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Rise of the machines toward human well-being
The rise of AI solutions, too, has been evident in Indonesia.
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Artificial intelligence, or AI, has ultimately driven business growth by helping enterprises to serve their customers better. (Shutterstock.com/File)
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earning from e-books, working with emails, closing deals with clients via apps and seeing outer space through Google Earth, the world is slowly becoming more digital and virtual. Humanity is at a crucial milestone due to technological developments. After the cloud era, we are now progressing to artificial intelligence.
Artificial intelligence, or AI, has ultimately driven business growth by helping enterprises to serve their customers better. While many people may think of artificial intelligence as something esoteric in the realm of science fiction, a myriad of ASEAN companies are applying these technologies to business challenges.
In the banking industry, for example, Singapore’s DBS Bank uses an engagement advisor technology to mine extensive volumes of complex data, such as product knowledge and research reports, and apply it to customer profiles. It helps relationship managers improve the wealth management advice they give to customers by considering the different financial options available.
The rise of AI solutions, too, has been evident in Indonesia. Corporations are adopting AI to enable them to survive the global competition in efficiency and productivity. The price advantage that characterized Indonesian products is no longer enough, if technology can increase productivity through speedier production.
The “Technology for Human” survey conducted by Accenture, a leading global IT solutions firm, saw 87 percent of Indonesian respondents agreeing that AI technology will revolutionize the way they obtain information and interact with customers.
Furthermore, an Accenture and Frontier Economics research shows that by 2035, AI will be able to take over all jobs. The study concludes that through a capital-labor hybrid with human resources, AI offers an ability to amplify the current capital and labor capacities to double economic growth by 2035. This projection shows that AI will have a high impact on marginal utility.
Looking at from the perspective of marginal costs when implementing automation, AI offers cost efficiency for businesses. In implementing a one-time system in advance, a company can remove year-to-year administration costs, which means big savings.
