At the most basic level, applying AI to certain processes can free up the time of an organisations executives, allowing them to concentrate on higher value tasks. Ultimately, without putting these measures in place, its hard to see much of a future for the professional services industry as the advancing AI revolution continues apace
Darwin may have addressed the natural world, but his insights still offer some valuable lessons in business.
The rise of artificial intelligence (AI) and how businesses are adapt to this new technological development provides a great example of Neo-Darwinism at work in todays corporate landscape.
AI is on the march within the next two years, AI services will have cannibalised revenues for a third of market leaders, according to Gartner. For those that trade in consultancy and relationship-building, its easy to dismiss the impact of AI, and easy to assume that headlines such as, Will a robot take my job? are for manual, blue-collar workers to worry about.
However, this is a dangerous point of view to adopt. Simply because the speed at which information is now consumed and synthesised by AI far surpasses any human capacity, and is becoming more sophisticated every week evidenced recently by the AI that defeated six of the best human poker players to win a 230,000 prize.
>See also:The value of artificial intelligence in business
For professional services firms which proudly guard (and sell) their knowledge and accumulated experience, the democratising effects of AI could theoretically undermine their entire business model; empowering the average consumer with quantifiable research and actionable data that far outweigh any advice a professional adviser could provide. This is particularly true on the lower end of the value curve, where robotic process automation (RPA) is already replacing the work that humans once did on certain processes.
The legal sector provides a great example of this, since much of the work performed revolves around sifting through documents, contracts and cases, which are a prime target for automation. Companies like LawGeex, with their ambition to automate the entire legal industry, offer a vision of the future for all professional services.
LawGeex AI-based service allows users to upload a contract and points out any clauses which dont meet common legal standards. The report also automatically details any vital clauses that could be missing, and where existing clauses might require revision.
>See also:5 ways AI will impact the global business market in 2017
These sorts of tools may not be the preferred option for most legal needs at this point its reasonable to assume that customers wouldnt rely on it for expensive contracts yet the technology that underpins it is rapidly maturing. It may not be long until AI can even outperform a human lawyer.
AI has arguably already had its tipping point in the public consciousness, illustrated by our familiarity with having conversations with our phones, computers or in-home assistants like Amazon Alexa.
As examples such as LawGeex demonstrate, AI is silently stealing a march on every industry its exposed to. AI-driven solutions are increasingly commonplace in wealth management, for example, where three of the worlds top five brokerages rely on anAI solution for data analysis. AI is also a natural fit for the data-centric insurance industry, where its capacity for simulation modelling and data analysis from a range of different sources makes it invaluable to underwriters.
Elsewhere, AI can power predictive maintenance and self-monitoring technologies for manufacturers which can save billions. Although real-world examples may still be thin on the ground, the tipping point from theory to practice is fast approaching evidenced by the large investments made by Microsoft, Google, Amazon and IBM, which acquired over 20 AI firms in the last year alone.
>See also:What are the business benefits of artificial intelligence?
Highly empowered and enlightened consumers are more in control of the buying journey than ever before and by 2020, its estimated that customers will manage 85% of their enterprise relationships without interacting with humans.
It might appear at face value that the professional services industry is heading for collapse after all, whats the point of employing humans to do a job that AI can do more accurately, efficiently and quickly? This however, isnt entirely correct, rather were heading towards a point where we as professionals will simply need to become more innovative if were to keep offering value.
A fundamental rethink is required; while were still some way off seeing the real impact of AI, business leaders need to be prepared to implement technology and processes that reengineer the way organisations have traditionally operated. And AI may well unlock new business processes that might not have been available before, inadvertently offering new value to a professional services firm.
>See also:Artificial intelligence: how its transforming financial services today
AI could replace much of the bread-and-butter tasks, providing an opportunity for organisations to offer new services on top of them, such as more informed face-to-face legal counsel.
At the most basic level, applying AI to certain processes can free up the time of an organisations executives, allowing them to concentrate on higher value tasks. Ultimately, without putting these measures in place, its hard to see much of a future for the professional services industry as the advancing AI revolution continues apace.
