Workday’s new AI-driven tools are catching the attention of Wall Street banks as they look for ways to boost productivity and streamline operations.
Workday, a leading software company focused on workforce management solutions, has launched a series of innovative artificial intelligence products designed to improve workplace productivity. The tools, expected to roll out in the coming months, promise to revolutionize tasks like job description creation and performance reviews, significantly reducing the time and effort required.
AI-driven efficiency improvements
Workday co-CEO Carl Eschenbach highlighted the potential impact of these AI tools at a recent conference. He explained that tasks that previously took seven hours to complete, such as developing a job description, can now be completed in just two minutes, resulting in significant time savings.
“You have 100 employees and it takes seven hours to write a job description, so that’s 700 hours,” Eschenbach said. “Now it takes two minutes. You can do the math and you just saved all of that. That’s productivity gains. By using artificial intelligence, you can have a quantifiable impact.”
Eschenbach further emphasized that these AI tools align with the company’s efforts to optimize processes and reduce costs. By automating tasks that previously required significant manual intervention, organizations can reduce their reliance on large labor forces.
“If you have some piece of code that is 80% written by AI, then you don’t need as many brains,” Eschenbach noted. “The promise of AI is to increase productivity. If you’re going to increase the productivity of the existing workforce, you’re going to need fewer workers.”
The role of artificial intelligence in financial institutions
Enthusiasm for the potential of artificial intelligence isn’t limited to Workday’s products. Several Wall Street banks are becoming increasingly optimistic about how artificial intelligence can improve productivity, and this sentiment has been growing since the launch of OpenAI chatbot ChatGPT in November 2022.
Deutsche Bank, for example, is actively exploring AI capabilities to transform its workforce and increase efficiency. One example is using an AI bot to generate client briefings, a task that typically takes a junior banker one to two days.
JPMorgan Chase CEO Jamie Dimon goes a step further, envisioning AI reducing the work week by automating tedious tasks. The aim is to allow employees to focus on the more valuable and strategic aspects of their roles.
Jan Willem Van Den Bremen, Accenture’s European technology director, echoed Dimon’s views at the Workday conference, emphasizing that artificial intelligence can eventually “liberate” 40% of work time. This will allow individuals to allocate their time to more important tasks, ultimately increasing overall productivity.
An AI-driven future of efficiency
As artificial intelligence technology continues to develop, its potential to drive efficiency improvements in various industries is becoming increasingly apparent. Financial institutions, in particular, are keen to harness the power of AI to streamline operations, reduce costs and allow employees to focus on higher-value tasks.
The deployment of the AI tools provided by Workday marks an important step toward achieving these goals. By automating time-consuming and repetitive tasks, organizations not only save time and resources but also improve the overall quality of their work.
Information source: Compiled from CRYPTOPOLITAN by 0x Information.Copyright belongs to the author Benson Mawira and may not be reproduced without permission.