Why has AI turned into a buzzword?
Artificial Intelligence (AI), once a favorite theme for summer blockbusters, is now a subject of debate among leading lights in the fields of science and technology. When the likes of Stephen Hawking, Elon Musk, and Mark Zuckerberg disagree over AI evolution, it’s clear that the future is now.
The influence of this emergent (or perhaps, maturing) technology on civilization cannot be easily discounted. Today, personal assistants like Siri or Alexa enable a host of disparate functions with a view to making life easier. The subsequent impact on individual lives has resulted in consumers demanding more responsiveness and immediacy from businesses.
Enterprises, in order to articulate improved customer experience, are consequently deploying various AI technologies like deep learning, machine learning (ML), and natural language processing (NLP). For instance, automation of iterative low-level tasks has yielded substantial benefits. The Royal Bank of Scotland recently launched an AI-powered virtual assistant Luvo, which resolves customer queries as well as executes simple banking tasks. EDF Energy is striving to leverage automation tools to optimize its nuclear power stations.
In the contemporary business landscape, there are numerous automation use cases across multiple verticals. According to Forbes, 81% industry leaders are planning to invest in AI, the top three areas being digital marketing/marketing automation, salesforce automation (CRM), and data analytics.
Is AI living up to the hype?
Despite the robust numbers, the practical impact of AI does little to justify the buzz around it. While the technology has generated substantial hype among industry leaders, its mass-market benefits are not fully realized. If one were to consider the example of The Royal Bank of Scotland, it would be worthwhile to note that Luvo diverts the more complex questions to its human counterparts. Despite this drawback, the bank claims to be twelve months ahead of its competitors by virtue of the NLP bot.
The limitations of traditional automation platforms are exposed when the task requires intelligent collaboration or decision making. Chat bots, on the other hand, can communicate and collaborate but are unable to execute end to end transactions. Cognitive Orchestrated & Process Autonomics (COPA) is a suite that combines the best of AI, NLP, and process automation to deliver best-in-class solutions.
Realizing the full potential of AI
A “Unified Office” facilitates the creation of autonomous intelligent systems that function independently and are capable of high-level performance, while remaining extremely user-friendly.
Lucy, a COPA-fuelled chat bot, is programmed to address complex queries. For example, if a customer is trying to place an order through Lucy, it would comprehend the query in its entirety. The chat bot will guide the customer through the entire product specification sheet in order to gauge even the minutest details.
In order to drive a unified experience across touch points a seamless enterprise-wide integration of cognitive technologies, advanced analytics, and Robotic Process Automation (RPA) is essential. Moreover, the convergence of front-office, middle-office, and back-office activities will provide a host of business benefits – ranging from improved regulatory compliance to enhanced agility and scalability.
At the AI Summit Session, we explore the COPA technology in-depth, with a nuanced approach, enabling an understanding of how this offering facilitates business process acclimatization with the contemporary digital reality.