Sourced byFrank Palermo, global head, Digital Solutions, VirtusaPolaris
The UKs largest conference for tech leadership, TechLeaders Summit, returns on 14 September with 40+ top execs signed up to speak about the challenges and opportunities surrounding the most disruptive innovations facing the enterprise today. Secure your place at this prestigious summit by registeringhere
See the rest here:
Survival of the fittest: AI perfectly illustrates Darwinism at a business level - Information Age
- 3 Challenges to the Causal Adequacy of Darwinism - Discovery Institute - May 19th, 2024 [May 19th, 2024]
- Darwinists Devolve - Discovery Institute - February 11th, 2024 [February 11th, 2024]
- Darwin's fatal competition model - Times of Malta - February 11th, 2024 [February 11th, 2024]
- Bitcoin Halving Is Poised to Unleash Darwinism on Miners - CoinDesk - December 12th, 2023 [December 12th, 2023]
- David Gelernters Farewell to Darwinism - Discovery Institute - November 20th, 2023 [November 20th, 2023]
- Darwinizing the Universe: A Theory That Explains Everything ... - BreakPoint.org - November 20th, 2023 [November 20th, 2023]
- Science Lab: Evolving Dak, McCarthy on the attack - DallasCowboys.com - November 20th, 2023 [November 20th, 2023]
- How to ensure that all students have scientific literacy - Inside Higher Ed - August 14th, 2023 [August 14th, 2023]
- The Darwinism of timepieces - Manila Bulletin - May 2nd, 2023 [May 2nd, 2023]
- ProSocial World: How the principles of evolution can create lasting ... - Science Daily - May 2nd, 2023 [May 2nd, 2023]
- New National Museum of Wildlife Art exhibition announced - Buckrail - May 2nd, 2023 [May 2nd, 2023]
- Digital Darwinism: How To Build Future-fit Foundations For Business ... - The Drum - April 22nd, 2023 [April 22nd, 2023]
- In Breath-Holding, Kate and a Croc Are Champions - Discovery Institute - April 22nd, 2023 [April 22nd, 2023]
- How the principles of evolution can create lasting global change ... - Binghamton - April 22nd, 2023 [April 22nd, 2023]
- What is essentialism? And how does it shape attitudes to transgender people and sexual diversity? - Phys.org - April 22nd, 2023 [April 22nd, 2023]
- Media CEO Says Writers Should Be Using AI to Churn Out 30-50 ... - Futurism - April 22nd, 2023 [April 22nd, 2023]
- Survival of the richest - Perspective Magazine - April 22nd, 2023 [April 22nd, 2023]
- Darwinism - an overview | ScienceDirect Topics - February 7th, 2023 [February 7th, 2023]
- Darwinism Theory of Evolution (With Criticism) | Biology - January 4th, 2023 [January 4th, 2023]
- Survival of the fittest | Definition, Applications, & Examples - December 25th, 2022 [December 25th, 2022]
- Naturalistic fallacy - Wikipedia - December 25th, 2022 [December 25th, 2022]
- Social Darwinism | Definition & Facts | Britannica - December 21st, 2022 [December 21st, 2022]
- Epigenetics Directs Genetics And Thats a Problem for Darwinism - December 16th, 2022 [December 16th, 2022]
- Herbert Spencer | Biography, Social Darwinism, Survival of the Fittest ... - November 27th, 2022 [November 27th, 2022]
- Herbert Spencer and Social Darwinism - SciHi BlogSciHi Blog - November 27th, 2022 [November 27th, 2022]
- Epigenetics: Adaptation Without Darwinism CEH - November 21st, 2022 [November 21st, 2022]
- Is Darwinism a Theory in Crisis? | Evolution News - November 21st, 2022 [November 21st, 2022]
- Social Darwinism | Examples & History - Study.com - October 25th, 2022 [October 25th, 2022]
- Survival of the fittest - Wikipedia - October 23rd, 2022 [October 23rd, 2022]
- Michael Behe: Game Over for Darwinism | Evolution News - October 23rd, 2022 [October 23rd, 2022]
- Gnter Bechlys Journey to Faith - Discovery Institute - October 13th, 2022 [October 13th, 2022]
- Gene Sharing Is More Widespread than Thought | Evolution News - October 6th, 2022 [October 6th, 2022]
- The Complicated Legacy of Herbert Spencer, the Man Who Coined 'Survival ... - October 6th, 2022 [October 6th, 2022]
- Darwinian Racism, Past and Present - Discovery Institute - October 6th, 2022 [October 6th, 2022]
- God Created Wholes, Not Parts | Peter J. Leithart - First Things - October 6th, 2022 [October 6th, 2022]
- Does Ian Remind Us We're in This Together? - LA Progressive - October 6th, 2022 [October 6th, 2022]
- A Pleasure to Serve - by Kevin D. Williamson - The Dispatch - October 6th, 2022 [October 6th, 2022]
- Opinion: Darwin, mega trends and tech drive food and beverage venture investing - FoodBev.com - October 6th, 2022 [October 6th, 2022]
- The mad, bad and dangerous theories of Thomas Henry Huxley - The Spectator - October 6th, 2022 [October 6th, 2022]
