Profound, Disruptive Effect of Artificial Intelligence on Global Businesses
With the change in pace of technological innovation, businesses grapple with driving digital transformation. The need of the hour is adoption of the right technology without disrupting the existing IT infrastructure. Businesses need to become future ready by leveraging enterprise data for useful business insights, which can be powered by AI. The business world is abuzz with talk of how artificial intelligence (AI) is impacting value creation and realization at enterprises. Technologies such as machine learning (ML), deep learning (DL), natural language processing (NLP), speech recognition, image recognition, among others, are often mentioned as examples of what AI brings to the table. These are completely transforming the way products are manufactured, delivered and consumed. The latest McKinsey1 report states that a few early AI adopting firms have already begun witnessing some real-life benefits, making it more urgent than ever for others to accelerate their digital transformation.
Enterprises are Grappling to Implement these Newer Technologies
Despite understanding the potential AI can unleash, enterprises are trying to figure out what works best for them and how to implement it without disrupting their existing Infrastructure. In addition, enterprises face several other barriers such as uncertainties over how best can they utilize AI and make it effective for their organization.
Despite these challenges, 75 percent of senior decision-makers believe AI is fundamental to the success of their organization’s strategy, according to the Infosys1 CIO report. And, 65 percent of decision makers believe that the impact of AI will bring out the best in their organization’s people. The report further adds that by 2020, those currently using or planning to use AI technology estimate an average 39 percent boost to their organization’s revenue. A report by research firm IDC3 points out that 67% organizations worldwide have already adopted AI or plan to do so over the next 5 years, but 73% lack the necessary data science or AI expertise.
Several such reports and studies conducted reinforce the need for simpler, viable solutions built on AI.
Built On AI – Edgeverve’s Business Applications Addressing Specific Business Problems
It is important to understand that the gaps for implementing these technologies often differ from one industry to another – whether it be pharmaceutical, manufacturing, retail, financial services, or something beyond. The key is to employ a solution that can resolve a real business challenge and mitigate risks in real-time. For instance, if a hurricane in Florida disrupts its supply chain, a manufacturer would be faced with fulfilling demand in the face of compromised supply lines. In this scenario, instead of an expensive and inefficient rudimentary approach, the manufacturer would be better served if they were to use a solution employing AI and ML to predict which supply line would be disrupted and then automatically (using automation) switch to the next available supplier.
Through extensive research and discussions with clients, EdgeVerve has converged on the viewpoint that AI should be consumed as micro applications or micro business solutions to specific business problems. Leveraging the Infosys Nia™ platform to create a foundation of automation and AI for these Business Applications, these solutions can solve real-life business problems.
This means, a specific business solution for a procurement officer grappling with simplifying procurement, can simply sit atop the existing data, without the need to disrupt the infrastructure. It, being built on AI (using open source technologies) can utilize the data and derive insights which can help steer a business towards cognitive capabilities. Similarly, a banker grappling with a collections and customer service problem can utilize a pre-configured business app that will expedite time to value.
Edgeverve’s Suite of Plug & Play Business Applications for Every Enterprise
It is no secret that enterprises tend to have a plethora of existing apps. These legacy apps are often incapable of intelligent performance. EdgeVerve’s Business Applications can seamlessly integrate AI capabilities without ripping apart the existing landscape.
For example, addressing the problems faced by lenders and debt collectors, the data-driven, intelligent Nia Loans Loss Mitigation business app predicts which customer will be delinquent next month, or maybe the next quarter. It doesn’t stop there; it goes ahead to offer actionable insights such as personalized negotiable strategies created after behavioral and financial analysis for each consumer, guidance to recovery agents to call the right customer, setting the right tone and helping gain an upper hand in negotiations.
As we go forward, realized digital transformation will require more extensive use of automation and AI. The EdgeVerve suite of plug-and-play Business Applications built on AI provide that boost to enterprises that will make a difference in how they realize value and compete. Their ease of use and deployment are designed to help enterprises get over their hesitation to go further with automation and AI. Designed to integrate seamlessly with existing infrastructures, these business solutions built using the Infosys Nia™ foundation can be deployed by enterprises of all sizes. We, at EdgeVerve are excited about an emerging new world of built-on-AI – in our case, built-on-Nia – Business Applications. Join us in this revolution.
Read more about the #BuiltOnAI campaign here.