Article | June 2, 2021
Artificial Intelligence is empowering business leaders to make better, data-driven, and insightful decisions. It has undergone several evolutions since it burst into the business scene in the 1950s, to the point where several thinkers have already painted a machine that replaces human scenarios for the future. Our view on the future of work has evolved into a zero-sum game, where the result is an either-or.
In my opinion, the view that AI will play a dominant role in the workplace is a little extreme. The fundamental assumption around AI replacing human workers is that humans and machines have the same characteristic. Totally untrue!. AI-based systems may be fast, consistently accurate, and rational, but they are not intuitive, emotional or culturally sensitive. Humans possess these qualities in abundance, and it is one of the reasons why we continue to surprise the world with our advancements.
Intuition is the Mother of Innovation
If we are living comfortable lives today, it’s because some business leaders chose their gut feeling over data analytics on numerous occasions. Some historical examples have been:
1: Henry Ford, facing falling demand for his cars and high worker turnover in 1914, doubled his employees’ wages, and it paid off.
2: Bill Allen was the CEO of Boeing in the 1950s, a company that manufactured planes for the defence industry. One day, he woke up to the idea of building commercial jets for a sector that was non-existent – civilian air travel. Allen convinced his board to risk $16 million on a new transcontinental airliner, the 707. The move transformed Boeing and air travel.
3: Travis Kalanick faced serious pushback when Uber instituted surge pricing. His move seemed to anger and alienate everyone. Travis stayed the course, and Uber modified its surge policy whenever appropriate. Now, dynamic pricing is an accepted aspect of this business and many others.
So the question is, should a competent professional trust their gut feeling or make data-driven decisions?
DATA V/S GUT
Top professionals have repeatedly confirmed that gut feeling is one of the main reasons for their success. Leadership often gets associated with quick responses in unprecedented situations and lateral thinking. Experienced leaders are not only fearless about their instincts but are also proficient at making others feel confident in their judgment. Also, going with our instinct can help us make decisions quickly and more accurately since we tend to make choices based on experiences, values, and compassion. Malcolm Gladwell calls this ‘thin slicing’ in his book, “Blink”. Thin-slicing is a cognitive manoeuvre that involves taking a narrow slice of data, what you see at a glance, and letting your intuition do the work for you. However, he does warn that some decisions are exempt from this rule; it only applies to areas where you already have significant expertise.
Artificial Intelligence and machine learning can support leaders to see complex patterns that can lead to new understanding in this fast-moving, digital era. The contention is that ‘human gut’ feeling can go hand in hand with AI – each supporting the other to achieve balanced outcomes.
A Joint Venture Between Head and Heart
Many see AI as an aid to human intelligence, not a replacement. To be one-step ahead in the AI era, professionals must learn to balance human and machine thinking. Organizations will have to showcase the ability to use the correct information at the right time and take action. It’s about using your instinct to take advantage of data and transforming that information into timely business decisions. AI is not yet ready to replace the human brain, but it has matured into an effective co-worker.
Will intelligent machines replace human workers sometime soon? I guess not. Both have different abilities and strengths. The more important question is: Can human intelligence combine with AI to produce something experts are calling augmented intelligence? Augmented intelligence is collaborative, and at the same time, it represents a collaborative effort in the service of the human race.
Figuring out how to blend the right mix with the best of data-driven deliberation and instinctive judgment could be one of the most significant challenges of our time.Enable GingerCannot connect to Ginger Check your internet connection
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Article | June 2, 2021
We have all heard about the success of the BMW flying car. It is appalling to see how things possible only in imagination and movies are now a reality. However, the actual utilization of a flying car is one or two decades away, but some things have accelerated from being imaginative to being a reality. Some examples are robots, automation, chatbots, digital payments, cloud servers, cryptocurrencies, etc., to name a few.
These digital business trends have revolutionized the world that we live in. Every little thing involves technology and digitization. As a result, the business of every sector needs to digitize itself for sustainability. The business which does not involve technology will be extinct sooner or later.
The Covid-19 pandemic has increased the need for digital transformation. The trends in digital transformation that were to be evolved in the coming years have already been implemented.
It has been almost two years since the pandemic hit us. And thanks to the massive vaccination rollout, the world is slowly getting back to the new normal. And digital transformation plays the most significant role in this evolution.
What is Digital Transformation?
Digital transformation is incorporating technology to ease your work. It is implemented to deliver results, increase employee engagement and enhance customer experience.
