are already using AR headsets. Whether to visualize new buildings, to coordinate their activities on the basis of a uniform view of their developments or to instruct new employees “on the job” even if the responsible instructor cannot be physically present at the moment. In the future, AR will be the standard way to maximize employee efficiency and leverage the “swarm intelligence” of the workforce.

 

AR headsets

 

Strong bond of customer relationship

 

Next year, companies will be able to better understand their customers through predictive analytics, machine learning (ML), and artificial intelligence (AI) and use these technologies to improve their customer first strategies. Customer service will perfectly maintain the connection between man and machine. It will not be first-generation chatbots and pre-made messages that address customer concerns in the service, but teams of people and intelligent virtual agents.

 

Deeper Relationship with Customers

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The “Bias Check” will be the new spell checker

 

Over the next decade, technologies such as AI and Virtual Reality (VR) will enable those responsible to evaluate information without prejudgment and make decisions in an entirely balanced way. In the short term, AI will be used in application and promotion procedures to bring out conscious or unconscious prejudices. VR is increasingly being used as an interviewing tool to cover the identity of applicants with the help of avatars. “Bias checks” – “prejudice checks” – could become the standard procedure in decision-making processes in the future, just as spell-checking is today when it comes to writing texts.

 

Bias check

 

The mega-cloud is coming up

In 2018, an overwhelming majority of companies will adopt a multi-cloud approach and combine the different cloud models. To overcome the associated cloud silos, the next step will be the mega-cloud. It will interweave the different public and private clouds of companies in such a way that they behave as a single holistic system. With the help of AI and ML, this IT environment will be fully automated and consistently evaluated.

 

mega-cloud

 

IT security is becoming more important than ever

 

In today’s increasingly connected world, IT security companies need more than ever to rely on third parties. They are no longer individual instances, but parts of a bigger whole. Even the smallest errors in any of the connected subsystems can potentiate to fatal failures in the entire ecosystem. In particular, for multinational corporations, it’s a must in 2018 to prioritize the implementation of security technologies. This development is further fueled by new regulations, such as the GDPR regulation of the EU.

 

 

E-sports gaming industry ready for mainstream

 

Not least driven by virtual reality, the phenomenon of e-sports for companies in the media and entertainment industry 2018 finally become a fixture. Millions of other players and viewers are jumping on the bandwagon and making continuity e-sports mainstream for 2018. This phenomenon is representative of a bigger trend: even original physical activities such as sports are digitized. In the future, every business will be a technological business, and people’s free time will be shaped by networked experiences.

 

“People have been living and working with machines for centuries,” says Dinko Eror, Senior Vice President and Managing Director, Dell EMC Germany. “In 2018, however, this relationship is reaching a whole new level: man and machine will be more intertwined than ever, and that will change everything – from the way we do business to the design of leisure and entertainment.”

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