The era of Artificial Intelligence (AI) has well and truly dawned. The way we live, work, and conduct business is transforming. Companies looking to future-proof their processes are increasingly using AI technologies to expand their business. It’s evident in manufacturing, where robots share our environment to supply chains that react in real time,
This is a time of change – and change doesn’t wait. Those that can understand – better yet, embrace – the concept of machine-human collaboration are set to succeed in the coming years. Those that ignore it, on the other hand, will undoubtedly be left behind.
Estimates suggest that if businesses invest in AI and machine-human collaboration at the same rate as top-performing companies, they can expect a revenue boost of 38 percent by 2022 and raise employment levels by 10 percent. What’s more, 54 percent of organization leaders believe that machine-human collaboration is critical to achieving their strategic priorities.
The machine vs. human mindset is obsolete. Now, future success involves coming to terms with the concept of machine plus human and how this unlikely partnership can boost innovation in the workplace.
Business in the Age of AI
The emergence and adoption of AI technologies fosters new opportunities and creates new roles for humans on all levels of the value chain in IT and beyond. These new opportunities rely on AI’s capacity to transform business processes in several distinct ways:
Speed. Time is a critical factor in the IT space, as well as many other industries. For example, with AI at the helm, financial businesses can detect credit card fraud on the spot, saving valuable time and energy. HSBC Holdings is already using an AI-based solution to stop laundering, fraud, and terrorist funding.
Flexibility. Rigid processes are a thing of the past. AI enables manufacturing and other procedures to follow real-time customer choices.
Scale. Corporations working on larger scales can use AI to accelerate operations. For example, Unilever has adopted an AI-based hiring system that doubled job applicants to 30,000 and decreased hiring time from four months to four weeks.
Decision-making. Making decisions based on data is best practice in business. Machine learning and AI give workers access to vast amounts of tailored information to solve problems quicker and more effectively.
Personalization. AI makes on-demand customized brand experiences accessible at a significant scale. Music streaming service Pandora uses AI algorithms to generate personalized playlists based on user preferences.
How Machine-Human Collaboration Fosters Innovation
With enhanced speed, flexibility, scaling abilities, decision-making tools, and personalization processes in tow, businesses can focus on re-skilling their talent and redefining job descriptions to encourage creativity and innovation. This overhaul will be paramount for those that wish to remain relevant.