Artificial intelligence has made significant headway into the world of business with firms spending nearly $22 billion on AI-related acquisitions and mergers in 2017. Right now, different types of companies are harnessing the power of AI to employ workers, forecast demand, and attend to customer needs. The power of AI enables organizations to exert considerable control over their staff. On the other hand, artificial intelligence also benefits modern professionals by letting them focus on the most engaging aspects of their jobs while increasing the efficiency and productivity levels of the businesses. Find more details on the far-reaching impact of AI on the workplace below:
Artificial intelligence creates a welcoming environment for data influencers
The average business deals with huge amounts of data on a daily basis. Due to the complex nature of this data, data stewards need to function as dedicated collaborators if they wish to improve the accessibility of data-driven insights across the whole organization. Nowadays, companies are required to make decisions quicker than before, because of which the importance of data has grown tremendously. So, it should not come as a surprise that a parallel evolution of wider access to data and the transformative role of data visualization has occurred amongst businesses. And, leading the charge is artificial intelligence.
AI facilitates sharing across company borders
While digital transformation and big data continue to overturn the decades-old internal silos, a similar change is taking place in the way companies share data externally with their client base, regulators, and suppliers. In fact, companies that utilize artificial intelligence to source and share information more openly with external shareholders report more innovation.
Benefit from business insights in real-time
When you are running a business, time is valuable and every single minute matters. Now more than ever AI trends have altered the expectations of the customers that drive the requirement for data-driven insights, most commonly in real-time. The growth of various innovations, such as edge analytics and streaming analytics, have provided organizations with the opportunity to fulfill those expectations and enable a responsiveness that varies from offering life-saving, timely emergency responses to rewarding consumer experiences.
AI increases the predictive abilities of organizations
The deployment of artificial intelligence has added a fresh dimension to the roles played by the employees within a business. As a result, the job positions available in modern industries are all centered on the management and implementation of strategic initiatives. On the other hand, analytic tools are used by the professionals to scale and automate data and drive improved decision-making.
Rise of IoT technology in the workspace
The Internet of Things (IoT) technology has been around for quite some time, but thanks to the spread of AI, it is finally making its presence known in offices around the country and transforming key elements of the way we do our jobs. The trend serves multiple purposes, be it understand the work habits of your employees or tracking movement. One of the major roles of IoT is to make big data even bigger, and it can even be used by different organizations to figure out the innovations made possible by this data.
AI technology revolutionizes the way we conduct collaborations and meetings
Video collaboration and conferencing is one of the multiple areas in the modern workplace where AI along with AR (augmented reality) has made a lot of progress. The technology has a ton of potential with many employees claiming it can positively affect meetings. In the coming years, AI will facilitate improved video meetings and make it easier for employees to collaborate across the world.
AI boosts productivity gains for human resources
Although it might appear counterintuitive, AI has been found to have a positive impact on different HR functions. What’s more, 84 percent of respondents in a 2017 report by the Human Resources Professionals Association considered artificial intelligence to be a helpful human resources tool. Not only can AI assist firms in writing more effective recruiting and job posting emails, AI assistants can be programmed to be interactive enough for streamlining the hiring process and helping both candidates and recruiters with the hiring process. Thanks to AI, recruiters report strong gains in recruiter productivity.
AI gives companies a competitive edge
Alexa from Amazon has taken the commercial market by storm, wowing families with its capacity to determine the weather, play suitable music, and add more convenience to their daily lives. AI can have the same effect when implemented correctly in the professional environment, enabling users to transform written text into convincing soundbites for listening on the move, choosing the right language, and schedule meetings more efficiently. Earlier, it took a lot of time to translate, edit, record, and post content, but thanks to AI, the processes now finish up quickly.
As days go by, companies who have adopted AI will experience a rise in their competitive edge. And it’s expected as the entire purpose of AI is to make life faster, simpler, and easier.
Combat fraud and boost business security with AI
Many customers report getting calls from their banks about fraudulent card activity. In most cases, the banks use some form of artificial intelligence to root the illegal transaction and prevent it from going through. Implementing this system in business can help companies assess security threats and ensure the safety of customers, data, and employees. AI software is capable of automatically detecting and resolving threats among numerous signals that would have been impossible manually.
Use AI to improve customer experience
AI has had tremendous success in boosting the customer and sales experience functions in the workplace. AI software can be used by customer service teams to record and assess business meetings in real-time, thereby creating visibility and improving performance.
AI and your workforce: Better together
AI has come a long way since its entry into businesses but it still has a long way to go before it can become popular among organizations. However, considering the benefits mentioned above, it’s only a matter of time before firms across the world embrace the technology for faster growth and a more productive workforce.
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