Artificial intelligence is defined as “an ideal intelligent machine that is a flexible rational agent that perceives its environment and takes actions that maximize its chance of success at some goal.”
Along with the digital age come opportunities, challenges and trends that are impacting organizations and HR functions around the globe. Artificial intelligence is a branch of computer science that uses machine learning algorithms that mimic cognitive functions; making machines more human-like. AI powered technologies combine with human experience and insight are key to building today’s effective HR organization. AI has the power to help organizations become even more people-centric and help them in creating happier employees, reducing bias, enabling more valuable programs and allowing more time to focus on people development. Organizational leaders and human resources executives believe that merging artificial intelligence(AI) into HR functions like onboarding and administration of benefits can and will improve the overall employee experience.
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HR departments focus on engaging, retaining, hiring, developing humans and artificial intelligence helps leverage intelligent machines to keep the employers focused on the needs of candidates and employees. From smarter products and services to better business decisions and optimized (or even automated) business processes, AI has the power to change almost everything. Data-driven technologies empower HR organizations to achieve a greater impact on business performance. As HR functions become increasingly accountable for influencing business results, harnessing technology that predicts problems and prescribes solutions is the most important step that HR leaders can take to enable stronger business performance.
The Importance Of Artificial Intelligence In Businesses:
Reducing Human Bias
Artificial Intelligence is an enhancer of people skills as it eliminates much of the manual analysis and challenging planning associated with building people programs and provides recommendations based on data rather than gut feelings. Human bias can influence many aspects of recruitment because humans tend to stereotype and make uninformed choices based on gender, ethnicity and so on. AI is poised to help HR teams and managers make better, less biased decisions and help them take more impactful decisions. Crucially, AI can be programmed to ignore a candidate’s background.
Increase In Productivity
Automated mechanized platforms are now making key decisions instead of humans at manufacturing houses, industrial settings, specialized areas such as financial and healthcare institutions. Implementation of automated systems and processes can increase the rate of production and run more efficiently with less down time or human error. It can improve ergonomics as an unhealthy or hazardous workplace is sure to have a damaging reputation and demoralize the entire workforce. Less time is spent on tedious and repetitive tasks, freeing up people in HR, IT, marketing etc and more time can be spent on more productive areas such as business development and strategy.
Increase In Revenue
Workers can delegate low value added tasks to AI and be more productive in main tasks. AI can also help businesses maximize their asset utilization rates. By accelerating the development of new products, AI helps to increase innovation, eliminate redundant costs and generate new revenue streams to increase profitability. The fear of reaching disconnected phones or having emails bounce back due to invalid addresses are all gone with the aspect of AI, as it provides the most accurate data to get the most accurate leads.
On the marketing side, AI may deliver that extra dash of relevancy programmatic advertising has been waiting for all these years. On the consumer side, AI helps create individualized display ads that website visitors want to see, while on the accounting side, the bots handle invoicing and payment for these transactions, giving marketers more time to focus on the big picture. With AI, predictive customer service and marketing could be just around the corner. The beauty of AI is that it doesn’t simply replace humans’ work; rather it helps businesses amplify their presence and improve their sales by providing effective solutions.
Improve Communication
Current business communication is overloaded with content, channels, tools, and so-called solutions, depriving individuals (and companies) from hitting targets while also harming work-life balance. Artificial Intelligence will help businesses improve communication internally and externally by enabling individual personalization for each professional, allowing for enhanced focus and increased productivity.
With such AI personalization, each individual will be empowered to have an intelligent virtual assistant, helping in taking care of mundane or repetitive tasks, it saves time by understanding the needs and goals and recommends next-best-action to take to utilize time much more efficiently, without requiring any extra effort. In the short to long run, business processes will improve, innovation will grow as employees will clear their tasks, and stress may decrease.
AI not only presents unprecedented opportunities for value creation, but also daunting challenges for executives and managers. It will force them to reconsider their own roles and redefine the fundamental operating principles currently guiding their organizations. Division of labor will change, and collaboration among humans and machines will increase. Companies will have to adapt their training, performance and talent acquisition strategies to account for a new-found emphasis on work that hinges on human judgment and skills, including experimentation and collaboration.
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Is your workplace truly amazing? It’s time to find out! Take the Amazing Workplaces® survey and certification – your chance to benchmark your company against top performers, uncover hidden strengths and weaknesses, and embark on a journey to build a workplace that’s the envy of your entire industry. Know more
