Artificial intelligence will become your “new colleague”

42% of executives believe that artificial intelligence will play a “critical role” within two years. However, this “keyly important role” may not be as much a link to cost savings by replacing human employees, but more with optimizing workflows, improving return on investment, and supporting better strategies.

Three types of artificial intelligence colleagues

Machine learning, deep learning techniques, speech recognition, speech synthesis, image recognition, and natural language processing (NLP) are rapidly evolving. Today, artificial intelligence has surpassed humans in speech and image recognition. Although artificial intelligence has not reached a certain level in the field of NLP, some progress has been made. Artificial intelligence can now have the ability to see, hear, speak, understand, and even think like human beings. With these tools, AI colleagues are currently responsible for three types of work: business process automation, improving business decision-making capabilities, and enhancing engagement with customers and other employees.

1. Automation

Artificial intelligence is most commonly used to automate human tasks and business processes. Robot Process Automation (RPA) entered the Chinese market in 2017. Today, robotic process automation combined with cognitive technology is advanced to robotic cognitive automation (R&CA). The robot is now able to handle the two tasks described above according to predefined rules, including performing “smart” tasks such as:

* Identify the status of a given entity, such as a business or personal name.

* Extract structured information from unstructured documents such as contracts and financial statements.

* Automatically categorize invoices based on the product’s natural language name, and search the site for target information.

Fraud monitoring is increasingly using artificial intelligence to do this, such as assisting forensic teams in searching for terminology and information in unstructured documents, helping teams to do their work faster, faster, and more accurately. Therefore, in the long run, RPA and R&CA are very likely to lead to an increase in unemployment, especially in the offshore business process outsourcing industry. If a project can be outsourced, the entire process can be automated.

2. Assistant decision making

Artificial intelligence uses machine learning algorithms to detect the main patterns and relationships of billions of data sources, and to tap into practical and in-depth insights to provide strong support for business decision-making processes. While using various data sources to predict consumer behavior is not new, artificial intelligence has made significant progress in the scale, speed, and accuracy of the data being processed. Combining machine learning or deep learning algorithms, big data technology can deliver significant insights. In addition, the elements that drive the insightful formation process are not user queries, but real-time active continuous monitoring mechanisms.

AI colleagues who provide cognitive insights can be counted as senior consultants, but because they are responsible for work far beyond human capabilities, they do not pose a threat to existing employees. Cognitive insights provided by AI colleagues help business executives make more informed strategic decisions. Executives need to understand the importance of this type of artificial intelligence and make strategic investments.

3. Increase participation

Digital agents are becoming increasingly popular in everyday work and life. The Turing test is designed to detect artificial intelligence that exhibits intelligent behavior that is comparable or indistinguishable from humans. Although the digital agent has not yet passed the Turing test, it has made our work and life more convenient in many fields. Digital agents have also been used in the following industries.

*Consumer goods and industrial products. The digital agent answers customer questions and improves the customer experience based on background information such as past behavior, preferences, weather, vacation plans, and more.

*Financial Services. The Robot Consultant provides clients with investment advice and personalized investment plans to monitor and inform users of changes in portfolio risk in advance.

*medical insurance. The digital agent can provide patients with personalized comprehensive medical advice in a timely manner, such as reminding to continue to supplement the medication according to the prescription to improve patient satisfaction and efficacy.

AI still needs manual monitoring

As artificial intelligence is increasingly occupying an important position in the labor composition of various enterprises, the risks associated with the application of this technology cannot be ignored. According to the “Enterprise Intelligence Application Status Analysis (Second Edition)”, network security is considered to be the primary risk. Artificial intelligence systems that are subject to cyber attacks can cause data breaches and information security issues. This is not a problem unique to artificial intelligence, but as reliance on artificial intelligence increases, solving network security issues will become even more important.

Artificial intelligence system failure is another major hazard, especially when it comes to mission-critical data. A copy of an internal document may not pose a significant risk to the business, but the key figures in the financial statements are a different matter. At the critical moment of the “life and death” in the medical field, the risk of failure of artificial intelligence systems is often zero tolerance. In many cases, manual monitoring is still required.