AI outcomes, beyond cost and efficiency
When AI is applied to a specific business process, the underlying knowledge assets within that process have the potential to become smarter and be used (and reused) in productive ways.
Our respondents are bullish on unlocking new operational efficiency thresholds with AI (see Figure 4). While they’re already realizing an 11% increase in operational efficiency today, they expect that to increase to 17% by 2023. Imagine what this speed and efficiency could mean in your own business context.
What if an insurer could process claims 10 times faster than its competitors? Or if a bank could evaluate and approve a loan while the customer was still admiring the car in the showroom? By injecting AI into back-, middle- and front-office processes, companies can accelerate their operational speed and their ability to derive real-time insight into all aspects of their operations in material ways.
Top AI benefits: efficiency, decision making, customer experience
Respondents were asked about the progress they expect to make in the following areas with the application of AI. (Mean percent increase today and in 2023)
Response base: 4,000 Source: Cognizant Center for the Future of Work
Respondents are also betting on AI to improve decision-making by 17% during the next three years by leveraging it for fast and intelligent insights that create new business value. To stay ahead of the curve, businesses should set a short-term target (the next 12 months) in which they aim to match their decision-making speed to that of anticipated growth in data volumes. Our respondents are also changing the basis of competition from the outside, using AI to rewire customer-focused processes and materially improve customer experience levels by 2023. To get there, they are looking to eliminate friction points such as long wait times on service calls, mortgage loan applications, medical records management and travel planning.
Cognitive computing-based customer service will soon become a make-or-break factor for succeeding in a fast-paced, competitive business environment. By processing in real-time the content of phone calls made to a call center, as well as the caller’s underlying emotions through natural language processing and sentiment analysis, cognitive systems can guide chatbots and agents to deescalate tense situations, resulting in higher customer retention, lower agent turnover and the insights to create a better customer experience. Ultimately, our analysis shows businesses achieving a wide variety of business goals using AI, including stronger risk and security compliance and employee engagement. More mature AI adopters are achieving even more growth-oriented benefits, such as greater organizational agility, brand enhancement, innovation and sales.
Respondents are betting on AI to improve decision-making by 17% during the next three years by leveraging it for fast and intelligent insights that create new business value.