The road to “Intelligent Transformation”
Jul 14, 2023 by Stefan Groschupf
In the ever-evolving landscape of technology, businesses have consistently adapted to embrace transformative shifts that drive progress and competitiveness. From the transition from steam machines to electricity to the recent era of digital transformation, companies have continuously evolved to stay ahead of the curve. Now, as the era of Digital Transformation gives way to the era of Intelligent Transformation. Businesses are entering a critical phase – one that necessitates the adoption of an intelligent business operating system.
Digital transformation brought significant changes in how companies operated, leveraging digital technologies to streamline processes, enhance customer experiences, and drive growth. However, it became increasingly clear that digital transformation laid the groundwork to harness the real power – Artificial Intelligence (AI) – to drive operational efficiency, smarter decisions, and higher agility in fast-changing markets.
“Businesses are entering a critical phase – one that necessitates the adoption of an intelligent business operating system.”
Why “Intelligent Transformation” matters
The advent of AI brings forth a new wave of disruption, making it crucial for companies to prioritize intelligent transformation. AI has the potential to deliver unprecedented efficiency, productivity, and innovation across various industries. It empowers businesses to automate routine tasks, enhance customer experiences, optimize operations, and uncover hidden patterns and trends. By embracing AI, companies can gain a competitive edge, unlock new revenue streams, and propel themselves into the future.
The stages of adopting AI: A self-driving car metaphor
To better understand the journey toward becoming an intelligent enterprise, we can draw parallels to the stages of self-driving cars, which have progressively evolved from human-controlled vehicles to fully autonomous machines. Similarly, companies can follow a phased approach to adopting AI:
Stage 1: Manual mode (digital transformation foundation):
- Establish a solid foundation in digital transformation, including digital processes, data integration, and modern technologies.
- Lay the groundwork for data-driven decision-making and a culture of innovation.
Stage 2: Assisted mode (AI-powered insights and automation):
- Leverage AI and machine learning algorithms to gain actionable insights from data and drive automation.
- Implement AI-powered analytics tools to enhance decision-making capabilities.
Stage 3: Semi-autonomous mode (intelligent automation and optimization):
- Automate repetitive tasks and processes using AI technologies such as intelligent document processing (IDP).
- Automate parts of business processes such as underwriting, claims processing, and supply chain management with “human in the loop” for final decision making.
Stage 4: Highly autonomous mode (AI-driven innovation and transformation):
- Migrate manual processes to straight-through processing automations powered by AI.
- Embrace advanced AI technologies such as advanced natural language processing to extract data trapped in documents to make smart decisions e.g. for underwriting.
- Foster a culture of experimentation, encouraging employees to explore AI’s potential in all business units.
The need for an intelligent business operating system
As companies embark on their journey towards intelligent transformation, they often encounter various challenges, including the integration of AI models, scalability, fault tolerance, and the ability to process unstructured data efficiently without the need for sparse data science or IT resources. These challenges can hinder the adoption and implementation of AI at scale. An easy-to-use intelligent business operating system serves as a centralized platform that addresses these challenges.
Scaling AI and processing unstructured data
A key challenge for organizations is the ability to scale AI to reliably handle large volumes of data. The sheer amount of data generated by companies is staggering, with approximately 80% of it being unstructured in the form of documents. To fully leverage AI’s potential, companies need a platform that excels in processing unstructured data, custom model integration, data source integration, human into the loop and monitoring processes to handle processing data at scale and integrate the processing into critical business and decision processes.
Intelligent document processing for non-technical users
Intelligent document processing is a crucial capability that an intelligent business operating system must provide. It empowers non-technical users to easily extract information from documents, automate data entry, and streamline business processes. For example, in the banking and insurance industry, underwriting involves extensive document processing to assess risks and determine coverage. By leveraging intelligent document processing within the intelligent business operating system, underwriters can automate the extraction of relevant information from various documents, accelerating the underwriting process and improving win and loss rates.
IT monitoring and control for standardization
Implementing AI across diverse business units can be challenging without proper monitoring and governance mechanisms in place. An intelligent business operating system offers IT monitoring and control capabilities, allowing organizations to govern AI deployments, ensure compliance, and maintain standardization across the enterprise. This enables businesses to manage AI models, monitor performance, and enforce data security and privacy regulations effectively.
Fault tolerance for mission-critical business processes
In the age of intelligent transformation, businesses heavily rely on AI-powered systems for mission-critical processes. An intelligent business operating system must exhibit fault tolerance to ensure uninterrupted operations and prevent costly disruptions. By incorporating fault tolerance mechanisms, such as distributed computing and fault tolerance, self-healing, the system can withstand failures and maintain business continuity, even in high-stakes scenarios.
The transformative impact of an intelligent business operating system
By adopting an intelligent business operating system, organizations can unlock the full potential of AI and intelligent transformation. The system acts as a catalyst, enabling companies to implement AI quickly, efficiently, and in a standardized manner. Some transformative benefits include:
Enhanced efficiency and productivity: By automating repetitive tasks and streamlining document processing, companies can significantly improve operational efficiency and productivity.
Improved customer experience: Leveraging AI capabilities such as intelligent document processing enables organizations to provide faster and more accurate customer service, leading to enhanced customer experiences.
Accelerated decision-making: With advanced AI-powered analytics and insights, businesses can make data-driven decisions faster and more accurately, empowering teams across the organization.
Cost reduction and revenue growth: By automating processes, reducing errors, and optimizing operations, organizations can realize cost savings during inflation while exploring new revenue opportunities.
Future-proofing the organization: An intelligent business operating system ensures that companies are well-prepared to adapt to future technological advancements and market demands, staying ahead of the competition.
“As the era of Digital Transformation gives way to the era of Intelligent Transformation, it’s critical that businesses consider the importance of not just adopting AI but implementing an intelligent business operating system.”
This will provide the foundation for organizations to implement AI quickly, efficiently, and in a standardized manner across all business units for maximum ROI value and impact.
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