Are you ready to dive into the world of large language models (LLMs) and generative AI? It’s no secret that most enterprises are already experimenting with these cutting-edge technologies. According to Matt Carbonara, managing director at Citi Ventures, there are two types of enterprises when it comes to adopting generative AI. The first group takes a more conservative approach, establishing centers of excellence and developing policies for experimentation. The second group, however, recognizes the urgency of embracing generative AI to stay competitive, especially in customer service where it has the potential to be massively transformative.
During a fireside chat with NeuralNation, Carbonara emphasized the importance of understanding how new technologies like generative AI impact businesses. Enterprises, both large and small, are asking themselves: How can I leverage this technology to my advantage? Does it pose a threat to my organization? These are crucial questions that need to be addressed.
From simple bots to ‘hyper-automation’
Automation remains a key focus for enterprises in the era of generative AI. Carbonara highlighted the various ways automation is used, such as streamlining transaction processing, data processing, customer experience, and customer onboarding. He described the evolution of automation in three phases: RPA 1.0, intelligent process automation, and the current phase of hyper-automation. Hyper-automation involves performing complex tasks across multiple systems using multiple technologies, combining optical character recognition, natural language processing, and algorithmic decision-making.
Getting to a ‘golden set of data’
One of the biggest challenges enterprises face in automation is ensuring data quality. Carbonara emphasized the need for high-quality data to make informed decisions. Additionally, integrating cutting-edge technologies into legacy systems and maintaining auditability, controls, and governance pose further obstacles, especially in regulated industries.
Data quality, governance key
In the future, Carbonara predicts that all large enterprises will have generative AI agents performing various tasks. This will require establishing governance around data access and usage. Organizations will need to determine how these autonomous agents interact with data stores and what actions they can take. Data quality and governance will play a crucial role in enabling the capabilities of these autonomous agents.
Today’s digital economy is leveraging intelligent automation as an integral asset for efficient operations and needs-based services to customers. In order to better understand how to make the shift towards incorporating intelligent automation into business operations, Citi Ventures recently hosted an event featuring experts sharing insights and best practices.
Led by the Citi Ventures team, the event focused on the key steps businesses should take to adopt and successfully integrate intelligent automation into their operations. Citi Ventures is Citi Bank’s internal venture capital arm, and they gathered experienced professionals to share their practical advice on how to start incorporating automation into various business operations.
The key message from the event highlights just how important automation is to a successful business. Many companies already use automation for simple tasks such as invoicing and other administrative duties, however, there is more to be done. With intelligent automation, businesses can go beyond simple tasks and create meaningful data analyses and customized customer experiences.
The experts at the event spoke about how important it is to consider the long-term goals of automation. They recommend formulating a strategy for assessing and measuring the impact of intelligent automation within the business. They also suggested building a cohesive team of experts with diverse skills. Additionally, utilizing Robotic Process Automation (RPA) technologies for business operations further increases efficiency, reduces costs, and eliminates manual errors.
The event aimed to give attendees an expansive understanding of intelligent automation and how to best implement it into their operations. It showed how intelligent automation is becoming increasingly important as companies search for ways to make their processes more efficient. It’s clear that this shift towards intelligent automation is not only cost-effective but also necessary to remain competitive in the modern business landscape.
