Banks on Wall Street Have Recently Shown Interest in Workday’s AI Products
No one is more excited about the possibilities of AI than the people who use Workday’s solutions.
An array of cutting-edge artificial intelligence (AI) technologies aimed at improving workplace productivity have been introduced by Workday, a prominent software company that focuses on labor management solutions. When released in the next several months, these tools will drastically cut down on the time and effort needed to do common activities like writing job descriptions and conducting performance evaluations.
At a recent conference, Carl Eschenbach, co-CEO of Workday, discussed the possible effects of these AI-driven technologies. He went on to say that there was a significant time savings of seven hours since something as mundane as writing a job description now takes just two minutes.
“Eschenbach calculated that if there were 100 workers and each job description took seven hours to create, the total time investment would be 700 hours. You just need two minutes now. You just saved all that, so you can do the math.”
People are excited about the possibilities of AI in general, not only in relation to Workday’s products. Launched in November 2022, OpenAI’s chatbot ChatGPT has contributed to a growing optimism among Wall Street institutions over the potential of AI to boost productivity.
For example, Deutsche Bank is looking at AI possibilities to revolutionize its workforce and boost productivity. One use case is the generation of client briefings by an AI bot, which would normally take junior bankers one or two days to do by hand.
Even more ambitiously, JPMorgan CEO Jamie Dimon sees artificial intelligence (AI) helping to automate mundane jobs, thereby shortening the workweek. Achieving this goal will free up workers to focus on the higher-order, more strategic components of their jobs.
Jan Willem Van Den Bremen, Accenture’s European tech head, reiterated Dimon’s remarks at the Workday conference, stressing that AI had the potential to “free up” forty percent of employees’ time in the future.
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