For the world’s largest and most regulated organizations, understanding each employee’s day-to-activities and behaviors is simply impossible and, oftentimes, unnecessary. But uncovering internal issues – such as operational inefficiencies or even criminal activities – that could result in wasted time, lost money or damaged reputations, is critical. Therefore, it is important that businesses invest in tools to effectively identify and help correct these problems, and in turn drive sizable ROI.
Artificial intelligence is one technology that many enterprises have implemented to solve these internal challenges. In fact, IDC forecasts worldwide spending on cognitive and artificial intelligence (AI) systems to reach $57.6 billion in 2021. But, which AI applications are actually helping enterprises, and how are their investments driving returns?
There’s a general consensus among consumers that AI technology will create an Orwellian world; but the fact of the matter is that this technology has the potential to do a lot of good for the modern-day enterprise as well as their workforces from a surveillance standpoint.
Oftentimes, enterprises leave employee communications untapped. There simply aren’t enough hours in the day to monitor every message someone sends via email or business chat – nor is this a necessary practice as the majority of communications are benign. But within every e-communication lies unique insights that could lead businesses to uncover some harsh truths about employee activity.
One industry that has quickly adopted AI technology for this exact reason is financial services. Today, smart machines capable of understanding the true meaning behind human communications are augmenting the work of human analysts at most of the world’s major investment banks. The technology extracts messages that indicate misconduct with unparalleled precision, while entity resolution and knowledge mapping helps analysts identify sources of human risk and hidden networks of collusion. Among the compliance organizations of leading investment banks, widespread adoption of AI-enabled analytics has taken place in less than 3 years – it’s no exaggeration to say that, for these organizations, regulatory compliance would be impossible without the amplifying effects of AI.
The innovations happening in financial services herald a paradigm shift in enterprise surveillance that will inevitably encompass other sectors. Gartner estimates that up to 80% of enterprise data is unstructured and the majority of this is made up of communications such as emails, chat messages, phone calls, and other documents. AI has the distinct ability to make sense of this information for the betterment of a business. Whereas banks were effectively forced to analyze this data due to ever-changing regulations, the clear results and benefits of AI technology translate nicely into use cases for businesses across industries – uncovering insights to unlock new business opportunities while hastening the resolution of problems.
Imagine an airline being able to consolidate insights captured in tweets, at a call center, or in emails into a heatmap of problems and opportunities. It could quickly see issues with the quality of meals emanating from a particular supplier. It could see trends in requests for unserved destinations and early insight into the likely popularity of a new route. Anything from confusion about security procedures, praise for great service, or ignorance of company policies, would be surfaced. Such an airline would have turned the inputs of its employees and customers into a valuable asset for management.
Read the full article here on Gigaom.