We are living in a cultural moment of unparalleled technological adaptation and advancement. At the beginning of the pandemic, companies were required to adopt digital tools and technologies to stay ahead of the curve, and many saw great success in implementing these technologies into their everyday operations. But one area has seen burgeoning success in recent years — artificial intelligence.
Artificial intelligence, otherwise known as AI, simply describes a computer’s ability to do tasks. It is the simulation of human intelligence processes by machine or computer. This can include a variety of functions, but the predominant categories are learning, reasoning, problem-solving, perception and language understanding.
The earliest success with AI goes back as far as the 1950s, but AI was first introduced to the marketplace on a broader scale in the late 1900s. As AI expanded and computers were able to store and process more information, the possibilities grew. But in tandem with this growth, many began to associate AI with a loss of jobs for human beings.
So what is the incentive for businesses to begin adopting AI? Well, the list is long. It’s not about taking jobs from people but rather about freeing up time so workers can focus on the things only humans can accomplish. While people focus on relationship-building and high-touch customer service, innovations in AI have the possibility and potential to take on more rudimentary tasks and time-consuming responsibilities. AI presents significant possibilities for the workforce, and those who adopt this technology now will see significant dividends in the future, both in their time and their finances.
Closing the Knowledge Gap on AI
Businesses theoretically understand the importance of being a good corporate citizen, but few understand how this can apply to artificial intelligence. Problems arise when companies misunderstand the benefits of a product or service, or when they use that product or service to the detriment of their employees and customers. Corporate responsibility includes the fundamental pillars of community, environment, marketplace and workplace. If AI and emerging technologies can assist in any of these four key areas, their implementation is worth serious consideration. Closing this knowledge gap is a vital next step toward understanding how AI can impact day-to-day business.
How AI Can Help Businesses Thrive
One key way AI can help businesses of all sizes is through robotic process automation (RPA). RPA software eliminates repetitive, mundane tasks and lessens the likelihood of common mistakes. This software focuses on repetitive tasks that are more quickly accomplished through the power of AI.
RPA is changing the way work is accomplished. These software robots are solely focused on what is normally considered “lower-value work,” like moving around files and folders, inserting data, sifting through forms, and completing analyses and reports. More advanced robotics systems can even interpret text and help companies interpret data with learnings applicable to their business.
When RPA is utilized to complete more repetitive, high-volume tasks, it frees people to focus their brains on what matters. Harnessing the power of RPA makes businesses more competitive. By automating certain tasks, businesses are taking the grunt work off their employees as well as their leadership, so they have time to focus on the big picture.
The possibilities that AI can bring businesses are essentially endless. There is no time to be afraid of the future — it’s already here. Everyone can harness the power of emerging technologies like AI to create a better business environment.
Mahesh Vinayagam is CEO of Phoenix-based qBotica, an innovative intelligent automation-as-a-service provider building an automation ecosystem for its customers via robotic process automation (RPA) and intelligent document processing (IDP). As the leading provider of intelligent document processing and robotic process automation as a service solution, qBotica has secured several Fortune 500 clients and provided rapid insights into inefficiencies plaguing their business to much success. Their best-in-class automation services and solutions are easily integrated with leading automation products (such as UiPath, Abbyy, and Microsoft Azure AI platforms).
Did you Know: qBotica recently secured $1 million of seed funding from Peacock Ventures and plans to use the funds to expand its technology in order to better assist B2B businesses with document processing and robotic process automation (RPA) requirements.