Re-imagining Business Processes

Re-imagining Business Processes

GenAI copilots are enabling AI-assisted redesigning of business processes, leading to more outcome-focused operations. One example is the realm of knowledge management. In the manufacturing sector, you often have vast repositories of operating manuals, standard operating procedures, logbooks and past incidents. However, retrieving the correct information quickly and effectively from these repositories can be a daunting task. GenAI can assist in this process by summarising the relevant information, thereby enabling operators to focus more on their tasks without unnecessary delays. This also fosters collaboration among different teams by providing them with the right information at the right time.

Fuelling Innovation

Product development in the manufacturing industry is being impacted by GenAI, enabling a level of innovation and efficiency that was previously unattainable. A compelling example of this is in the automotive industry where companies like Toyota2 are leveraging GenAI to create more efficient and aerodynamic vehicle designs. Technology allows them to optimise the shapes and structures of vehicle components, leading to significant improvements in fuel efficiency and performance. This level of optimisation was not possible with traditional design methods, which were often time-consuming and lacked the ability to fully explore the vast design space. GenAI and agentic workflows, on the other hand, can quickly generate and evaluate a multitude of design options, identifying solutions that human designers might overlook. Moreover, GenAI can adapt to changing requirements and constraints, making it a powerful tool for agile product development.

GenAI and Banking and Financial Services

Banking and financial services industries have always been among the first adopters of any new technology. So, it’s not surprising that when it comes to GenAI, the financial services sector is among the biggest adopters of the technology, using it to improve operations and customer experience.

Enhancing Efficiency

Back-office processes are one area where GenAI is being used to enhance efficiency. Traditionally, tasks such as classifying documents, processing applications, verifying accounts and opening accounts were manual and time-consuming. However, with the advent of GenAI, these repetitive tasks are now automated. GenAI models are trained to understand and process unstructured data in documents with varied formats. This not only speeds up the process but also reduces the chances of human error, thereby enhancing efficiency and accuracy. Moreover, the automation of these back-office processes allows banking professionals to focus on more complex tasks, thereby increasing overall productivity.

Re-imagining Business Processes

A prime example of how GenAI copilots are re-imagining business processes is in insurance underwriting. Underwriting, a critical function in the insurance industry, involves evaluating potential risks and determining appropriate coverage levels. Traditionally, this process was manual and time-consuming and required extensive expertise. However, with the advent of GenAI, underwriters are now assisted by AI copilots that can analyse vast amounts of data, including historical claims, customer information and external factors. These AI models generate risk profiles and recommend appropriate coverage levels, enabling underwriters to make more informed decisions quickly.

Fuelling Innovation

GenAI is helping the financial services industry innovate to promote financial inclusion. For example, the Asian Development Bank (ADB) leverages GenAI to lower the barriers to entry for the unbanked and underbanked in Asia and the Pacific, enabling them to become part of the formal financial system.3 The AI system extracts data from potential customers to create a lending profile. This innovative use of AI allows ADB to extend financial services to individuals who may lack traditional identification or credit history. This not only expands ADB’s customer base but also promotes financial literacy and inclusion among traditionally underserved communities.

GenAI Copilots in the HR Business Function

GenAI is revolutionising the HR function, making it more human-centric by automating repetitive tasks and enabling personalised employee experiences. A compelling example of this is the use of a GenAI-based avatar in the recruitment process by a large automotive player. This avatar, powered by advanced algorithms, interacts with each applicant, providing personalised feedback on their application process. It can answer queries, provide updates and even offer tips for improvement, thereby enhancing the candidate experience. The avatar also streamlines the recruitment process by automating tasks such as screening résumés and scheduling interviews. This not only increases efficiency but also potentially reduces the risk of human bias, ensuring a fair and objective selection process. It is important, however, to ensure that the AI system is itself fair and free from bias. By taking over these routine tasks, the avatar allows HR professionals to focus on candidate engagement and people development.