Artificial Intelligence (AI) has been making intelligent automation easier and more effective than ever, especially when it comes to back office processes. Automation has been used on manufacturing floors for decades to speed and smooth execution of repetitive tasks and processes, resulting in reduced costs and opened up resources, but the application to more complex tasks was slow to materialize, since data can be massive and complex. However, AI is ideal for complex data analysis and has untapped potential for back office operations.
While leveraging of AI for transactional tasks provides almost instant benefits, the long term advantages of AI deployment and automation lie in the back office.Companies that implement AI in positions where human interaction is unnecessary can focus on supporting interactive positions where AIs can’t compete with human customer service.
AI’s impact on back office processes can be twofold – first by speeding and simplifying processes – thus increasing effectiveness and lowering costs – and second by decreasing actual physical overhead by limiting the amount of space required for back office delegation.
C-level executives are questioning AI’s impact on their company’s competitiveness, and finding that in the enterprise back office, where the tasks are tedious and repetitive, there is a chance for AI to shine. Large financial institutions, insurance companies, and government agencies produce immense amounts of digital paperwork which must be handled via data entry, auditing, and/or regulatory filing.
AI can power back office automations using computer vision and image recognition technologies to process millions of rows of data, extracting necessary information from scanned forms and updating data fields even from handwritten source material. Complex claims and applications can be sorted and filed with accuracy, and resolution times for claims or disputes shortened through expedition of urgent filings.
Back office AI can also implement computer vision and natural language processing (NLP) to automate accounting and auditing processes, such as multiple expense reports in a strict regulatory environment. Human error can be almost eradicated, tight deadlines met without issues, and compliance standards rigidly adhered to.
AI makes it simple and cost-effective for most companies to automate back office jobs, allowing them to offload non-core data operations and streamline primary processes. As AIs become more customized, individual companies can benefit from tailored applications that drive their way of doing business forward and maximize profits.