The resolutions many enterprise executives made for the new year likely involved driving new efficiencies.
Having navigated the various challenges of 2023’s shifting macroeconomic climate, organizations across sectors are increasingly turning their focus toward making changes to become more efficient and work better, and to align their resources to their biggest go-forward priorities.
Agility and efficiency are key drivers of success. The integration of artificial intelligence has become widespread, as the technology can optimize resource allocation and help meet evolving customer demands.
The tech companies responsible for training and building the world’s most capable AI systems are in the same boat as the firms looking to use and deploy them. They too need to reallocate resources to core initiatives.
Google is reportedly laying off hundreds of workers in its ongoing cost-cutting campaign, eliminating positions in its voice assistant business, as well as hundreds more jobs among the hardware team behind its Pixel, Nest and Fitbit products, as it looks to focus on AI.
The paramount importance of staying at the forefront of technological advancements to ensure sustained growth and competitiveness is playing a role in some of these enterprise reorganizations.
PYMNTS Intelligence’s report “Understanding the Future of Generative Al” found that enterprise AI systems could impact 40% of all working hours.
How firms best capture that impact ultimately depends on whether and where AI systems can deliver a better return on investment than existing options.
Training and support resources will need to be provided to help users transition to new AI systems. Those who see AI as a replacement for human labor rather than as a labor-saving device could risk making themselves vulnerable to savvier competition.
AI-powered systems can analyze and streamline workflows, reducing manual intervention and enhancing the speed and accuracy of processes, even going so far as to assess employee skills and match them with specific project requirements.
PYMNTS Intelligence found that 56% of consumers who feel optimistic about the impact of AI on their work-life balance believe AI will save them time. Forty-six percent of consumers who feel at least a little optimistic about the impact of AI on their work-life balance believe AI will reduce errors, while 35% believe that AI will help them communicate with others more easily.
Still, AI doesn’t represent a silver-bullet solution to long-standing woes that may have plagued enterprise processes. After all, automating an existing inefficiency won’t make that workflow any less inefficient.
“Firms need to look at [transforming their existing processes] as a kind of crawl-walk-run mentality to get to where they need to go,” Corcentric CEO Matt Clark told PYMNTS in an interview posted in June.
Many of the areas where AI technology can have an immediate, easy-win impact include the treasury department and the payments environment by helping firms automate billing and accounting reconciliations, and update customer relationship management and enterprise resource planning systems in real time without the need for manual intervention.
As Karandeep Anand, chief product officer at Brex, told PYMNTS in August: “If you can even save some eight- or 10-people’s worth of work at the end of the quarter and finish and close the books within 24 to 48 hours [using AI], that is priceless.”
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