The rise of AI in the technology sector will be key to the success of many IT companies, but as companies struggle to find software developers, developing AI automated processes provides organizations an ability to adjust to the skills gap. The evolution of the technology is also revolutionizing previous roles to think about business outcomes differently.
Speaking during HighRadius’ Radiance 2023 conference, Founder and CEO of HighRadius Sashi Narahari said that we’ve done a good job of the commercialization of AI, but a poor job in understanding how human roles must evolve.
End user roles have evolved from repetitive work to doing more work involving judgement, while automation deals with the repetitive aspects of a job. Operational leaders have also seen their roles shift as more application extensions are built to improve automation processes. Previously, every application was custom built without customization.
“So, if I were to summarize the problem statement: how do [operational leaders] enable you to use out-of-the-box AI as is? Because customization is not simple,” said Narahari. “But also, how do we give you the freedom to extend the enterprise applications?”
To address this problem, HighRadius developed a new platform for businesses to extend enterprise applications by themselves without depending on IT or vendors.
Enabling out-of-the-box AI
Through a new product called, LiveCube, finance business users are enabled to “build their own applications as extensions to standard functionality received from enterprise systems without depending on IT departments or admin users.”
A no-code platform designed for offices of the CFO can be used by augmented reality teams, Treasury and Accounting teams and more by using an Excel-like spreadsheet interface.
Among use cases for this software displayed at Radiance 2023 includes collections worklists which allows collections managers to use LiveCube to utilize a set of custom parameters in its Order-to-Cash application to reprioritize their collectors’ worklists.
Another use case, cash forecasting scenario modeling allows Treasury users to use LiveCube for applying different scenarios on top of their baseline cash forecast.
Additionally, LiveCube allows accruals to be reviewed and recommended, push journal entries directly from the system and provide high levels of auditability for management.
Cutting-edge AI services
Without customization for the large swaths of data scaled at every moment, organizations with a well-planned strategy and philosophy around AI to create high customer satisfaction and improve efficiency will be the leaders of the autonomous future.
HCLTech understands that to ensure a competitive edge and to match the pace of evolving business environments, incorporating AI throughout the journey is just as critical is having an AI tool at the end.
HCLTech’s NEXT.ai has services and solutions to help enhance an organizations digital footprint. The NEXT.ai lab is home to a configuration built to accomplish design thinking, accelerate prototyping and showcase solutions for quick evaluation and user adoption.
Whether it’s through LiveCube or NEXT.ai services and solutions, there’s no denying that AI plays an important role in shaping the future of business. Understanding how human roles have changed with the evolution of AI will be key to maintaining a competitive edge.