How does AI and Machine Learning (ML) deliver financially?

The total global workforce constitutes to about 4.5 billion individuals worldwide. That means that more than half the planet is engaged in a form of occupation that spans across every other sector and industry, ranging from actors in a movie to coal-mine workers.

But with rapid globalisation, the workforce has fallen short of expectations. Multi-National Companies like Walmart and McDonalds, alone, employ close to 4 million individuals worldwide. The evidence and statistic is substantial to support the notion that the Global Market Ecosphere is falling short of ‘reliable’ and ‘standard’ workers.

A famous manufacturing company named ‘Foxconn’ was in the news recently for all the wrong reasons pertaining to the shortage of employees. Workers employed in their manufacturing units were subjugated to long working hours and inhospitable working conditions. This resulted in employee fatigue and psychological breakdowns provoking some of them to take the extreme measure and end their own lives! At one point, a national lawsuit ensued because the management had gone to the extent of recruiting 14 year old children to work in their manufacturing plants! All this because there weren’t enough workers to contribute to their ever-growing product demands. Foxconn is the dedicated manufacturer for Iphones, Xbox One’s and more than 15 other products. As of 2017, the company contributed to 40% of the global technology-product marketplace.

 

So why does this problem persist even in the Industrial Revolution 4.0? Automation has made its foray into almost every sector in the world and yet we see a global shortage for a dedicated workforce. Overloading of workers has resulted in QC (Quality Control) decline, and inadvertently the profit turnover

Profit turnover is based solely on two governing factors:

  • Quality of the product (which will ultimately boost sales).
  • Net Profit (Turnover – Investment ratio)

Now in a bargain to boost profits, certain companies who refuse to compromise in target generation and production have reduced themselves to diabolical cost-cutting measures. And a standard practice is cutting the workforce.

In 2016, cellular giant Samsung was a victim of a billion dollar loss in the 3rd quarter due to the ‘Exploding Model S8’. Recalls pushed the company into ‘crunch mode’ and they released 109,000 workers worldwide. This affected their Customer Relationship Management which further resulted in a downward spiral for the company. It took another 6 financial quarters for the company to recover from the drudgery.

Where did automation go?

The problem lied with the fact that automation has majorly touched the manufacturing sectors alone! The use of robotic arms and mechatronic systems are helpful in manufacturing processes and carrying out dangerous procedures. But automation is beyond that. And beyond that horizon, lies the world of Machine Learning (ML) and Deep Learning (DL).

Let’s take an example of the effective usage of ML and DL that helped in optimizing a business process.

Artificial Intelligence Platform Company, Perpetuuiti, specialises in the automation of businesses using an ‘Intelligent Digital Workforce’.

They were recently tasked by India’s largest telecom company to aid them in their growing demands for customer service management. The telecom company provides GSM, 3G and 4GLTE services to over 325 million subscribers in India, South Asia and across Africa.

The telecom client had 22 circles all across India. Each circle would receive between 50 – 200 ‘new’ application requests each day. A single circle comprised of a 5 member team that performed the mundane task of copying these requests from an excel sheet onto their centralized WPC portal.

Perpetuuiti implemented their ‘Av3ar iBoTs’ across the floor. Av3ar is a unique ‘iNTELLIGENt Digital Workforce’ that understands, learns, interacts and tackles problems like a human would. Av3ar uses Artificial Intelligence (AI) and Machine Learning (ML) algorithms to sense, predict, analyze and solve issues. The iBoTs (Intelligent BoTs) would automatically enter the data into the WPC portal and notify the central ‘Hub’ in case of any errors pertaining to the entry of the data. And to boot, the iBoT would conduct a spot-correction of the erroneous data without any human intervention whatsoever!

With the introduction of this software into the user organisation, the telecom company was able to direct their human resources towards more beneficial work and rectify their internal working processes. There was no wastage of labour and hence, productivity was boosted.

From their internal research whitepaper, the telecom company claimed that the ‘Av3ar iBoTs’ was able to:

  • Create a 24×7 monitoring system for their dedicated customers.
  • Reducing dependency on human resources thereby curbing operational and manual errors.
  • Reduced financial losses to the business by 4%.

Similarly, there are many automation tools that employ AI, DL and ML to improve the quality of work. These types of innovative tools make their foray into Forums, Exhibitions and Events. One such event where technologies from Perpetuuiti as well as other innovators will be on display is the World AI Show which is taking place on 11 – 12 April 2018 at The Address Dubai Mall, Dubai. The event is being conducted by international B2B events company Trescon.

 

For more details on the show or how to book tickets, you can visit the site:
https://dubai.worldaishow.com/articles/

Or you can get in touch directly with:

Nikhil Menon
Content Marketing Executive
Trescon
[email protected]

 

 

SOURCES:
  • https://en.wikipedia.org/wiki/Foxconn_suicides
  • https://www.sammobile.com/2016/10/17/samsung-laid-off-the-highest-number-of-employees-in-the-first-half-of-this-year/

 

 

By | 2018-04-04T14:51:19+00:00 March 16th, 2018|Articles|0 Comments

About the Author:

Leave A Comment