No customer ever gets to peep behind the curtain and look at a business’ backroom — and why would they want to — but they might be surprised to find a computer algorithm hard at work instead of a bored employee.
Writing for Forbes, artificial intelligence analyst Rob Schmelzer says AI is “making some of the most remarkable progress in back offices of enterprises of all types”.
Back office process include mundane tasks such as finance and accounting, human resources, supply chain and logistics operations, IT and support technology.
And Schmelzer argues that these operations, which involve human activities, can be “improved and expedited through the use of intelligent, AI-enabled technology and systems”.
“AI systems are quickly becoming an indispensable part of the corporate back office environment, serving as an augmented assistant that can significantly reduce the load of human back office workers, especially in large, multinational corporations,” he says.
“Enterprises want AI and machine learning systems to perform tasks that humans would otherwise be doing that require cognitive capabilities and are otherwise very tedious or time consuming.”
SaaS company LiveTiles (ASX:LVT) is one of the hottest stocks in this sector — it offers clients an intelligent workplace software. It has been working closely with Microsoft on such products for several years and back in April reported a tripling of its annualised recurring revenue.
In January, it hired former Microsoft executive David Vander as global growth director.
BidEnergy (ASX:BID) is another ASX stock in the field, selling an automated system that monitors a business’s energy spending.
This content is produced by Star Investing in commercial partnership with LiveTiles. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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