Digital transformation has been a trend since the typewriter took over handwriting. It has evolved tremendously since then. Digital transformation strategies have led to the much-awaited industrial revolution. It was revolutionizing the sectors at its own pace, but the pandemic accelerated it.
Incorporating digital transformation trends is a necessity for businesses to sustain and succeed. There is a huge impact created by digital transformation trends in the past years. Now, let us look at the digital transformation predictions that will impact the work culture in 2022.
Digital Transformation Trends of 2022
Improved Connectivity (5G)
The pandemic has fueled the telecommunication industry to accelerate the implementation of 5G. With the increase in remote working, virtual meetings, collaborative software, IoT, and anything that requires the internet, speed and bandwidth are paramount. This has led to the evolution of the 5G trend.
By 2022 all major phone companies will have produced compatible handsets and affordable packages to make the world 5G ready!
AI is already being implemented for core business processes. It is utilized mainly in processes, strategies, and many operations of various sectors. AI has made it possible for machines and humans to work collaboratively. As a result, it has opened doors to endless possibilities.
According to a survey by net solutions, 57.7% of the healthcare sector are planning to implement AI for their day-to-day operations.
Believe it or not, machines have become an integral part of our life. IoT has made it possible for machines to read our bodies and minds, from waking us up to monitoring our health and daily activities. Then they sync the data with other devices to give us accurate results.
But IoT has achieved more than we could imagine. For example, sensors have made it possible to operate machinery on construction sites with remote human assistance. As a result, IoT is changing the world that we live in by 2022.
There is a fantastic fact that the companies with the best security system have an employee retention rate of 84%. This proves that security has so many unseen benefits.
The evolution of digital trends is directly proportional to the threats to the systems. It is a fact that the more technology advances, the more vulnerable the systems become.
But this is taken care of. All sectors have highly prioritized cybersecurity. As a result, immensely talented people are employed for this job. Moreover, the integration of Blockchain, Big Data, cloud servers has led to the surge of more secure systems.
Thus, by 2022 systems will be highly secured, and cybersecurity job trends will also be on the rise.
Benefits of Digital Transformation
As we say, again and again, digital transformation is the need of the hour. Incorporating digital trends leads to more resilient operations and end-to-end process automation while reducing complexity.
The significant benefits of embracing digital trends are
Improved customer experience
Increase in productivity and ROI
Elevating profits and reduce in frictions
Resilient supply chain
Efficient work culture and leadership
The need of businesses in 2022 is to be automated and autonomous. Hence it is essential to embark on the digital journey and build digital transformation roadmaps. Thus, the above digital transformation trends are sure to leverage technology, solve problems and make life easier.
Frequently Asked Questions
What are the top three trends of digital transformation?
The top three trends of digital transformation are:
Is digital information the way to go in 2022?
Yes. Digital information is a trend that will surge by leaps and bounds by 2022. We have entered the digital era, and technology has paved new ways for working. Thus, digitalization is the only medium for survival in the present and future.
How to track digital transformation?
There are various ways to determine digital transformation. Some of them are:
Team Participation and Engagement
Investment vs. ROI
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Article | June 2, 2021
Intelligent Automation (IA) is one of the trending buzzwords of our times. What makes automation smart? Is it new? Why the renewed focus? Bill Gates believed automation to be a double-edged sword when he said: “Automation applied to an efficient operation will magnify the efficiency. … Automation applied to an inefficient operation will magnify the inefficiency.”
IA lies at the intersection of robotics, artificial intelligence (AI) and business process management (BPM).
But before you think HAL from 2001: A Space Odyssey, J.A.R.V.I.S. from Iron Man or Terminator 2: Judgment Day scenarios, first, a little context. IA is not new; automated manual processes have been in existence since the dawn of the Industrial Revolution. It enabled speeding up go-to-market, reduced errors and improved efficiencies. Over time, automation made its way into software development, quality assurance processes, manufacturing, finance, health care and all aspects of daily life.
“Intelligent” automation backed by robotics, AI and BPM creates smarter business processes and workflows that can incrementally think, learn and adapt as they go — for instance, processing millions of documents and applications in a day, finding errors and suggesting fixes or recommendations.
What Intelligent Automation Does, Humans Can’t
IA enables the automation of knowledge work by mimicking human workers’ capabilities. It includes four main capabilities: vision, execution, language, and thinking and learning. Each of these capabilities combines different technologies that are used as stand-alone or in combination to complement each other.
