Extract from article by Lee Beardmore
Automated approaches and technologies can be applied to most processes, so organizations should look for underlying inefficiencies to eliminate unnecessary work. AI solutions are increasing their contextual awareness and can parse through vast amounts of data. This means they can support roles that until now needed human teams to execute. However, AI and big data provide support far in excess of what their human counterparts can d, because available compute power provides a massive delivery capacity.
For example, AI can provide value in contract management, compliance, finance, human resources and the supply chain. Contractual information can be long and complex, and it is often difficult to extract unstructured data efficiently and understand legal terms and variances of context. Using AI, you can effectively augment the work of a lawyer by extracting and analyzing the most relevant terms.
Some standard robotics mechanisms can mirror human interaction with a system, thereby using robotic techniques to deliver in the same way a person can—but faster and with fewer mistakes. Invoicing in particular is a case where this proves true time and again.
We have just begun to scratch the surface of what AI and big data can do for us. Their potential is virtually limitless. They provide an opportunity to develop two key areas: creating a business foundation with greater efficiency and a better-managed cost base, and helping us see into the future.