The Bionic Corporation: A Case for AI enabled enterprise processes
By Arindom Basu (www.digilytics.ai)
The enterprise world is exploding with data, generated through traditional mechanisms like corporate systems and new mechanisms like digital, IOT and sensors. AI, analytics techniques and technologies have rapidly evolved to harness this data. At the same time, few corporates are able to capitalise on the opportunity to harness this data with AI technologies. At the heart of this failure is the lack of ability of businesses to become bionic and consume the AI technology on the one hand, and the consumer-friendliness of the technology on the other.
Banking and financial services, which are at the forefront of consuming new technology, need to become bionic by combining human capability with consumption-friendly AI technologies that can easily plug into existing technology. The resulting bionic processes improves customer-facing
operations like customer relationship, distribution and marketing, product operations like loan underwriting and servicing and corporate operations like finance and HR.
An example of how to become bionic is to leverage an AI platform that enables deployment of AI solutions better, faster, cheaper in financial services enterprises. One such company has done just that and is being used to significantly reduce Time-to-Fund for secured lending, improve customer experience in life insurance policy origination and reduce fragmented and difficult to control corporate expenses like travel. There is a rise in AI platforms that generate bionic business processes by making AI techniques and technology EASI (Embeddable, Actionable, Simplified, Integrated).
As newer technologies like block-chain and quantum computing evolve, they will have to be integrated into AI technology and at the same time make the technology even EASIer to consume by enterprises.
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