Altilia is recognized as Major Player in 2023-2024 IDC MarketScape Worldwide Intelligent Document Processing Vendor Assessment

AI implications on the workplace

By altilia on June 13, 2024

Introduction

Artificial Intelligence (AI) is no longer a futuristic concept; it’s a present reality reshaping the modern workplace. Generative AI (GenAI), in particular, holds the promise of augmenting human work by automating routine tasks and enabling employees to focus on more impactful activities. This transformation is supported by recent research from Deloitte, which highlights the profound impact AI can have on workforce dynamics.

The Role of GenAI in the Workplace

Generative AI (GenAI) refers to advanced algorithms capable of creating content, analyzing data, and automating repetitive tasks. Unlike traditional AI, which makes predictions based on data to perform specific tasks and rules-based decisions, GenAI can generate new content and insights by learning patterns from data, making it a more versatile tool in a wider range of industries and use case applications.

Current Applications

In recent years, artificial intelligence has evolved into a suite of powerful technologies that offer significant competitive advantages to businesses across various industries. As companies rapidly adopt AI to meet their business objectives and stay ahead of competitors, many are uncertain about the outcomes and the level of acceptance these tools will receive from their employees. While employers are enthusiastic about the opportunities AI presents, the potential impacts on employee experience and trust cannot be overlooked.

Benefits of GenAI for Employees

  • Increased Efficiency

One of the primary benefits of GenAI is its ability to streamline processes, reducing the time employees spend on repetitive tasks. This increased efficiency allows businesses to achieve more in less time, freeing up resources for strategic initiatives.

  • Focus on High-Impact Tasks

With GenAI handling routine tasks, employees can dedicate more time to high-impact activities such as strategic planning, creative problem-solving, and innovation. For instance, customer service representatives can focus on complex queries that require a human touch, while automated systems handle routine inquiries.

By automating routine activities such as data entry, report generation, and basic customer service inquiries, GenAI allows businesses to operate more efficiently. GenAI not only accelerates workflows but also minimizes human error, ensuring more consistent and reliable outcomes

Case Studies

HSBC has leveraged AI to identify potential money laundering activities by analyzing transactional patterns, customer behavior, and risk indicators. This AI-driven approach has enabled the bank to flag suspicious transactions more effectively, reducing the number of alerts that require investigation by over 60%

Bank of America has utilized AI to forecast the likelihood of companies defaulting by analyzing diverse data sources, including financial statements, credit histories, and market trends. This AI-powered model has improved the accuracy of lending decisions and enhanced the bank’s ability to manage credit risk effectively

Trade-offs in the Use of GenAI

A recent report of Deloitte points out that while the benefits of GenAI are significant, implementing these systems is not without challenges. Organizations must invest in the necessary infrastructure, train employees to work with AI systems, and manage the change process effectively.

1 – Creative Inspiration vs. Diligence

As human beings, we value original thinking to solve problems, to understand each other better, and ultimately to improve our society. Without new ideas, we would settle for the status quo and abandon a core part of our human identity: the pursuit of progress. 

AI as an ‘idea sparker’ could enable employees to create multiple versions of their work in parallel and uncover perspectives they may not have thought of themselves. In the Deloitte’s report, over 69% of executives said they believe AI will improve employee creativity to some extent, with AI sparking new ideas and inspiration that will improve the quality of work. However, there is also a fear that an over-reliance on AI will sacrifice accuracy and thoroughness, with 42% of conversations citing concerns about a decline in work quality. From this place of uncertainty, leaders have an opportunity to redefine creativity in the workplace while maintaining human rigor by setting boundaries for the use of AI.

At Altilia, we agree GenAI can be a catalyst to spark new ideas. However, we believe a potential decline in work quality can only be a concern if AI is seen as a replacement for human effort. In our approach, GenAI is meant to complement and assist human work, not to replace it.

Successful GenAI implementations should foster a “collaborative” approach, where AI generates intermediate inputs that are meant to be verified, expanded and enhanced by human experts.

When used correctly, Generative AI organizes data and information, enabling humans to make informed decisions more efficiently. This partnership enhances work quality and fosters an environment where creativity and diligence thrive.

2 – Efficiency vs. Inclusivity

Businesses are eager to leverage AI to expedite routine tasks and remove the administrative burden for their employees. While leaders are optimistic about efficiency gains, nearly a third of conversations cited in the report concern the bias and inclusion challenges of AI, suggesting that the risk of further embedding systemic bias tempers their excitement. Biases emerge wherever humans go. Unchecked, our narrow reference of personal experience will build unconscious bias into everything we create. Given AI’s pace of evolution and “black box” decisioning processes, leaders are concerned that AI will entrench existing biases with no opportunity to reroute:

To mitigate the risk of bias, Businesses should focus on empowering employees to effectively use AI and identify bias while also promoting open dialogue on how AI is used within their organizations.

