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Artificial Intelligence (AI)
It’s no surprise when Google Maps finds the fastest
route to work or when Amazon recommends products
that you want to buy. Like so many technologies before
it, AI is now making the switch from our consumer
experience to our business lives, helping organisations
automate repeatable tasks and get control over the
masses of data they collect.
AI is already powering intelligent personal assistants
and chatbots that are well on their way to becoming
virtual team members. They can rapidly ingest and
interpret the mind-boggling amounts of information
we produce and convert them into answers to
problems that would have otherwise taken many
people days to deduce.
At JPMorgan Chase, AI software reads commercial
loan agreements all day, taking on document-checking
tasks that used to keep legal teams busy for 360,000
hours a year. But that doesn’t mean the company is
using the technology to lower the wage bill. “People
always talk about this stuff as displacement. I talk
about it as freeing people to work on higher-value
things, which is why it’s such a terrific opportunity for
the firm,” says JPMorgan Chase CIO, Dana Deasy.
The financial services firm has also created bots to run
some of its internal IT support operations, granting
them access to business applications and putting
them in the front line to respond to common IT-related
requests from employees, such as resetting passwords.
The bots are expected to handle 1.7 million requests
every year, doing the work of 140 people!
AI is already
powering
intelligent
personal
assistants
and chatbots
that are well
on their way
to becoming
virtual team
members.
