This focus on automation, AI and robotics adds up to an exciting era where human endeavors are augmented and human lives are positively impacted by machines. Consider the following:
- Deloitte recently launched a new product CognitiveTax Insight to analyze indirect tax data sets using artificial intelligence. The product uses AI to leap-frog simply sampling data, as in audits, and go straight to processing entire data populations – meaning better results for clients and no missed opportunities. It’s all part of Deloitte’s “Tax in 2020” strategy, a three-year digital transformation plan for the company.
- JPMorgan Chase has signed a deal with Persado, a software company that uses AI to write, and tweak advertising copy. During a trial period, Chase saw as high as a 450% lift in click through rates on ads. The company now plans to use Persado’s AI tech to rewrite language for email promotions, online ads, and even snail mail promotions while considering it for internal communications and customer service applications.
- Diligent Technologies have created Moxi, a robot that helps nurses be more effective by executing the 30% of tasks nurses do that don’t involve interacting with patients, like running errands around the floor or dropping off specimens for analysis at a lab. Moxi hooks up directly to a hospital’s electronic health record system and nurses can set up rules and tasks so the robot gets a command for an errand when certain things change in a patient’s record.
- Delaware North offers guests a Wellbot robot butler at The Westin Buffalo hotel. The robot can bring them healthy snacks, running shoes and more. It is programmed to ride the elevator on its own and call guests to grab items from various storage compartments.
- HSBC has partnered with SBRA to deploy Pepper – a humanoid robot – at select retail banking locations. With Pepper’s help, customers apply for credit cards or learn how to make a deposit reducing wait times and increasing engagement. The robot has helped HSBC increase business by 60% this past year at its flagship location.
The diversity of these examples illustrates the application of technology across industries. Every company seeking sustainable success – regardless of industry – now regards itself as a technology company. Recognizing that the evolution towards advanced technologies is no longer limited to the technology sector, the war for tech talent is heating up and demand for skills in cloud computing, AI, and analytical reasoning tops the list.
This creates exciting opportunities but also intense pressure as it amplifies the skills gap in our economy. There is increasing pressure on employees to learn new skills as Brookings reports 25% of the American workforce faces “high” risk from automation in the decades ahead. At the same time, there is pressure on companies to both compete for top tech talent and create successful retraining programs.
In addition to recruiting new talent and investing in technology, organizations need to upskill and retrain the workforce to bridge current and future skill gaps, they need to invest in change management to maintain a strong company culture through their evolution, and rethink their employer brand and workplace needs to attract, develop and retain their critical workforce.