Secondly, there is a need for transparency and trustworthiness in the AI output. This can be translated in the concept of “explainability”—the ability for end users to understand how and why an AI model generated a particular response.

Explainability enables the implementation of human oversight mechanisms to verify the correctness and impartiality of AI outputs. Therefore, ensuring explainability should be a primary driver in the design of GenAI-based applications.

In the context of Intelligent Document Processing, where Altilia operates, we achieve explainability by allowing users to easily trace back to the sources of information underpinning the AI model’s responses. This approach ensures that users can trust the outputs and maintain control over the decision-making process, ultimately enhancing both the reliability and the acceptance of GenAI solutions in the workplace.

3 – Personalization vs. Data Privacy

GenAI enables highly personalized experiences for customers and employees by analyzing vast amounts of data to tailor interactions and recommendations. However, this level of personalization often requires extensive data collection, raising concerns about data privacy and the potential misuse of sensitive information. 

At Altilia, we prioritize data privacy by ensuring our AI models operate within a closed and protected environment. This means that the data used is fully compliant with data processing regulations, as it is not accessed or shared through third-party APIs. Our approach guarantees that both input and output data remain within the company’s control, avoiding the risk of customer data being processed by external entities (for example 3rd API-based GenAI services like OpenAI.)

This closed environment enhances compliance with various data protection regulations and ensures that only company-generated data is used. By relying solely on internal data, our models deliver more accurate and consistent responses, further strengthening data security and regulatory adherence.

Future Outlook 

The workplace implications of AI are profound, offering both opportunities and challenges. GenAI has the potential to enhance productivity, allowing employees to concentrate on high-impact tasks. According to the Deloitte report, AI integration in the workplace will continue to grow, with more businesses adopting GenAI to stay competitive. This trend will likely lead to new job roles focused on managing and enhancing AI systems.

At Altilia, we believe that successful AI applications in the near future will not only focus on efficiency and process automation but also on enriching companies’ informational assets and stimulating creativity. We see GenAI as an assistant that increasingly supports knowledge workers by taking on more operational roles, such as information reprocessing and synthesis. Meanwhile, human knowledge workers will remain at the forefront of decision-making and strategic activities.

This collaborative relationship will help companies build greater trust and exercise more control over AI-enhanced processes, while also making it easier for the workforce to accept GenAI as an opportunity rather than a threat. By positioning AI as a supportive tool, we can foster an environment where AI drives innovation and efficiency, ultimately leading to more dynamic and successful business operations.

If you’re eager to find a solution for your business to streamline processes, reduce the time spent on tasks, and drive growth, we’re here to guide you through every step. Book a free consultation with an Altilia expert today, and let’s embark on this journey together, unlocking the potential of GenAI to bring your business into the future.

By altilia on June 13, 2024

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The Current State of Generative AI: Insights and Implications

