The thoughtful implementation of AI can help organisations rapidly unlock economic value and revitalise people and processes
Words by Mahesh Kumar Agrawal
In today’s dynamic business landscape, staying ahead of the curve requires more than just keeping pace with technology – it demands a strategic integration of cutting-edge solutions. At Areteans Technology Solutions, we specialise in orchestrating digital transformations that transcend industries, ranging from Banking and Finance to Media to Government and Public Sector. Central to our approach is the fusion of Process Mining and Process AI, catapulting organisations from automation to autonomy.
One of the most compelling applications of Process Mining and Process AI lies in insurance underwriting. In this domain, understanding the customer is paramount. Traditionally, factors like age and existing diseases are considered. However, AI-enabled decisioning systems consider a multitude of parameters, including geography, air quality, water quality, and more. This comprehensive analysis not only enables accurate premium assignment, but also assesses the probability of claims with unprecedented accuracy.
During unprecedented events, such as the COVID-19 lockdowns, Process AI proves invaluable. Consider the scenario of fire insurance claims filed by non-essential goods manufacturers. While human approval might be granted based on circumstantial evidence, AI detects unusual claims patterns, prompting further investigation. This capability to discern anomalies and provide early alerts is a testament to the power of Process AI in safeguarding businesses.
In another remarkable example, the Yangshan Deep Water Port in Shanghai, China, stands as a testament to the potential of automation. This colossal port, spanning 2 million square meters with a shoreline of 2.3 kilometers, operates without a visible human presence. Fully automated and controlled remotely, it handles an astounding 6.3 million standard containers annually. The impact is profound, with a 70% reduction in labour costs and a 50% increase in handling efficiency. Additionally, the absence of trucks for container transport contributes to a more environmentally sustainable operation.
As organisations forge ahead in an ever-evolving landscape, it’s crucial to recognise key principles to stay ahead of competition. Firstly, a forward-thinking mindset is essential. Anticipating industry trends, emerging markets, and disruptive technologies empowers proactive decision-making, positioning an organisation at the forefront. Secondly, a commitment to ethical leadership sets the foundation for sustainable growth and a positive societal impact. Upholding a strong moral compass builds trust among stakeholders and fosters a positive work culture. Lastly, a collaborative spirit is critical for success. Building and nurturing high-performing teams that leverage the diverse strengths of each member is essential in today’s hyperconnected world.
Areteans takes immense pride in being at the forefront of this technological revolution. As we celebrate our 8th anniversary, and armed with the power of Process AI, we are poised to lead organisations into a future defined by progress, innovation, and enduring success.
With Process AI, ‘Better Never Stops’ – it’s a journey of perpetual progress and enduring excellence. Together with Areteans, organisations are not just navigating change; they’re harnessing its full potential to redefine success in the digital age. Our commitment to excellence is not just a statement, it’s a living reality that shapes our every action. As we step into the future, we’re excited to continue transforming businesses and setting new benchmarks. Process AI is not just a tool for us; it’s part of a philosophy that drives us to push boundaries and ensure ‘Better Never Stops’. Here’s to a future where organisations not only thrive, but redefine the boundaries of success in the digital age!
Mahesh Kumar Agrawal is the Co-founder & CEO, Areteans Technology Solutions, a global services & solutions company that helps businesses transform and evolve digitally by executing Pega implementations through proactive collaboration with customers.
