If you believe the hype, you would think that AI is going to render all human kind out of jobs if not worse. I had the chance to speak with Praful Saklani the CEO and founder of Pramata, which uses AI to reduce the human effort with unstructured data.
One place Pramata is used is on the unstructured data in contracts to find leads for renewal, cross-sell and upselll opportunities. For most enterprises coping with large customers, these contracts represent a great deal of negotiation that does not fit into simple frameworks of price and performance.
In addition, business models change and portions of the business services may have been sold off or restructured.
As Pramata puts it, they have been digitizing and operationalizing the details of commercial relationships for maximizing revenue, reducing risk and driving business efficiencies for the world’s largest enterprises including CenturyLink, Comcast Business, FICO and HPE. They support sales, legal operations and finance teams that normally have the information they need in contracts, remarks and “other” fill in the blank data entries. Pramata ensures this critical contract data is accurate, complete, up-to-date, accessible and accurate.
Now here is the point, 70% to 80% of the unstructured data can fit into a pattern that AI can learn and discern without human assistance. However the rest of the unstructured data does not fit into a pattern and humans need to be involved.
If the goal is to be 100% automated, candidly, the cost of development outweighs the return and, since the goal is to reduce the amount of work, the goal is being accomplished to reduce man-hours involved in the process. If you reduce the human effort by 70% to 80% the savings is significant.
It becomes a law of diminishing returns.
“Right now, all AI requires some element of human input to function properly. So the challenge is to develop an AI strategy that balances the automated nature of this technology with the human guidance that will yield the most rewarding results,” said Praful Saklani, Pramata CEO. “At Pramata, we believe that we have struck that balance in the form of using AI to extract valuable business data hidden within contracts, and then pairing it with the very human activity of interacting with customers and driving more profitable commercial relationships.”
There is another market value here in the fact that many executives and managers are skeptical of the analytics they receive on a regular basis. In the context of data analytics, most companies have problems finding the value of everything they store.
So a system that is looking for relevant data and proves it can find the patterns and integrate it into the support systems is appreciated. For AI to work properly on unstructured data, the corporation has to establish a data set strategy, develop or refine an algorithm, and focus the AI on the relevant unstructured data.
AI may replace us all in the future, but right now Pramata is delivering on the reality.