How intelligent are your efficiency measures? We all hope to have intelligent homes and intelligent cars one day (Call them “smart”). Intelligent efficiency is the marriage of systems efficiency with digitization technology. These technologies offer better productivity and efficiency. The system is greater than the sum of its parts.
Well, additional efficiency is possible with information and communications technologies (ICT) such as sensors, connected devices, networks, and data analytics. Intelligent efficiency is an innovative suite of technologies that save resources through optimizing the use of inputs. Intelligent efficiency is not about making the accounts department more efficient but making the entire accounting processes and systems more efficient.
In addition, Intelligent efficiency takes advantage of several developments in the world like internet of things, data analytics, machine learning or artificial intelligence. Making sense of Big Data requires good data and data analytics. Computer programs turn data into information and then Information into knowledge, then the intelligence.
Machine learning turns knowledge into wisdom by using algorithms to sieve out of Big Data trends and correlations that are useful for anticipating and predicting what a person, device, group of people, or system might do in the future. This information is pertinent in forming a chronology of events for programming or set up smart robotics that change the tide.
The businessmen take great pride in what they do, call it passion, as they discharge incredible care for their customers, to target repeat business. This gives them a sense of mission that often translates into a natural desire for even greater impact. With this enthusiasm from the owners and the subsequent feeling from the customers, smart operations have no option but exponentially scaling the businesses.
Although many have been focused for a while on improving and increasing efficiency, perhaps it is the way we have been trying to do so that can explain why it remains a work in progress. This is the time to encourage novel thinking and a willingness to try new approaches to implementing the concept of efficiency.
Businesses should embrace deployment of affordable next-generation sensors, control, and communication technologies that help gather, manage, interpret, communicate, and act upon large volumes of data to improve devices, process, facility, or organization performance and achieve new levels of efficiency. We should embrace smart devices that quickly communicate with other grid systems; smart cars and buildings are the future.
The business fraternity should collaborate with the fintechs to holistically optimize the business resources. This may call for implementing a comprehensive asset-management platform that will oversee risks and prevent damage and breakdowns in the business assets like machinery and the moving fleet, to avoid downtime, and ultimately providing superior customer care.
Indeed, we should vouch for artificial intelligence (AI) algorithms for proactive and predictive monitoring, as well as an augmented reality (AR) to diagnose and remotely repair the business systems. Systems instability and poor monitoring should be a conversation of the past. In all this, the human resources should be empowered to up their ante regarding system dictionaries, for they support in manning the systems.
Well, Intelligent efficiency is more integral, with the objective of boosting and uplifting all those who touch the business ecosystem from customer to frontline staffs and by improving the management of the business resources all over the entire set up. This goes a long way in optimizing the business resources to deliver efficiently for the business.
Using this approach helps to actively solve the recurrent business challenges that have lasted longer, letting other business employees to spend more time attending to customer issues and improving the products and services, and less time struggling with ad hoc systems.
Whatever the technology, if it helps us to collect several data sets and act on big data, enhance device and process efficiency, enable system wide performance improvements, or adapt to changing conditions, we shall call it intelligent. For most of the solutions, humans are still very critical, as they simply enable users make better, faster decisions.
All in all, Intelligent efficiency implies customers spend less time in the queue as they get served. It means empowering business owners and their frontline staffs to deliver higher-quality customer experience, with better, more integrated data and tools. And, ultimately, better customer relationships and business empowerment. The technology evolution is here to stay.
The writer is the General Manager Commercial Banking at Centenary Bank.