One oft-quoted IA example is fraud detection and prevention in the BFSI sector. Robotic process automation (RPA) optimizes the speed and accuracy of the fraud identification process. Since RPA can go through months’ worth of data in a matter of hours and throws up exceptions, teams cannot keep up with the speed and scale needed to resolve the issues flagged. However, speed and efficiency are of the essence where fraud management is concerned.
The answer lies in AI and BPM coupled with RPA. IA can streamline the process end-to-end. Pascal Bornet notes in his book, Intelligent Automation, that IA can help improve the overall automation rate to nearly 80%, and it can help improve the time to solve a fraud incident and obtain clients’ refunds by 50%.
While RPA provides excellent benefits and quick solutions, cognitive technologies offer long-term value for businesses, employees and customers.
IA And Digital Transformation
IA adoption is growing swiftly across the enterprise, being fast adopted by more than 50% of the world’s largest companies. Its benefits are relevant to the majority of business processes. For example:
• Industrial systems that sense and adapt based on rules.
• Chatbots that learn from customer interactions to improve engagement.
• Sales and marketing systems that predict buyer journeys and identify leads
The Future Of Work: Bitter Or Better
There is much speculation when it comes to IA and the future of work. The main contention is that robots will take away jobs from humans. My argument is that, while it will cause role changes, it doesn’t necessarily mean job losses.
The Industrial Revolution helped automate “blue-collar” jobs in manufacturing and agriculture. Similarly, IA will automate many white-collar jobs that are tedious and tiring. A recent IBM report shows that 90% of executives in firms where IA is being used believe it creates higher-value work for employees.
So, no, we will not be living in a dystopic world controlled by bots running amok! IA means better roles, the elimination of laborious tasks and improvements in employee well-being.
The Promise Of The Better Life
In 2018 alone, over $5 trillion (6% of global GDP) was lost due to fraud. Medical errors in the U.S. incur an estimated economic value of almost $1 trillion — and 86% of those mistakes are administrative. A 2017 Medliminal Healthcare Solutions study found that 80% of U.S. medical billings contain at least minor errors — creating unnecessary annual health care spending of $68 billion. The World Economic Forum cited an ILO report that “estimates that the annual cost to the global economy from accidents and work-related diseases alone is a staggering $3 trillion.”
Now, let us imagine we can save $5 trillion globally through the deployment of IA. It means:
• Global budgets allocated to education could more than double.
• Global healthcare budgets could be increased by more than 70%.
• Environmental investments could be multiplied almost twentyfold.
Transitioning To Intelligent Automation
However, adopting IA is not like flipping a switch. There are some key steps an organization must experience in its bid to be automating intelligently.
• Planning. For the successful adoption of IA, business leaders must understand the relationship between people and machines. Enterprises must plan so as not to disrupt other parts of the business and integrate IA seamlessly into the existing programs. Instead of adopting IA across the processes, identify where it delivers the most value. Automating broken processes will not fix the problem. IA will only reap rewards on stable and mature processes
• Change management. IA is not easy to implement. There will be a great deal of resistance to adopting IA in your organizations. Designing a change management strategy, an execution road map, an enterprise operating model and key metrics for ROI will help your cause. Invite key stakeholders from the outset to ensure buy-in and train your employees to work in collaboration with IA.
• Governance framework. Establishing a governance framework helps determine who will watch the watchmen. The bigger the role of IA in your organization, the more critical governance becomes. Designing a framework will help you monitor performance as well as define exceptions and errors. It is a recipe for disaster if you don’t have a command and control center to ensure IA is making the right choices. Even more reason for humans with industry expertise to still “have their jobs” and excel at them.
Future Of Intelligent Automation
The future of IA will direct businesses to a more adaptive model that is beneficial for business leaders to uncover higher value and employees to do more satisfactory and creative roles. Preparing for an intelligent future means adapting our technology, skills and education to fit the future of the workforce.
What are we waiting for?
Disclaimer – This article was 1st published on Forbes.comEnable GingerCannot connect to Ginger Check your internet connection
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Article | June 2, 2021
While developments in technology are providing highly intelligent, automated solutions and improved security tools, the ever-present cyber skills gap remains a constant issue for businesses across the world. No matter the advancements in automation and security tech, experienced cybersecurity staff remain the best form of defence against the numerous threats faced by modern businesses. With the current trajectory of the expanding threat landscape comes the risk that the already colossal cyber skills gap will continue to widen.