Generative AI (GenAI) has rapidly evolved from a futuristic concept to a transformative technology with significant implications across various industries. From automating complex workflows to creating new content, GenAI's capabilities are expanding, promising to enhance productivity and drive economic growth. This article explores the current state of GenAI, its economic potential, and the hype surrounding it, providing a comprehensive view of its future prospects and the implications for businesses. The Rise of Generative AI Generative AI refers to a class of artificial intelligence systems capable of creating new content, such as text, images, and even music, based on input data. Unlike traditional AI models designed for specific tasks, GenAI systems learn patterns from vast datasets to generate original outputs. This versatility makes GenAI a powerful tool in various applications, from content creation to complex problem-solving. The State of AI: Current Capabilities and Limitations The current state of AI is marked by rapid advancements and expanding capabilities, particularly in generative AI. In 2023, global private investment in AI, especially generative AI, reached unprecedented levels. The U.S. led with $67.2 billion in investments, demonstrating its dominant position in the AI landscape. This surge was driven by significant interest in GenAI, which alone attracted $25.2 billion, nearly nine times the investment of the previous year​ (Stanford HAI)​. AI technologies, including GenAI, have shown remarkable abilities in natural language processing, image recognition, and automated decision-making. These advancements have led to significant improvements in industries ranging from healthcare to finance. For instance, generative AI has been successfully integrated into various applications, enhancing productivity and driving economic growth across sectors​. However, there are still several challenges that need to be addressed. One major limitation is the explainability of AI systems. Many AI models, especially deep learning ones, operate as "black boxes," making it difficult to understand how they arrive at specific decisions. This lack of transparency can be problematic in critical applications, such as lending decisions or criminal justice, where understanding the rationale behind an AI's decision is crucial. Another significant challenge is the potential for bias in AI systems. Since AI models learn from existing data, they can inadvertently perpetuate and even amplify biases present in the training data. Ensuring fairness and mitigating bias in AI outputs is an ongoing area of research and development. Additionally, the computational demands of AI, particularly the need for powerful hardware like GPUs, can be a barrier for widespread adoption. According to AI Index estimates, the training costs of state-of-the-art AI models have reached unprecedented levels. OpenAI’s GPT-4 used an estimated $78 million worth of compute to train, while Google’s Gemini Ultra cost $191 million for compute. As the demand for AI capabilities grows, so does the pressure on hardware resources and amount of new data to train more advanced models, leading to higher costs and potential bottlenecks in development and deployment. Navigating the Hype Generative AI is currently at the peak of inflated expectations, attracting significant attention and investment. In 2023, investment in generative AI reached $25.2 billion, more than 9 times the amount invested in the previous year ($2.85 billion) and almost 30 times the amount invested in 2019 ($0.84 billion). This growth is driven by advancements in AI models, infrastructure, and AI-enabled applications across various sectors. (Stanford HAI) This phase highlights the excitement surrounding the technology but also suggests that there may be a period of disillusionment before GenAI reaches its full potential. The concept of the Hype Cycle helps us understand this journey: initially, new technologies often experience a surge of enthusiasm and inflated expectations, followed by a trough of disillusionment as challenges and limitations become apparent. Eventually, as the technology matures and its true potential is realized, it enters a phase of enlightenment and stable productivity. Gartner's analysis suggests that GenAI will reach maturity in 5 to 10 years, indicating that we are now at the peak of expectations. This timeline underscores the importance of managing expectations and preparing for the inevitable challenges that come with integrating new technologies. Understanding the current capabilities and limitations of AI, particularly generative AI, is crucial for navigating this landscape effectively and leveraging its potential for long-term benefits​. The Importance of Employee Education in AI Integration As new GenAI applications continue to be released and new AI capabilities are implemented in existing applications, businesses will increasingly need to integrate Generative AI into their workflows, so it's vital that employees are well trained to use these advanced technologies effectively. Educating employees about AI not only enhances their understanding and acceptance but also maximizes the benefits of AI integration. Proper training helps employees understand how to leverage AI tools to improve their productivity, make data-driven decisions, and automate routine tasks. This leads to a more efficient workflow, reduced operational costs, and a competitive edge in the market. Moreover, continuous education and upskilling initiatives foster a culture of innovation and adaptability, preparing the workforce to keep pace with rapid technological advancements.  