AI is changing the business landscape, from customer service and sales to product design as well as supply chain and supply chain management. Many of the top companies in the world are being driven by AI, whether it’s Spotify’s algorithm that decides what music you like or Alexa ordering groceries.
Even if you’re not Elon Musk, you can be sure that AI has an impact on your business. Gartner reports that the number of AI-enabled organizations has increased threefold in recent years. What does the AI revolution actually look like?
Automation is the New Standard
AI is often associated with chatbots like Microsoft’s Cortana and Apple’s Siri. They are now a standard for customer service. Many businesses have their own virtual assistant to save time and reduce costs.
Most companies that have implemented Artificial Intelligence are doing it behind the scenes. AI is used by most companies to automate repetitive, basic, or routine tasks. These could include:
- Data consolidation and basic trend analysis;
- Meeting minutes recorded and transcribed;
- Coordinating schedules;
- Analyzing productivity data;
- Optimizing inventory levels and forecasting sales.
Every business can increase productivity by smartly deploying AI technologies. AI’s versatility is unmatched when it comes to automation solutions.
AI has created entirely new jobs and markets, opposite of the statement that it is the reason people lose their jobs as naysayers predicted. It’s easy to see that machine learning and natural language processing are highly sought-after skills.
Machine learning specialists are taking their pick. One reason for this is that machine learning is one of the most difficult skills to master. The machines also have excellent integration in the food packaging automation Companies are experiencing difficulties because they lack the necessary talent to drive AI adaptation, though.
The field will continue to attract more knowledge workers eager to be a part of relevant industries. However, competition and headhunting won’t slow down.
Data labeler is a new blue-collar occupation that will likely be in demand as machines have difficulty understanding and learning from messy data. Data labelers will manually sort and clean data before it is fed into the system.
They might spend their entire day identifying news that is relevant to certain topics or sorting images of cats and dogs. It is clear that AI is changing the job market. However, it is doing so in unexpected ways.
AI technology requires a lot of data in order to produce real results. If a company wants to reap the benefits of AI, they need a data collection and management system. There are many challenges that companies face as they work on this. These include:
- Developing infrastructure to store and use collected data.
- Tailoring data for specific uses;
- Collecting data that isn’t invasive to consumers
- Getting sources of reliable and trustworthy data
- Identifying the most valuable data points.
Despite the fact that hiring talented employees is crucial for any serious company, there are many flaws in the hiring process. Interviews still rely on first impressions. Bias can be a major obstacle.
More than 50% of new hires are referred by employees. One study found that discrimination against black workers in the hiring process has not declined over the past 25 years, despite the fact that many companies are making efforts to eliminate discriminatory hiring practices.
Many companies have already begun to use AI in their recruitment and operations processes to cope with these problems. AI can scan large amounts of talent sources, such as resumes or portfolios, allowing businesses to reach a larger audience.
This allows companies to pick the best candidates for specific job positions. AI tools are being used by many companies to review call logs and interview transcripts as well as job descriptions. These tools are able to accurately sort out candidates and spot and correct hidden biases during the hiring process.
IBM Watson Candidate Assistant is one such talent management tool. This tool matches potential candidates to the best jobs. It is important to make sure that such tools don’t fall prey to the same biases humans have.
Many businesses are taking a holistic approach to CX, as customer experience(CX) is now a key part of the business landscape. There are many AI tools available to companies that enable them to provide highly personalized customer experiences.
AI can analyze all customer touchpoints and determine which factors or elements are triggering their behavior. Are they on the verge of churning? Why? Why do they want to purchase more? Why?
AI tools can provide companies with unprecedented insight into their end-to-end CX by analyzing this information. AI allows companies to anticipate their customers’ needs by providing the right messages and marketing advice at the right moment.