10 minute read 8 Aug 2019
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How AI is transforming business right now

By

Nigel Duffy

EY Global Artificial Intelligence Leader

Passionate about artificial intelligence and machine learning. PhD in machine learning theory. Start-up founder. Patent holder. AI transformation of the enterprise. Irish immigrant.

10 minute read 8 Aug 2019

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As technology transforms business, the time is now to prioritize an AI-led strategy that enables innovation, human creativity and business growth.

Artificial intelligence (AI) is not the future; it’s here, now. While some of what can be achieved with AI remains to be seen, many companies are already experiencing transformative outcomes. AI technologies are helping businesses enable better ways of working, but more importantly, they are creating value by freeing up time for innovation and enhanced human creativity — powering human enterprise.

To compete globally, innovating and leveraging AI to its fullest potential should be a priority for nearly every business in every industry across the world. But, when and where do businesses start?

To be innovation leaders in the future, businesses must prioritize the field of AI in the present. When it comes to integrating AI within a central strategy for success, businesses should approach AI with purpose and intent. A strategic approach that is led by thoughtful assessment of use cases where AI can be effective will prove to be most successful. Adopting AI requires patience and a willingness to learn, so organizations need to begin immediately, even if only through small pilot applications at first.

AI is not just a single technology but a broad set of technologies, tools and methods that can learn and self-improve. In this set of demos, we explore four key AI technologies business leaders should consider, as they are having an impact on businesses right now: natural language processing, speech recognition, machine learning and optical character recognition.

As these video demonstrations show, specific and targeted use cases can be incredibly effective in achieving early wins and working towards implementing AI throughout the enterprise. These technologies are already making an impact in real-life situations across all industry sectors, changing and improving the workplace for the better.

Nearly every challenge in the world, and particularly in business, is an opportunity for AI. Why not start taking advantage of AI now?

Using Natural Language Processing, EY teams created a tool called EY Document Intelligence which can improve the speed and accuracy of interpreting masses of contracts, allowing EY audit teams to focus on higher value activities.

EY Voice uses Speech Recognition to improve customer service and compliance management for call interactions and recordings, accelerating call resolutions.

EY capital allowances automated review tool (CAART) leverages Machine Learning capabilities to provide accurate and more efficient tax analysis while learning from past experiences, helping companies to make the most of their capital allowances.

Optical Character Recognition often struggles with poorly-scanned business documents which are common when reading and interpreting contracts or invoices for audit. Through deep learning technology, the system is trained to correct for fading and blurring and can reconstruct and create a clear document.

Summary

Rather than wait, businesses should embrace the opportunities brought on by AI technology and prioritize an AI-led strategy now. These demos show how current AI technologies are having an impact on businesses today.

About this article

By

Nigel Duffy

EY Global Artificial Intelligence Leader

Passionate about artificial intelligence and machine learning. PhD in machine learning theory. Start-up founder. Patent holder. AI transformation of the enterprise. Irish immigrant.