At Altilia, we prioritize user-friendly solutions and comprehensive training programs to empower our clients to fully harness the power of GenAI in their operations. Our goal is to create solutions that are user-friendly and accessible even to "line-of-business" users—those who are experts in their business domain but may not have specific technical training in IT and machine learning. This approach enables even less structured companies in the AI field, which might lack in-house expertise for developing and maintaining models, to fully exploit the potential of GenAI​​ without the need of investing a huge amount in new know-how or softwares. Generative AI in the Finance and Banking Sector: Applications and Altilia's Solutions Generative AI holds significant promise for the finance and banking industry, offering numerous applications that can support the work of consultants and transform operations, enhance customer experiences, and ensure compliance. Here’s a look at the key applications of GenAI in this sector and how Altilia's solutions align with these opportunities:  Automated customer service: GenAI-powered chatbots and virtual assistants can handle customer queries, manage accounts and provide financial advice, improving customer service efficiency and satisfaction 24/7. Altilia's GenAI-powered virtual assistants deliver accurate, personalised responses to a wide range of customer queries, improving service levels while reducing operational costs. At the same time, Altilia's solution supports employees in answering questions about documents and data. Due Diligence, Regulatory and Compliance:  Altilia’s solution , powered by GenAI, can support financial institutions in various regulatory and compliance activities. Here are some examples: Review of Financial Statements: Analyzing balance sheets, income statements, and cash flow statements to assess financial health. Know Your Customer (KYC) Procedures: Verifying the identity of clients and assessing the potential risks of illegal intentions. Regulatory Reporting: Preparing and submitting reports required by regulatory bodies such as the SEC, FINRA, or the FCA. Audit and Inspection Readiness: Maintaining readiness for audits and inspections by regulatory agencies. Assessment of Internal Controls: Evaluating the effectiveness of internal controls related to financial reporting and operational processes. Anti-Money Laundering (AML) Compliance: Ensuring adherence to AML regulations through transaction monitoring and reporting suspicious activities. Risk Management Processes: Examining the systems in place to identify, measure, monitor, and control various risks (credit, market, operational, etc.). Document Processing and Analysis: GenAI can automate the processing and analysis of various financial documents, such as loan applications, financial statements, and compliance reports, improving accuracy and speed. For example, banks handle thousands of loan and mortgage applications daily, a process that is time-consuming and error-prone due to manual data entry. Altilia's platform automates document classification and data extraction, feeding this information into systems to support credit scoring. This reduces processing time by 80% and results in cuts of manual effort by over 80%. Personalized Financial Services: GenAI can analyze customer data to offer personalized financial advice and services, such as tailored investment recommendations, savings plans, and credit risk assessments. Altilia leverages GenAI to deliver customized financial services, analyzing individual customer data to provide personalized advice and solutions, thereby enhancing customer engagement and satisfaction. By addressing these critical areas, Altilia's GenAI-powered solutions help financial institutions streamline operations, enhance security, comply with regulations, and deliver personalized services, driving growth and innovation in the industry Conclusion Generative AI is at the forefront of technological innovation, with the potential to transform industries and drive economic growth. By understanding its capabilities, addressing challenges, and adopting ethical practices, businesses can harness the power of GenAI to stay competitive and innovative. At Altilia, we are committed to leveraging GenAI to enhance document processing and deliver value to our clients. If you’re eager to find a solution for your business to streamline processes, reduce the time spent on tasks, and drive growth, we’re here to guide you through every step. Book a free consultation with an Altilia expert today, and let’s embark on this transformative journey together, unlocking the potential of GenAI to propel your business into the future

