At a time when emerging technology is taking businesses over, artificial intelligence, IoT, and machine learning deserve special attention and recognition. We’ve seen what AI can do and its benefits even though it’s still technically “a work in progress.” Here are five ways in which it can help your company.
1. Help with Background Screening
Check People is an example of how AI can help sift through copious amounts of data in mere seconds. This background check service can select and analyze relevant data without the need for humans to intervene. It can also hone in on actionable points. In addition, machine learning is making the process more reliable and quicker. Background check services can now crawl tens of thousands of sites and generate a relevant and informative report in mere seconds.
Recruiters and hiring managers may be biased without realizing it. This is the case for several reasons. It can have legal consequences because it results in inadvertent discrimination. AI is data-driven and fact-based, leaving less room for bias and discrimination. It’s not infallible yet, because it’s still programmed by humans, but like we said, it’s a work in progress.
AI can also help by offering a broader scope for background checks. In the past, we had to check all data manually. When it came to international background checks, this was especially cumbersome. AI can not only access global data but also analyze it more easily. This is particularly relevant in times like these when more and more people are working from home.
Despite this fact, there are still legal consequences to reckon with. Different countries allow different things on a background screening.
2. Improve Marketing
AI can analyze marketing data to generate highly accurate client personas. This makes it easier to customize products and guarantee customer satisfaction. The days when companies hoped clients would like their products or services are long gone. In the future, AI will match buyer interests to company offerings with 100% accuracy, eliminating guesswork completely. Businesses will be able to target only those customers who have potential.
Facebook’s ad network uses artificial intelligence, but the social media giant is far from the only example of a company that’s resorted to it. Many companies appreciate the fact that AI can decrease the amount of time spent on data analysis.
3. Improve Customer Service
More and more companies are using chatbots to respond to questions around the clock. It’s easy for a customer to lose patience because they had to wait too long for a human customer service representative to respond to their urgent query. Arguably, chatbots still have a long way to go before they can replace humans, if ever, but they’re helpful for answering simple questions and solving simple issues.
The use of AI will free up employees’ time, enabling them to handle other important tasks. Moreover, AI can cater to clients on different time zones.
4. Increase Efficiency
By taking care of supply chains, workflows, and other related business processes, artificial intelligence can increase your company’s efficiency. AI can identify areas that require intervention and improvement through in-depth, automated, algorithm-enabled analysis. Ultimately, you use your resources better, which means lower production costs and reduced losses. Experts estimate that businesses that utilize artificial intelligence, can increase productivity by as much as 20% and use 4% less materials in manufacturing.
5. Optimize Human Resources
A large number of applications rely on AI to optimize talent. Talent management and acquisition can be improved through AI, resulting in lower employee training costs. What is more, AI can make sure you don’t invest time in the wrong employees. However, it’s most helpful in terms of matching your staff to the tasks they’re best suited to. Specialized AI services can help HR departments follow up on staff turnover, attendance, and more.
Ultimately, AI cannot replace human employees, but it can assist them in their work, resulting in the growth of productivity and of the company itself. AI can optimize processes by making them faster and improving accuracy. It can practically work 24/7 with extremely limited downtime, take care of mundane and time-consuming tasks, and make time for more important ones.