Alok Bansal, a renowned name in the technology industry with a rich experience of 21 years. He currently owns the designation of the Managing Director and Country Head, India at Visionet, where he manages strategy, global operations and leads the growth of technology BPM verticals. He made his early fortune as a high-performance management leader in several global companies and has played an influential role in leading large-scale technology organizations like Altisource and XL dynamics. Alok Bansal excels in optimizing the evolution of financial services companies that aspire to take their mortgage operations to the heights. With a career spanning over 2 decades, Alok has successfully led business development fueling growth over sustained periods. Apart from his inclination towards technology, he is passionate about reading and travelling. He lives with his family in Bangalore. His wife is a professional radiologist and his daughter is studying in a high school. Alok Bansal is a successful alumnus of the prestigious Indian Institute of Technology. He earned the degree of B.Tech from IIT, Mumbai.
To keep up with market trends and maintain a consumer base, businesses are looking for more innovative technologies to upgrade their operations and this has led to increasing penetration of Artificial Intelligence (AI) in the workflow.
The operations in a service-based industry are nothing like it was a decade ago. Trends indicate that with unremitting automation drive, in the next few years, human interactions will be replaced by intelligent machines. To match with such quickly evolving technology, upskilling and accelerating automation drive is key to ensuring sustained growth.
According to research by McKinsey (report titled Skill shift: Automation and the future of the workforce), AI has paved the way for a sophisticated, crafty and nuanced approach to carry out business. Consequently, more companies are acknowledging the power of innovations in achieving their goals.
Accelerating growth
According to a global survey by McKinsey, 63% of executives stated that the adoption of AI tools increases revenue and decreases cost. Trends indicate that by the end of the year 2024, 75% of enterprises will shift from piloting to operationalizing AI, multiplying data streaming and analytics infrastructure by five times, says a report by Gartner. As AI adoption continues, businesses are learning ways to tap its immense potential in accelerating growth.
Bringing efficiency and speed in operations
Processing documents with personal information like name, address and phone or account number is a core function in many organizations. Earlier, managing such lengthy paperwork which may be manual or digital, was a time-consuming job that involved a lot of manpower. However, AI-driven Intelligent Document Processing (IDP) solutions help organizations to quickly and accurately process lengthy documents with minimum human interventions
Moreover, in the digital world, dealing with continuously rising online applications and requests means that IDP solutions are needed to quickly extract, organize and process financial documents and requests. The technology also helps in recognizing scanned documents such as identity cards, utility bills, proof of income or digital signatures and therefore accelerates the processing of banking transactions and applications that require rigorous security checks.
IDP solutions give organizations the needed technology to expertly deal with the finer nuances of paperwork, irrespective of the format.
Improving business agility and competence
Today, when consumers are exposed to the best available options in the market, IDP allows organizations to upgrade their core operations and upscale procedures to build competitive capacities that match with international standards.
One of the advanced IDP solutions in the market today is DocVu.AI, which uses a combination of Optical Character Recognition (OCR), Intelligent Character Recognition (ICR) and machine learning algorithms. It brings unparalleled accuracy and speed in document indexing and data extraction.
Companies running on fully integrated workflow engines with automatic task assignment and centralized QA checklists, manage to close meticulous procedures quickly and efficiently as compared to those who still bank upon conventional methods.
The fast and safe procedures not just increase customer satisfaction but also build customer relationships to be capitalized on in future. The companies that are open to upgrading their technical capacities are better positioned to tap the consumer base as compared to their counterparts.
Helping organizations to recognize growth opportunities
By automating data entry, professionals can dedicate their time to more important tasks, like discussing a client’s financial requirements, assessing their financial circumstances or giving advice. Such personalized dealings help companies to tailor their services and cater to the needs of the consumer.
Also, with AI-driven innovations, companies are better equipped to make insightful decisions and deal with unforeseen challenges. The intuitive technology prepares them to quickly realign their strategies and help them be one step ahead of their competitors. In today’s volatile and highly competitive economy, businesses that swiftly adopt advanced technologies stand a better chance to outperform and achieve sustained growth.
AI is shaping the future
With developments in areas such as cloud, blockchain, and micro-services-based architecture, AI-driven technologies are helping multiple sectors to reinvent themselves. Today companies are using advanced IDP tools to extract data – irrespective of their source and format – and process them at the speed and cost which is impossible manually. Such end-to-end automated data extraction and their exportation in workflow bring inconceivable competence and speed in operations.
Using computer trained algorithms also ensures robust security. This minimizes the fraud risks and enhances reliability, which helps create a secure transaction platform for businesses as well as customers. Also, by minimizing human interventions, IDP improves compliance – the cornerstone of any business model.
Conclusion
AI-driven technologies have been driving changes across the service sectors. Organizations are using AI as a tool to gain a competitive edge over rivals by improving their products and services, enhancing customer satisfaction and guaranteeing employee efficiency. Today, more companies are accelerating their automation and adopting AI-based technologies to bring transparency, convenience, security and speed in business procedures.