Over the years there has been a rise in the use of technology in everyday businesses. But, this doesn’t simply mean the standard computers or hard drives we use in our daily routines. Newer technology, such as artificial intelligence (AI) is on the rise in the workplace especially because of the productivity benefits.
According to a study by Accenture, artificial intelligence has the ability to increase productivity by 40% or more. Through data collection, automation, decision making, and cybersecurity, AI can boost profitability by an average of 38%. This can help free up valuable time for employees.
The Benefits of Artificial Intelligence
There are many benefits of AI for businesses; for one, AI has the ability to gather vast amounts of data. This is extremely important for businesses and their productivity. Instead of forcing employees to use their work hours to manually gather data, AI is collecting it for them automatically.
Also, it takes time and skill for data to be understood and implemented correctly. AI programs are able to crawl collected information quickly and understand patterns humans simply cannot.
This can increase productivity and production by giving a company the upper hand when it comes to gaining insights to drive product and marketing decisions. From this data and insight collection, AI can give companies a prediction of future opportunities and recommendations on how to take action. Not only is it offering predictive data, but also prescriptive information for companies to act on.
What form does this take?
Artificial Intelligence and Customer Satisfaction
With its ability better understand natural language, companies are using AI for customer service chats. For basic information requests or simple questions, automated chatbots are programmed to answer in a realistic and natural matter.
This can help companies be more productive by freeing up more time while allowing customers to still get a personal and accurate interaction. Furthermore, this enables companies to spend less money on customer service employees and invest more in other areas, such as sales, marketing, or engineering.
Artificial Intelligence and the Hiring Process
For anyone who’s ever worked in recruitment, you know how time consuming and costly it can be. SHRM, a human resources advisory service, noted that hiring one employee is put at an estimated cost of a quarter of a million dollars.
With so much time and energy being spent on finding eligible candidates, reviewing resumes, interviewing multiple potential employees, recruiters are looking for anything that can streamline the process. Artificial intelligence has been used by businesses to help make this process smoother.
Programs like X.ai, which schedules interviews, and ClearFit, which finds and ranks candidates, can help save time and money.
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Artificial Intelligence and Automated Work
According to TechRepublic, many companies are using AI to automate cognitive workflow. For example, businesses like cognitive automation company Coseer have used artificial intelligence to do this for years. To help them cut down on tedious work, they use AI automation features to automate work that’s unpopular. This, in turn, has helped increase productivity because their employees and programmers are working on tasks they enjoy and take pride in.
Companies are looking towards technology more and more to find ways to increase production. Artificial intelligence is the newest field that is allowing businesses of all sizes to make huge gains. Today’s post offers some ways AI can help increase productivity but there are many other ways AI can be used.
Businesses should look at all the ways artificial intelligence can help them in order to get ahead or, at least, avoid being left behind.