COVID-19 has accelerated the urgency to find business solutions to a range of issues, new and old. As a result it’s created significant new demands for cloud automation and Artificial Intelligence (AI) technologies.
In discussions with our clients, the major concerns have been in some respects the same as those before the pandemic: "How can I move to a much more efficient operation? How can I bring something to my customers that's very significantly differentiated?" The stakes and timeline, however, have changed completely. “We need these changes in order to ensure the successful operation of our businesses and we need them now.” We believe that the solution lies in integrating AI and cloud automation technologies within business operations.
In this blog, we will talk about three examples on how AI is delivering value in the post COVID-19 world.
Timely insights on finances
Businesses are now coming out of the recovery phase and moving steadily towards a new reality. Data driven insights are extremely important to enable this transition.
At KPMG, we have observed a surge in deployment of rapid insight solutions by businesses.
For instance, one of our clients, a large European telecommunications giant, benefitted immensely by incorporating data technologies into their business operations. By using a new data platform to generate weekly updates, alongside their existing financial reporting, they were able to address the business issues efficiently. Real-time data insights prepared them for future challenges.
Their next step is to incorporate a combination of machine learning and external data to further refine their understanding of business performance. This move at pace up through the layers of AI technology is critical to how we manage our businesses.
Another area where AI is delivering value is by helping organisations manage costs.
For instance, by using KPMG Ignite, our best-of-breed platform to deliver Natural Language Analytics services, we have implemented cognitive contract management for many clients.
KPMG Ignite machine learning breaks invoices, contracts etc. into their component parts to identify areas where a company might be overpaying or where contract terms have been breached. This helps them optimise those expenses and run a lean-and-mean organisation.
With remote working restrictions in place and organisations cutting corners to sustain themselves, it is not viable to hire 100 people to do a job, which was the old-school approach.
Moreover, the cost saving done by deploying data driven insights has given them more financial freedom. AI in this case has clearly and quickly outweighed the risks and costs associated with its benefits.
Differentiating on customer experience
Lastly, it is fascinating to see how AI is transforming customer experience.
Our clients in financial services are looking at ways to integrate analytics in ESG analysis and reporting. Understanding the ESG performance of investments, customers, and others we do business with is increasingly part of running a good business and increasingly a requirement of regulators.
AI will not only crunch large amounts of data instantly, but will also derive insights that investors currently lack, acting as the catalyst for sustainable investing. We are also working with clients to use natural language analytics to mine ESG insights from public and expert conversations. This data can then be used by investors firms to guide their customers toward the investments and risks they are comfortable with.
Ultimately, the end goal of organisations is to enrich customer experience by leveraging AI and cloud automation technologies.