BUSINESS TRANSFORMATION

The Impact of AI on Digital GBS

We’re in the midst of the fourth industrial revolution, characterised by widespread digitisation and the emergence of various cutting-edge technologies. Artificial intelligence (AI) is definitely one of the major tech buzzwords of the year, alongside technologies like machine learning, the Internet of Things, and advanced data analytics. AI has found applications in various domains across our personal, and professional lives and its functions are continuing to grow and evolve. This blog will explore the role of artificial intelligence in businesses today, with a focus on its impact on the global business services model.

How AI is transforming businesses?

The field of artificial intelligence has been around since the 1950s, but it is only in the last few years that the concept has developed into usable technology with a myriad of applications. AI can today analyse vast amounts of data extremely rapidly and efficiently, and businesses can use this processing power to support various processes. With AI, it is possible to predict likely future outcomes of actions taken today, and these insights can help organisations make smarter strategic business decisions.

Modern everyday applications of artificial intelligence include smart digital assistants, conducting internet and data research to identify patterns in people’s internet activity, autonomous processing of data, smart customer relationship management systems, machine learning, and cybersecurity.

AI and GBS business solutions

With advancements in technology such as AI, shared services and the global business services model have evolved from being primarily cost-saving initiatives to actually adding value and boosting efficiency across several functions. Let us take a closer look at how artificial intelligence can transform four common GBS functions, namely procurement, supply chain management, human resources, and contract management.

• Procurement

  Armed with intelligent technologies like predictive analytics, GBS providers can accurately identify procurement risks and opportunities early in the procurement process. Once these tenable risks and opportunities have been established, they can be used as bargaining chips when negotiating with prospective suppliers. AI-enabled data analytics can also help organisations better manage risk and streamline their sourcing strategies by identifying patterns in historical procurement data.

• Supply chains

  Artificial intelligence can help with supply chain optimisation by ensuring accurate capacity planning and demand forecasting. By giving supply chain professionals the information and insights needed to make better, faster decisions, AI can help reduce cycle times and speed up supply chains while also reducing the chances of unexpected disruptions. By augmenting supply chain services with AI and other contemporary digital technologies, businesses can ensure that goods and services will be delivered in a timely and efficient manner.

• HR

  Artificial intelligence and machine learning can be used to automate repetitive HR tasks such as conducting performance reviews and employee onboarding. This leaves HR professionals with more time on their hands to focus on core processes and strategies that offer greater benefits to the organisation.

• Contract management

  Incorporating artificial intelligence into the contract management process can eliminate delays by ensuring that all contracts are free of errors and loopholes that can be exploited. Such smart contract analysis and management systems can reduce the workload on the legal team in a number of ways. These include reviewing and summarising documents, ensuring that the language matches established standards, comparing obligations and liabilities of all involved parties, highlighting inconsistencies, and earmarking portions of a document or contract for human review.

As we have described above, GBS business solutions providers can leverage technologies like artificial intelligence, machine learning, and automation to offer organisations better value and efficiency across a wide variety of functions. Modernising the global business services model shifts the focus from cost savings to process improvements, better control over operations, and a better user experience.

For organisations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed on organisational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like a living organism, will be imperative for business excellence going forward. A comprehensive, yet modular suite of services is doing exactly that. Equipping organisations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organisations that are innovating collaboratively for the future.

How can Infosys BPM help?

With a great deal of experience in running shared services for a number of organisations across various industries and regions, Infosys BPM is uniquely placed to offer cutting-edge GBS that incorporates the latest technology. The Infosys BPM next generation gbs offering can provide businesses with improved service delivery models and simplify end-to-end functions with the adoption of contemporary products, strategies, and services. Reach out to know more.