- Emily Whitten: Start with evolution | WORLD - WORLD News Group - September 20th, 2022 [September 20th, 2022]
- The Fading All-American Story - Word and Way - September 20th, 2022 [September 20th, 2022]
- What did the U.S. know about the Holocaust and when did we know it? - Forward - September 20th, 2022 [September 20th, 2022]
- What now for the British monarchy and its legacy for First Nations people? - National Indigenous Times - September 15th, 2022 [September 15th, 2022]
- Why Darwin Eclipsed Wallace: Darwin and the English Class System - Discovery Institute - August 25th, 2022 [August 25th, 2022]
- Michael Behe Debates Evolution and Catholicism - Discovery Institute - August 25th, 2022 [August 25th, 2022]
- Critical Race Theory's Merchants of Doubt | Time - TIME - August 2nd, 2022 [August 2nd, 2022]
- Survival of the briefest | Strictly Opinion | richmondregister.com - Richmond Register - August 2nd, 2022 [August 2nd, 2022]
- Critical Race Theorys Merchants of Doubt - Yahoo News - August 2nd, 2022 [August 2nd, 2022]
- Experts Share Opinions on Aliens and Humanity's Role in Space Exploration - The Future of Things - July 27th, 2022 [July 27th, 2022]
- Gnter Bechly: Species Pairs Wreck Darwinism - Discovery Institute - July 3rd, 2022 [July 3rd, 2022]
- Donate Darwinism for a Tax Credit? Evolutionists Admit Their Field's Failures - Discovery Institute - July 3rd, 2022 [July 3rd, 2022]
- Do we need a new theory of evolution? - The Guardian - June 30th, 2022 [June 30th, 2022]
- Overruling Roe v. Wade: The International Dimension - International Policy Digest - June 30th, 2022 [June 30th, 2022]
- On Darwinism and the Abdication of Reason - Discovery Institute - June 22nd, 2022 [June 22nd, 2022]
- Fact-Checking Professor Dave on Darwinism | Evolution News - June 5th, 2022 [June 5th, 2022]
- Texas Conservatives: Defenders Of Capitalism And The Free Market? Not So Much - Reform Austin - May 25th, 2022 [May 25th, 2022]
- Humans Could Go Extinct. Here's How and Who's Trying to Stop It - CNET - May 25th, 2022 [May 25th, 2022]
- Darwin, Galton, and Replacement Theory - Discovery Institute - May 21st, 2022 [May 21st, 2022]
- UPES takes the lead in rebooting business education and entrepreneurship - Times of India - May 21st, 2022 [May 21st, 2022]
- The implementation of brand safety is weak in India: MMA Impact India 2022 - The Financial Express - May 21st, 2022 [May 21st, 2022]
- The Real Roots of Racism: Pseudo-Science - Discovery Institute - May 13th, 2022 [May 13th, 2022]
- How We Moved Beyond Darwin to the Miracle of Man - Discovery Institute - May 13th, 2022 [May 13th, 2022]
- Opinion | Courage Seemed to be Dead. Then Came Zelensky. - The New York Times - May 13th, 2022 [May 13th, 2022]
- As PopSci turns 150, we reflect on the highs and lows of our long history - Popular Science - May 3rd, 2022 [May 3rd, 2022]
- "RB takes Darwinism very seriously" Lando Norris doesn't think highly of Red Bull driver programme; Carlos... - The Sportsrush - April 29th, 2022 [April 29th, 2022]
- Darwinism and the So What? Question: John West's Darwin Day in America - Discovery Institute - March 27th, 2022 [March 27th, 2022]
- Andrew Carnegie - Social Darwinism & Andrew Carnegie - March 23rd, 2022 [March 23rd, 2022]
- The Rise of Theistic Darwinism - Discovery Institute - March 23rd, 2022 [March 23rd, 2022]
- The Racism of Darwin and Darwinism - Discovery Institute - February 11th, 2022 [February 11th, 2022]
- Darwin's Rhetorical Foundation of Sand: Theological Utilitarianism - Discovery Institute - February 11th, 2022 [February 11th, 2022]
- Darwin's Reticence: On the Origin of a Book - Discovery Institute - February 11th, 2022 [February 11th, 2022]
- Evolutionary Thinking: On Darwinism, Doubt and Dunedin - RNZ - February 11th, 2022 [February 11th, 2022]
- Top Scientific Problems with Evolution - Discovery Institute - February 11th, 2022 [February 11th, 2022]
- Allowing 'Darwinism to Kill Off' the 'Foolish' Unvaccinated is a 'Necessary Evil,' According to a D.C. Mayor's Office official - The Lee Daily... - February 7th, 2022 [February 7th, 2022]
- Darwin and the Newtonian Metanarrative - Discovery Institute - January 30th, 2022 [January 30th, 2022]
- Social Darwinism - Communication Theory - December 29th, 2021 [December 29th, 2021]
- The Dead Talk Back to Darwin - Discovery Institute - December 15th, 2021 [December 15th, 2021]
- Materialist Science as Paternalistic Propaganda - Discovery Institute - December 15th, 2021 [December 15th, 2021]
- Why Darwinism Is False | Discovery Institute - December 3rd, 2021 [December 3rd, 2021]
- Herbert Spencer: Theory & Social Darwinism - Video ... - December 3rd, 2021 [December 3rd, 2021]