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Within the past year, AI and automation has become a highly populated tool for businesses to use to make employee’s lives easier. According to McKinsey, 35% of global companies report using AI in their business.
Businesses all have the same question in mind: ‘Is AI the right way for us to go?’.
We’re still learning about AI and the risks and thresholds (which are actually different for everyone, but we’re already seeing the huge range of business optimisations which can be performed through automation. The headline-grabbing piece of software has been ChatGPT - which frees up a lot of people’s time such as writing a quick email when they’re busy with something else - but AI can actually go much further than simply improving time management. Consider how fantastic it can be for those with disabilities.
According to data from the World Health Organization (WHO), more than one billion people are living with some significant disability today and Fortune Business Insights stated that the market for AI-related technologies is set to grow to a cumulative valuation of over $2 trillion in the next seven years. So, it is reasonable to suggest that the marriage of these spaces, such as businesses leveraging AI, can help introduce a new era of accessibility. It's a brilliant way of encouraging that kind of stimulus.
The one thing businesses miss out on with AI is the ethical rationale behind things. It is brilliant optimization, but the ethics aren’t there. For argument's sake, an AI model will only look at the questions you asked, it can’t give opinions, and it doesn’t have the human instinct that detects something “off” or unusual. If we fail to use it the right way, AI can cause a lot of disconnect and negatives for the business - or even do something illegal.
We need to do more testing to show more resilience and look at both sides instead of just the positives.
According to the PWC, 77% of CEOs say AI and automation will increase vulnerability and disruption to the way they do business. At Bibby, we’re already redesigning our whole customer journey to be completely digitised and into the cloud.
What we are trying to do is build up AI into it and how does that customer feel supported in going through that journey as a customer? But also, when those portals are filled in, how does our staff embrace that change? It’s not about talking them out of the job, it’s about how to streamline our business processes.
The biggest thing happening at Bibby Finance Services’ is giving the customer a 4.0 digital journey. From start to finish, they’re breaking every single manual thing we do for their customers and themselves into being completely automated.
The customer is able to do everything themselves like self-service on a portal, there’s an element that’s freed up our resources. BFS looks at market trends and analysis and now AI does it for us. BFS not only makes the lives of customers easier but also makes the lives of the business easier.
There are multiple pros and cons of businesses’ using automation and AI, but the bottom line is there is not enough research existing to decide on a conclusion.
The benefits of AI seem to outweigh the negatives, but if the negatives are not carefully deliberated, it could mean the end of a business. With the correct training, research and caution, businesses can optimise AI for endless possibilities.
