Despite the initial apprehension, Artificial Intelligence (AI) role at the workplace is transforming the way we do business. It's best expressed in algorithmic technology, where organisations like Amazon and Netflix have harnessed them to propel their profits by studying consumer behaviours, helping them outpace their competitors. This data-driven approach is just the tip of the iceberg.
From Job Threat to Empowering Partner
As AI capabilities continue to evolve, businesses are increasingly recognising its potential to revolutionise work processes. Beyond automating queries and generating content, AI's evolving capabilities offer businesses a comprehensive suite of tools to automate processes and revolutionise work practices, ultimately boosting productivity for those who embrace it.
There was some resistance at the onset due to unfamiliarity to its use and value, coupled with fears of its ability to replace human counterparts. As it matures, people are discovering that AI's strengths can be harnessed as a powerful tool to support employees instead, empowering them to become even more valuable assets to their companies.
Accenture noted that more businesses are installing AI into their processes, and the trend has been an improvement of productivity, bolstering compliance, promote trust and value in stakeholders, and even retaining talent. In fact, in a 2024 report, surveyed sales professionals said they experienced a 34% increase in their productivity and confidence in their abilities after adopting AI processes in their work, and 29% believed it helped with their stress.
The Transformative Ways of AI in the Workplace
To better understand how to harness AI to transform workplace processes, it's best to look at some existing examples.
For content creation: Generative AI's incredible ability to create visuals, text and even videos with prompts have changed the way marketing teams look at their strategies. By tapping into platforms like Midjourney and ChatGPT, they can produce personalised marketing copy and advise targeted ad campaigns, activating initiatives much more quickly and effectively, while spending more time now on strategy and creative direction.
Even journalists can tap into AI's ability to analyse data and generate basic news reports, allowing them to spend more time on in-depth investigations and human-interest stories. That said, the challenge for this segment revolves around the ethical use of Generative AI, one still being navigated by professionals today.
For automation: There are a string of tasks in many industries that are simple and repetitive, and AI's ability to automate these processes - often with greater accuracy than humans - can be a lifesaver in certain industries.
In supply chain management, it automates critical tasks like order fulfilment, inventory management, and logistics planning. This not only streamlines workflows but also translates to increased efficiency, reduced costs, and faster delivery times. Similarly, AI automates repetitive data entry tasks across various departments - a staple across most organisations - and this frees employees up to focus on more analytical work that leverages advanced skills.
Customer service experiences are transforming as well. AI-powered chatbots are now popularly used to handle routine basic inquiries, reducing wait times and improving customer satisfaction, while allowing human representatives to focus on complex issues. In these instances, the main challenge is transitioning during the implementation stage and seamlessly integrating these tools for both employees and customers.
For driving decisions: AI's ability to cull and analyse vast amounts of data to identify trends and patterns is a phenomenal capability, and one that many companies have used to make data-driven decisions that improve efficiency and profitability.
This can be felt most tangibly in the finance industry. Deloitte highlighted how "machine learning/ deep learning algorithms and natural language processing (NLP) techniques have been widely used for years to help automate trading, modernise risk management, and conduct investment research". AI's ability to crunch financial data and identify market trends has also been used to help with risk management or discover market movements to produce trading strategies. The same report exemplifies this with JPMorgan Chase, in how they have developed a product named “IndexGPT” that offers investment advice to customers.
This outstanding function has also been used in several other industries. In retail, algorithms can predict trends over time, and advise on inventory to minimise missed sales and take advantage of peak times. For manufacturers, AI can analyse sensor data from machines to predict potential failures before they occur, allowing for preventative maintenance. In healthcare, AI has been used to analyse vast datasets to accelerate drug discovery and development. For such cases, organisations will need to navigate the legalities of usage to prevent abuse, and to reinforce data protection with strict protocols.
Strategies for Successful AI Implementation
From the examples, the potential benefits of AI are undeniable. So why aren't more organisations fully leveraging its capabilities?
The first reason is the scale of implementation. Often, installing AI capabilities will require careful planning and a strategic approach to make it seamless and effective, to prevent disruption to existing workflows. For this task, it requires certified professionals - such as those from SMU Academy's Certified Artificial Intelligence Governance Professional (AIGP) programme - to architect the initiative.
These professionals can identify your organisation's overall goals, assess resources, and develop an AI strategy that aligns and supports these objectives. Subsequently, this strategy will identify specific areas where AI can deliver the most significant value. For instance, a company struggling with manual data entry tasks might prioritise AI solutions for document automation; or a business stagnating in marketing can harness generative AI for fresh ideas and content.
Afterwards, there's a need for change management to effect successful AI implementation. This helps to prepare employees for the shift and fosters a culture of collaboration with the new AI tools. Furthermore, as your organisation integrates AI into workflows, ongoing training and support for employees are critical. Referencing Accenture's earlier report, this is an area that organisations tend to neglect.
It was reported that although 94% of people indicate that they are willing to learn new skills to work with AI, only 5% of their companies are actively reskilling their workforce at scale. Without the training, employees cannot maximise the new AI capabilities, which is why organisations who truly want to invest in AI need to look at proper skilling and even AI bootcamps that can get their workforce up to speed with the technology.
During this process, it is crucial to consider the ethical implications of AI implementation. Organisations deploying AI solutions must ensure fairness, transparency, and responsible data handling practices, and ensure that responsible measures and data privacy concerns are always a priority during development to prevent issues down the line. With a strong leadership and skilled professionals guiding the process and fostering a culture of ethical AI development, organisations can expect to see increased efficiency, cost savings, and improved decision-making, while augmenting human capabilities and driving positive change for lasting growth.
Artificial Intelligence has very real possibilities. Equip yourself with its capabilities and make a leap in your productivity with SMU Academy's AI courses.
