AI will fundamentally change the way that business operates in the future. We’ll be spending less time doing transaction processing and much more time on value-added activities which will actually drive both the top-line and bottom-line for businesses.
I think the appetite for AI is different in different industries. Some have embraced it, others have been much slower to the party. People would be surprised if they realise just how much Ai is used today in business, and how much they interact with it on a day-to-day basis.
It can be used in pretty much every organisation to release value for them. We see it being used in simple things like turning speech into text but also you get chatbots who perform part of HR functions. Rather than having somebody on the helpdesk, the chatbot will do it for you, reducing the need for having someone sat there on the helpdesk.
Most of the companies that are adopting AI are doing it in a pro-active way, and they’re doing it because they recognise the fact that they need to change in order to ensure they maintain their position in their value chain.
An interesting area that we’re seeing companies using it is around recruitment. They can use algorithms to scan documents because actually you can take bias out of recruitment by ensuring that all documents are read with an unbiased view. It’s really important that you’re clear about how those tools operate so you can use them responsibly.
AI will deliver really tangible benefits to organisations, not just in terms of taking out cost, which is obviously is one element, but actually improving the quality of services that organisations give to their consumers and their customers.
We are seeing companies using it to identify trends in market and to look for future growth opportunities, or importantly where they might look at customers and change the way they sell to them.
I think it’s never too late for organisations to start to embrace the technology. It’s about starting small, finding an area that you feel comfortable trying the technology in, and then seeing how you can then utilise that scale up across other parts of the organisation.
AI offers transformational opportunities for consumers, businesses and society as a whole. It’s really important that companies are focusing on how they can use AI. It’s something which needs to be dealt with today, not something in five years’ time.