The technology Crystal Ball – Episode 2
The webinar series – The Technology Crystal Ball hosted its second episode moderated by Mr Vinay Mahajan, who interacted with Mr Aloysius Deepak and Mr Benjamin Joseph from Finance Tech Unlimited and Animesh Samuel from Light Information Systems. The webinar addressed the question many individuals have in the current times – are bots going to replace humans or take away jobs?
Cash flow is one of the significant factors for organizations to function and grow. Without a steady cash flow, most organizations don’t make it far. In a situation like this, the entry of AI based bots into employable fields helps organizations improve cash management while also working for better outcomes. Automation frees up space for repetitive tasks that require a lot of time and precision. Artificial intelligence helps organizations achieve efficiency in business processes as automation ensures accuracy in its work.
The bots have improved working spaces as they are assigned more manual work, allowing human intelligence to focus on the creative process.Benjamin Joseph, Consulting CFO – Finance tech unlimited
Finance Tech Unlimited is an example of improved efficiency in business processes by the use of automation. The organization developed on Plutus as an Accounts Payable Specialist and Monitor as an Accounts Receivable Specialist to enhance its operations. According to Mr. Benjamin Joseph, the bots have improved working spaces as the bots are assigned more manual work, allowing human intelligence to focus on the creative process. Bots can help in accounts receivable and accounts payable. Traditionally, a CFO was responsible for conventional cash management. With the introduction of bots, a CFO can stand with the organization’s CEO and take part in management decisions.
Artificial intelligence helps eliminate some evils of business processes like slow processing, lack of matching of errors, manual follow-ups, lack of exception handling, unauthorized purchases, payment timings, disappearing invoices, and the amount of paper needed for these jobs. The real estate required to source these resources was high too. Without automation, employees would be spending time manually reconciling, which can be avoided by feeding the machines with data.
“Human brilliance should focus on upskilling and working with automation for better outcomes”Animesh Samuel, CEO – Light Information Systems
The use of automation in Finance Tech Unlimited improved their vendor metrics as well – it created vendor accounts with all the parameters required for data mining. There were fewer missing fields in the vendor master, making it easier to avoid human errors and develop the machine around them. The success of automation in Finance Tech Unlimited was that the bots were cognitive agents developed by Light Information Systems. Unlike ‘Robo bots’, they are equipped to make decisions during the mid-flow, starting, switching, stopping, or restarting processes. The bot cognitively generates the decisions taken to shorten the process. Bots have been created to complete manual tasks and detect fraudulent activity, allowing humans to take part in decision-making and a more detailed analysis of data extracted. Artificial intelligence can learn from data, convert it to information and knowledge, and then take action. Human brilliance provides greater insight to organizations.
According to the panelists, new economies are constantly growing, and artificial intelligence is focusing on creating data-dependent machines. Learning functions and using artificial intelligence to solve global issues like traffic jams and global warming is essential. Automation applies to any job function like UI/UX, sales, marketing, and HR. To an extent, jobs will not be replaced entirely as expected, but artificial intelligence isn’t to be feared. Human brilliance should focus on upskilling and working with automation for better outcomes.