By Neil Murphy, Chief Sales Officer, ABBYY
In today’s economic climate, businesses are under enormous pressure to maintain productivity under tighter budgets and fewer resources. In response to these issues, an increasing number of businesses are looking at AI and automation as a means of optimising their operations and enhancing process efficiency.
New research finds one in six UK organisations are already embracing at least one form of AI technology, while 10% plan to adopt AI in the near future. As generative AI tools like ChatGPT continues to grab headlines and increase its usership, the adoption of new tech to streamline business processes will continue to grow in popularity.
However, is there a risk that companies are being too hasty in their search for a silver bullet solution? Before jumping headfirst into new investments, it is critical that organisations first understand what the business implications will be and how these new systems will integrate into their existing processes. Businesses who jump on the AI hype, simply to follow the crowd, risk falling at the first hurdle – and could even cause more complexity and confusion. Laying the right foundations is vital if businesses are to reap the full benefits from AI and drive the right outcomes.
Consolidating Platforms for Better Experiences
The rush to keep up with emerging technologies and practices may have left some companies, particularly SMEs, with a patchwork of multiple forms of tech from different vendors. This often creates an overlap in functionalities, meaning increased cost and complexity. Consolidating existing technology stacks or choosing vendors that offer a broader range of capabilities can be an efficient and simple step in a company’s mission to streamline processes and reduce costs.
Take Intelligent Document Processing (IDP) for example. In recent years, many companies having been quick to invest in lots of different IDP platforms and technologies without fully understanding the pros and cons. And as they consolidate and gain a better education around the topic, they discover that there are IDP vendors with a wide range of capabilities that can be scaled across an enterprise, compared to those only focused on one or two use cases. As consolidation happens, businesses are realising the need for wider platform capabilities and are seeking providers that can meet their evolving needs.
Whilst complex, bespoke requirements can often slow down major automation projects in large enterprises, there are ways to work around this. Adopting low-code and no-code applications can offer tactical solutions to navigate hurdles without investing in entirely new automation initiatives. These tools empower employees to create custom solutions that help deliver their specific requirements without relying on extensive coding or development – all while offering long-term cost savings benefits.
Deploying AI and IDP Effectively
It is undeniable that AI has the potential to save time and money – but only if businesses properly understand how to deploy and integrate it effectively. Investing in employee training and ensuring staff understand AI’s capabilities and expected outcomes is critical, especially when deploying IDP. Human input is essential in IDP to validate information and influence AI models, making employee buy-in vital.
Increasingly, businesses recognise that AI can work alongside humans to enhance productivity, rather than replacing them. First, however, employees must be equipped with the knowledge to adapt to these innovations and understand their benefits. Transparent communication about the implementation and objectives of AI fosters a positive mindset, ensuring the workforce sees the benefits of these investments in their day-to-day tasks. This is a win-win for both the business and employees alike.
Weighing the Risks and Ethical Concerns
The wide range of AI technologies, such as large language models like ChatGPT, requires proper evaluation of risks before deployment. Therefore, before investing in AI, companies must perform thorough risk assessments and consider the potential impacts on business processes, all while managing any ethical, legal, and security concerns.
Overall, businesses need to ensure they have a comprehensive strategy if they want to optimise and streamline processes. Focusing on employee training and buy-in, leaders need to have an end-to-end understanding of existing processes and tech. This will set guardrails to make sure that any investment in technology is in the company’s best interest and will aid employees where they need it most. Taking this responsible and comprehensive approach to automation, consolidation, and AI implementation can propel organisations forward and help them maintain a competitive edge in today’s rapidly evolving landscape.