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How generative AI is revolutionising business + 7 prompts to streamline your daily work

Imagine a tool that can create almost anything you ask it to: text, images, music and even programming code. Generative AI (GenAI) has emerged not just as a concept, but as a transformative force in the business landscape.   What is Generative AI and why is it so special? Generative AI acts like a super-assistant that doesn't just perform tasks but does so with a note of creativity. It's an innovation that creates content, designs and solutions, effectively turning ideas into reality with little more than a prompt. What sets Generative AI (GenAI) apart is its ability to be a super-assistant in support of human creativity. Unlike traditional AI, which might suggest the next logical data point in a series, Generative AI could imagine an entirely new series. This is because GenAI works by understanding and replicating the complex patterns that make up human-like creations, from artwork to prose. For example, if you ask it to write a poem in the style of Shakespeare, it doesn't just find existing poems; it generates a new poem that feels like it could have been written by the Bard himself. In business, this means that Generative AI doesn't just optimise existing processes; It's an invaluable tool for streamlining complex tasks and problem solving, unlocking the ability to explore countless scenarios and variations that a human alone could never conceive.   Why AI is a Game-Changer for Businesses? Generative AI is transforming business operations by streamlining tasks and reducing costs. It simplifies knowledge management by using AI to quickly answer employee questions and retrieve information. It automates document creation by using templates to generate contracts and reports with less effort. AI also improves data entry by extracting information from documents and populating databases more accurately and quickly. These improvements enable organisations to do more with fewer resources and less time.   The Value Potential The figures are staggering—generative AI could add between $2.6 and $4.4 trillion to the global economy annually. That's more than the GDP of many countries, and as GenAI technology advances, its impact is set to increase (source: McKinsey 2023)   Which Areas Will Benefit? GenAI will significantly advance areas like finance, procurement, HR, legal, and customer service. It will also boost data analysis, business intelligence, and office support. These areas, often heavy with documents, will benefit. The solutions offered by Altilia, for example, automate tedious tasks, thereby increasing efficiency. The impact will also be felt across sectors, from banking to technology to healthcare.   AI helps complete tasks without replacing jobs GenAI doesn't replace jobs. It transforms and enhances them. In fact, AI is really powerful when it performs specific tasks, not entire jobs. At Altilia, we believe that AI can enhance the skills of workers. This is especially true for knowledge workers. It also increases the quality of work and productivity. AI targets repetitive, low-value manual tasks. These tasks provide little value to the organisation. Altilia's solutions aim to empower employees by streamlining repetitive document-based processing tasks. They free employees from tedious tasks. This leaves more time for creative and social activities.   Looking Ahead The rapid changes brought by GenAI are part of the larger evolution of our world. Companies’ adept at leveraging this technology could gain a considerable edge. However, there are challenges to be addressed, like ensuring responsible AI use and preparing people for the changes it will bring. Generative AI is opening a realm of possibilities for companies, making it easier to accomplish tasks that were once time-consuming or even impossible. With every technological advancement comes challenges, but the potential to enhance how we work and live is immense.   7 Prompts to Streamline Work with AI In the ever-evolving landscape of professional environments, the role of Generative AI (GenAI) is becoming increasingly integral. From automating dull tasks to fostering creativity, GenAI is not just a futuristic concept but a present reality enhancing our working life. Here's a closer look at the practical applications of GenAI that are transforming businesses today, exemplifying its versatility and power across various domains: - Content Creation and Enhancement: GenAI can draft text in any desired style and length. Example prompt: "Generate a blog post draft on the impact of interest rate hikes on the real estate market, including key statistics and industry expert quotes."   - Query Resolution in Business Operations: Find precise answers to specific business questions. Example prompt: "Explain the recent amendments to HR policies regarding hybrid work environments and their implications for employees.”   - Communication Tone Adjustment: Tailor the tone of workplace communications to fit the intended audience. Example prompt: "Revise this performance review email feedback to make it more constructive and motivating, focusing on growth and development opportunities."   - Information Summarization: Distil complex documents into easy-to-digest formats. Example prompt: "Summarise the annual financial report into a concise executive summary for the upcoming board meeting, highlighting the five most significant financial KPIs using bullet points."   - Complex Information Simplification: Break down intricate documents for broader accessibility. Example prompt: "Simplify the complex legal terms in our customer service agreements for non-specialist comprehension, and include a section with bullet points summarising the most common questions about our customer service.”   - Customer Feedback Analysis: Analyse customer interactions for service improvements. Example prompt: "Analyse and classify the latest batch of customer service tickets into categories of complaint types, and identify the top three areas for service enhancement."   - Software Coding: Generate, translate, and verify code. Example prompt: "I need a spending tracker app prototype. Can you generate a basic code that works on both iOS and Android using natural language descriptions?"   Emerging Applications: As Generative AI (GenAI) continues to evolve, it’s opening the door to a host of new and compelling applications. These emerging technologies harness the creative power of GenAI to address complex problems and organise unstructured data. A few of the most promising and impactful applications of GenAI for businesses are: Intelligent Document Processing (IDP): This involves using AI to read and understand documents. Imagine you have a huge pile of Complex documents like contracts, financial statements, reports as well. IDP acts like a super-smart assistant that can quickly sift through all these documents, figure out what's important, and even extract the specific information you need. For example, it can help a bank process loan applications faster by automatically extracting applicant details, saving hours of manual work. Intelligent Process Automation (IPA): This takes the idea of robotic process automation (RPA) a step further. Initially, RPA was like teaching a robot to do repetitive tasks, such as entering data into a system. But IPA adds a layer of intelligence to these robots. Now they can not only perform tasks, but also make intelligent decisions based on the data they encounter. 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Unstructured data management tools can help by quickly finding relevant information and organising it in an easily accessible way, saving hours of manual searching.   To Conclude: In conclusion, Generative AI represents not just a leap forward in technological capabilities, but a transformative shift in how businesses operate, innovate, and compete. As we navigate this exciting landscape, the potential for GenAI to redefine roles, streamline processes, and unlock new realms of creativity is unparalleled. Whether it's improving customer interactions, streamlining document management, or process automation, the implications for efficiency, productivity, and innovation are vast. However, harnessing the full power of GenAI requires more than just technology; it demands expertise and vision to integrate these capabilities into the business strategy effectively. If you're eager to find a solution for your business to streamline processes, reduce the time spent on tasks, and drive growth, we're here to guide you through every step. Book a free consultation with an Altilia expert today, and let's embark on this transformative journey together, unlocking the potential of GenAI to propel your business into the future.

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Altilia is recognized as Major Player in the 2023-2024 IDC MarketScape Worldwide Intelligent Document Processing Vendor Assessment

Altilia, as a leading innovator in the field of Intelligent Document Processing (IDP), is proud to announce it has been recognized as a Major Player in the IDC MarketScape: Worldwide Intelligent Document Processing Software 2023–2024 Vendor Assessment (doc # US49988723, November 2023). We believe this acknowledgment represents yet another milestone for Altilia, reaffirming its position as a leader in the ever-evolving landscape of Intelligent Document Processing technology. With a dedicated team of over 50 highly experienced AI professionals, including scientists, researchers, and software engineers, Altilia aims to democratize the use of AI to help enterprises automate document-intensive business processes. As we celebrate this recognition from the IDC MarketScape, Altilia will continue its efforts to shape the future of document processing, bringing cutting-edge solutions to the forefront of the IDP market, and offering organizations unparalleled efficiency, automation, and knowledge management capabilities. About IDC MarketScape: IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.

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