Fukoku Mutual Life Insurance recently made headlines when they announced that they will replace 34 human workers with IBM Watson Explorer to scan and assess insurance claims.
1. Robotic Process Automation
Robotic process automation (RPA) utilizes software robots to automate digital activities usually performed by human workers. By turning over lower-value tasks to bots, organizations save both time and money while freeing their staff up from repetitive work to focus on more important operations.
Mitsubishi Tanabe Pharma Corporation in Osaka is one of many Japanese businesses using RPA to enhance workplace efficiency, and UiPath, their RPA vendor, has recognized this market as an area of particular focus.
As Japan's aging population increases and labor shortage worsens, operational efficiency through automation has become an increasing priority for companies. Bots are being deployed to perform repetitive manual processes so organizations can lower costs while improving employee productivity and increasing efficiencies while improving the customer experience and increasing efficiencies.
2. Artificial Intelligence for Knowledge Work
Artificial intelligence (AI) is revolutionizing Japanese workplaces, impacting both professional service organizations and general businesses alike. AI offers various advantages that include automating repetitive tasks, increasing efficiency and cutting costs.
AI applications can produce code much more rapidly than humans, enabling knowledge workers to complete tasks such as writing software without hiring extra programmers - allowing them to do more, make more money and attract top talent into their company.
One example is of a Japanese life insurance company replacing 34 human insurance claim workers with an artificial intelligence application known as IBM Watson Explorer, an AI robot. It will scan hospital records and other documents to determine payouts as well as make recommendations based on its findings.
3. Artificial Intelligence for Decision Making
AI is increasingly helping businesses make better decisions with their data, from employee evaluation and churn prediction to employee productivity tracking and customer churn prediction. Companies can utilize machine learning algorithms for more precise and valuable insight.
Fukoku Mutual Insurance recently made headlines when it announced it has adopted an IBM AI system to assist it in finding suitable insurance plans for its customers, becoming one of the first major Japanese firms to do so.
According to The Mainichi, this AI software could save the company roughly $1.1 million annually in salaries. They expect their return on investment within two years.
4. Artificial Intelligence for Automation
Japan has long been known for its excellence in robotic technology and AI-driven automation. According to Nomura Research Institute estimates, by 2035 nearly half of Japanese jobs could be filled by robots.
While increasing automation can be seen as beneficial economic development, it also presents risks to society and welfare. Simulations conducted for the IMF by its staff indicate that Japan could face declining labor shares, income polarization and increasing inequality compared with other industrialized nations.
At this crucial juncture, governments and businesses must collaborate closely to help workers adapt most efficiently to AI-enabled automation. This may require new policies such as universal basic income or enhanced retraining programs.
5. Artificial Intelligence for Machine Learning
Japan is taking advantage of AI to modernize knowledge work across industries like healthcare, insurance and financial services. One such company is Fukoku Mutual Life Insurance which recently replaced 34 human workers with an IBM Watson Explorer AI system which scans hospital records to determine insurance payouts.
Artificial intelligence for machine learning can significantly improve efficiency and accuracy when processing large datasets, helping businesses identify new markets more quickly while developing products more rapidly.
AI systems pose the potential risk of leading to unfair bias or discrimination when making decisions, so proactive businesses and governments must find ways to combat this risk and ensure AI does not unintentionally alter results or decisions in any way.
