2 February, 2017
Bots Will Change Workplace Research Sooner Than You Think
Bots get a lot of buzz these days. In the enterprise, a lot of this buzz focuses on customer care use cases, trying to provide better customer service or increase sales.
I think there are even bigger opportunities upcoming in the enterprise, especially in research and analytics, where AI has transformed what bots can do. Today’s bots, when focused on specific tasks, have the ability to intelligently find and confirm data, sift out noise, and return consolidated, relevant information that can change the way organizations do business.
Here are three sectors ripe for transformation with bot technology.
Banks today employ armies of compliance people — as many as 10,000 for a top global bank. They see no alternative, as regulations increase and criminals conduct billions of dollars of illicit trade activity, and worldwide costs for breaking sanctions reach an estimated $12 billion.
Corporations, as highlighted by the recent Rolls Royce settlement, face similar regulatory pressures, not to mention the reputational risks when the right level of oversight hasn’t been achieved. On the flip side, achieving a sufficient level of oversight has traditionally been very expensive.
Bots can be trained to think like an investigator, but because they can process more data faster, they can uncover in minutes the billion-dollar questions that humans can miss after hundreds of hours of research.
These bots present the most relevant information focused on the nuanced or sticky spots that need human insights. Their use can collapse Know Your Customer onboarding process time from a week to a day and cut those costs by 60 percent. And, because the latest generation of bots can explain themselves in ways that neural nets can’t, they provide due diligence reports that banks — and regulators — can understand.