One of today’s global problems is untapped human potential. People thrive when they work on something that has a meaning to them and the world around them. “Employees who have meaning don’t just stick around longer. They also report 1.7 times higher job satisfaction, and are 1.4 times more engaged at work.”, “Increasing a sense of meaningfulness at work is one of the most potent–and underutilized–ways to increase productivity, engagement, and performance.” – Fast Company’s article covering research studies.
Amazon is one of the companies embracing AI and automation to create new, less tedious and better jobs for more workers as covered by NYT. Over time AI can lead to more and more meaningful work for people. The following video from Quartz sums up the dynamics between automation and society quite well:
We are facing many challenges as stated by UN’s sustainable development goals and we need every single human being, to not work on the tedious manual labor that is dehumanizing but instead give people more meaningful and creative pursuits. AI is a promising tool that can help with that and it already does in many ways.
In this article, we’ll go over one of the examples of where AI helps to free up humans from such tedious labor. Enterprises/Businesses always had many files, documents, PDFs, and invoices to handle. Manual auditing, approval, data extraction, and data entry can be a time-consuming process. Document workflow automation with the help of AI can rid the manual labor related to interpreting and processing the files and free up humans to reach the greater potential.
Progress in AI data extraction
Over the years we’ve seen more and more automation in the document and data processing field where for instance accounting is often partly or fully automated with AI, more exactly with Natural Language Processing (NLP) that can “make sense” of the text even in an unstructured form and extract the needed data and take the needed action automatically which in accounting could be to register the expense into the booking system or fill in and prepare the invoice payment for a human being to review and pay with one click. Such systems may require training of the AI in order for it to “understand” your objectives.
Doing this saves a lot of time and money for businesses and enterprises that can go towards growing the business and starting new transformative ventures. Employees at the company get time to deepen their relationship with their customers. They may instead help customers to develop their business. Companies would wanna adopt this or there is a chance of being left behind with the old processes that will hold back the company’s development.
An example application of document workflow automation
I’m aware and can talk about this because I’m currently working at a company called SoftRobot that created an AI service for the document/data workflow automation called Aiida. One example case is the Swedish energy/electricity company called Alltid that offers a flat fee based on the analysis of customers energy use. In order to scale their business, they needed a smarter solution to analyze the unstructured customer data automatically. So AI is the fundamental part of their business. Alltid’s CEO Per Svenningsson said:
“Thanks to SoftRobot and Aiida, the process that previously was handled manually for 5 minutes now takes 20-30 seconds. We currently have 1 500 private customers and can save a full-time month on them. We soon plan to have 15,000 customers and can then skip recruiting 10 full-time employees.”
That concludes the power of AI for businesses, people and the world. We hope that it inspires you towards a positive change.