How Automation, AI, and ML Are Changing Business Operations?
Deep Impact. These words best describe the extent that automation, AI, and Machine Learning has penetrated people’s lives.
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Deep Impact. These words best describe the extent that automation, AI, and Machine Learning has penetrated people’s lives. Technology is involved in nearly all of the conveniences you enjoy today. Intelligent automation has radically changed the way personal and business affairs are conducted.
For businesses especially, integrating automation, AI, and Machine Learning (ML) in business operations has become essential. You have better chances of scaling and achieving financial targets. More importantly, you provide customers with competent, problem-free and timely service.
How Deep Is the Impact?
In “Deep Impact,” the Hollywood sci-fi flick in the late 90s, people watched in horror as a giant meteor was on a collision course with Earth. Automation, AI, and Machine Learning can be likened to that approaching comet. But unlike in the movie, people did not fear the impact and instead embraced the arrival of the emerging technologies.
The doors have opened for companies to effect change and develop seamless business operations. But as a consequence, people expect nothing short of exceptional in the delivery of good and services.
Businesses Are Experiencing Transformations
When AI was being introduced, people were skeptical. There is worry that robots and machines will replace humans in offices, factories, and other places of work. That thought alone already gives you the impression that computers can do the job better. But that’s not actually the case. Isn’t AI the brainchild of humans?
Automation, AI, and Machine Learning will only do the tasks their human sponsors program them to do. By using these technological advances, businesses are experiencing transformations. Companies, big or small, and across all industries are having a field day streamlining business processes for better efficiency.
The Crucial Roles of AI and ML in Financial Services
The primary purpose of using AI is to understand any data provided by the user like human intelligence and take action based on that.
You utilize AI in order to make sense of the information and elicit intelligent thought. The financial services sector has long been in search of end-to-end solutions in the credit cycle. AI and ML have shortened the entire lending process and improved customer satisfaction. From the application, pre-qualifying, evaluation, approval, and loans settlement stage, every bottleneck has been eliminated.
AI is able to sort out the voluminous data and use them where applicable. The result is a well-informed decision by the approving authorities and quick access to funds by borrowers. Meanwhile, ML allows companies to save on labor costs and man-hours. ML performs the credit analysis task amid the large volume of transactions. The cognitive computing technology present in ML can also detect and predict fraud.
Aside from loans management, ML is being used in other business units such as funds and risk management, treasury, and customer service. With robo advisors in wealth management, there is no face-to-face interaction with human advisors.
Published at DZone with permission of Rupali B. See the original article here.
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