Nowadays, you would hardly find a person who wouldn’t know the term Artificial Intelligence abbreviated as AI. Throughout the business hub this term is becoming a buzzword. The word, that is promising the world but hasn’t shined yet.
Yes, we hear this opinion often from those companies that were using AI at the times when individual modules weren’t sufficiently developed and various solutions that were somehow thought through failed due to such problems as entry data being too diversified, low quality images provided during OCR solutions, monopoly supplier raising price of deliveries etc.
Those times however have passed and AI did a big step forward and offers huge amount of possibilities how to simplify work, lower the expenses and possibly open new opportunities almost at any industry. We at Granton therefore believe, that it pays out to study AI at every company, analyse processes and think how it can be used.
Let’s learn something new about AI by answering few questions:
The most expensive part of AI is to come up with and train new model. Simply, it‘s the process when newly thinking computer is created. Its use is after that very simple and therefore it’s not too expensive. Due to the fact there are several external suppliers of such models; use of AI is becoming quite affordable.
As it was mentioned above, previously the solutions failed due to imperfect models that with more difficult tasks weren’t able to sustain the complexity. Today’s models are trained so much better in their quality that they can recognise contract signatures signed with low quality ink, extract data from documents of various structures all within one process, recognise main ideas of incoming email and suggest what to answer etc.
If repetitive process is part of your job and there is no need for human enthusiasm, it could be replaced by computer. However the time you saved can be used in other creative ways that exactly new technologies are bringing. Studies are saying that by 2030 there is an expectation of 30% raise in creating new working positions.
Let’s take a look at today’s highly propagated Chatbot. How many potential users wouldn‘t get in touch with the company if it wasn’t for the possibility to write a question into a small window on a company’s portal? Just thanks to the fact, that Chatbot can solve the basic questions the new contact asks, the probability that the contact will become a new client grows up and parallel with that goes the possibility of new sales.
At Granton we study and think all the time how to implement AI. We can see huge benefits for example when handling a large volume of documents, such as invoices, receipts, and contracts that need to be processed and organized. AI-powered document processing can automate this process by using computer vision and natural language processing algorithms to extract relevant information and categorize it.
The cost of implementing AI-powered document processing varies depending on the scope and complexity of the project. However, some estimates suggest that the cost can range from lower thousands to several 10 000 dollars, including the cost of software development, deployment, and ongoing maintenance.
Despite the upfront costs, implementing AI-powered document processing can result in significant cost savings in the long term. According to a study by McKinsey & Company, automating document processing can reduce processing costs by up to 90 % and processing time by up to 70%.
If you are deciding whether to use AI in the company, it is good to start with something smaller like implementation of AI powered document processing that works fantastically.
We are experiencing first-hand the advantages of AI with the example of AI-powered invoice processing, where all the tedious and repetitive work with each invoice (receive e-mail, read invoice data, control invoice data, insert data to reporting/CRM/Finance systems, respond back to contractor) was transferred from our HR worker to this artificial intelligence process as visible on the diagram pictured below.
With the amount of 50 contractors, the expenses to run this implementation are 20 euros and our HR lady is saving 3 MDs of boring and repetitive work. The spare time she has now can be used to produce more creative work that will surely make her happier 🙂
And this is one of the main reasons why we have Artificial Intelligence here. We work with it so it helps us to do the repetitive, dull part of our job so we can spend time on what we truly enjoy.