As the title goes, get ready to the embrace the world of artificial intelligence (AI), machine learning (ML), BOT’s, robots, and automation at every step of your life.
AI if adopted in a structured manner and successfully, can disrupt the world markets in the respective fields of business. Every organization needs to have a use case of applying this to their suit of offerings and if applied successfully, the benefits which can be reaped off this technology are gigantic. We are already witnessing AI and BOTs in our personal lives. These technologies have changed the way we manage ourselves. We are now driven more by machines than our hearts and minds.
From a commercial perspective, AI implemented successfully can do wonders for organizations and at the same time, a mad rush to catch up on the digital journey and a haste implementation will be disastrous and will prove fatal. It is a matter of serious business to implement AI and needs to be project managed in a streamlined manner.
Some Benefits of AI
Complex decision making. AI can help in complex decision making and ease the end to end process and bring radical change in the way this is handled. A great level of reporting especially for the Sr. Stake Holders of the organization and in the way, they need the data combined with analytics and research. All of these can be done in just a matter of minutes and accurate compared to the human efforts.
Governance. AI and ML can also be used for managing effective governance, fraud detection, and monitoring suspicious activities. AI can help grab the learning quickly and be able to cull out the deviations.
Detecting cyber threats. This is another key area where AI can be utilized to be able to combat the malicious attacks and be able to assess the behavior of the systems and requests coming in and going out of the environment. It can be trained to observe the inadvertent behavior of systems and report back/take preventive actions.
Financial decision making. Financial institutions can benefit greatly by implementing AI especially for the organization with complex product offerings, time to market requirements, key decision-making requirements. AI can help predict the details of the individual based on the data/various sources/existing transactions and the behavior pattern of the individual on Financial decisions. This will help the organization to take near right calls on providing solutions to the target audience and be able to focus on the correct set of clients.
Smart usage of workforce. Implementing AI / BOT’s for L1/L2 level of activities can free up a large workforce who can be put to a better strategic and decision-making activities. This will optimize human resource requirements and save on huge human resource costs.
At the same time, there are downsides of wrong implementations and disasters AI can create. A serious heads up on a messy implementation!
Wrong training and data. Since AI is nothing but ML and reads from the data fed in by humans, any wrong training and data can lead to the output it provides.
Prone to cyber threats. Since AI has huge amounts of data and information, they are mostly prone to attacks for stealing the data which can lead to devastation.
Regulations. This will play a huge role in coming days where regulations around AI will be tightened. In light of the EU’s GDPR (General Data Protection and Regulation) AI would also see some governance layer.
Reputational/financial loss risk. Wrong implementation of AI can create disasters and lead to reputational and huge financial loss and collapse of business. Hence it is imperative that the successful and correct implementation to be done.
In summary, as any new technology AI, ML, and BOTs are very helpful if used in the right manner and can also go grossly wrong if mishandled. Use the best of your implementation/training skills for a successful implementation.