The most immediate benefit of artificial intelligence (AI) for business is clear: it’s a huge opportunity for increased productivity.
Gartner recently calculated that In 2021, AI enhancement will create $2.6 trillion of business value and rescue 6.2 billion man-hours internationally, and also a survey by McKinsey has estimated that AI analytics may add around $13trn, or 16 percent, to annual global GDP by 2030.
The easiest and fastest way to employ business AI would be to add machine learning to existing business processes. Automation brings the most value when it’s applied to narrow, repetitive business decisions that are made thousands of times per day, replacing the more boring aspects of knowledge work. For instance, machine learning has proved successful at accomplishing repetitive finance jobs such as the automatic matching of invoices and payments, raising rates from 70% to 94% in only a few weeks–resulting in enormous savings in time and effort.
So AI will be a massive boost to associations around the world–but the true opportunity of AI is to eventually unleash the full power of human intelligence. Rather than treating humans like robots that are unsuccessful, we could utilize it to better leverage our uniquely human skills like leadership, adaptability, and creativity really are coming to the fore. As Picasso once said: “computers are useless: they could only give you answers!”. Only people can understand the full context of what’s not functioning well in business processes and functions, and possess relevant hints on how they can be made better. Or to put it a different way: the most important thing in business is… understanding what’s essential!
For instance, salespeople can now examine AI-augmented lists of potential deals. Using historical patterns, algorithms automatically prioritize earnings requirements based on how likely prospects are to purchase, which products they’re most likely to purchase, and how long the deal is very likely to take. Because the data relies on previous sales success, the total effect is to assist every salesman to be as good as the top salespeople in the organization.
And finally, business success isn’t about answering queries: it is about asking the correct questions in the first location. AI-augmented Analytics helps business people spot outliers and unusual situations faster, and mechanically uncover the drivers of key performance measures such as earnings and benefit, so that business people can spend more time on the decisions that actually matter.
But there’s one area where the energy of human intellect really shines: innovation. It’s a fundamentally human-oriented procedure that needs coming up with hypotheses, producing experiments, evaluating complex results, and scaling up new methods of working. Fortunately for us, AI will never be able to compete in these regions.
Nowadays, business people are too often treated as passive”users” of technologies. But in fact, they’re undoubtedly the most important”technology” in the enterprise, and this technology is not being fully leveraged. Every time people interact with processes and information processes, they include valuable insights. But all too frequently those insights are only being wasted because human-generated data has been hard to gather, aggregate, control, and analyze.
Organizations have, naturally, paid close attention to things like customer and employee feedback for a long time, but people’s emotions, expectations, and invention insights are very different from the structured advice that now’s information systems are optimized for. This means that collecting experience information has generally been guided, limited, and episodic. Now, however, new adventure management platforms can harness these human insights at scale–gathering the proper data, from the proper people, at the right time. When combined with traditional data resources, and using AI to surface the most important trends, this holds out the chance of enhancing and accelerating innovation at every level, in every business procedure.
Ultimately, the growth of AI is raising the premium on tasks that only humans can do: it’s freeing workers from drudgery and allowing them to spend time on more strategic and valuable business tasks. Rather than forcing people to spend time and effort on tasks that we find challenging but computers find simple, we will be rewarded to do what people do best — and also artificial intelligence will make us all more human.