How Is AI Changing the Game For HR?
With Artificial Intelligence (AI) making sweeping reforms in every aspect of a business, it comes as no surprise that Human Resources have discovered just how beneficial this technology can be. From talent acquisition to policy planning, payroll engagement efforts, and reporting, AI recruitment is enabling businesses to save time and costs, increase productivity and improve accuracy.
This blog will discuss 3 ways in which AI has proved to be a game-changer in HR.
1. Selecting and Training Employees
Hiring the right employee and ensuring that he is a good fit in the organization is a fundamental tenet of success in business. Let’s consider the hiring process. AI recruitment can surpass biases, eliminate manual and machine limitations, and enhance the screening process by better identifying skills gaps and selecting candidates that have the highest potential for success.
Dr. Jeremy Nunn, Founder, and Director of Workmetrics, a leader in workforce software say: “Thanks to AI, organizations are able to better grade and rank qualifications during the screening process, develop candidate profiles, interact with job candidates and quickly reach out to the best ones before other companies take action.” Consider the hours of work that this will save for recruiters!
AI can also enhance existing technologies and refine the application process. In an earlier blog, we had talked about how the Applicant Tracking System (ATS) is Transforming Hiring Norms. AI can further enhance these technologies in several ways. For example, instead of the ATS relying only on a set of manually entered keywords to qualify a resume, AI helps the system look beyond the keywords and understand the concept behind the requirement. Deep Learning, Sentiment Analysis, Predictive Analysis, and other AI concepts can be used to enhance the candidate screening and qualifying process.
AI recruitment technology has also proved its mettle in the training and development of existing employees. It has the ability to get an overview of the entire workforce at once and automatically analyze the skills in each employee. It can then match these skills to the organization’s objectives and provide insights into specific areas for improvement and recommend the most effective training for each employee.
2. Improve Employee Experience
Improving the overall experiences of the employee with the company through every touchpoint is now made possible with AI technology. AI can enhance factors that affect an employee’s experience like compensation, communication, opportunities to grow and much more.
Let’s consider Compensation Benchmarking for example. The traditional benchmarking strategy based on titles doesn’t cut it anymore, because the functions performed under a title is seldom the same across different companies or even across departments. AI recruitment overcomes this issue by processing large amounts of employee-level responsibility data and providing accurate comparisons between employees through machine learning models. This helps businesses identify and accurately compensate employees with similar responsibilities and caliber.
Another important aspect of employee experience is access to information and communication. Discussing a survey by ServiceNow, their HR Evangelist & Transformation Leader Jennifer Stroud says: “30 percent of survey respondents said they want functionality that mimics Google to easily search for answers to their questions as well as policies and other critical company information.”
Conversational AI for the HR system will help in this regard. AI-powered programs including chatbots can be used to provide employees with instant answers to their questions right from the onboarding process. Access to basic training modules, guidelines on business ethics and conduct and other information can also be provided this way. Chatbots can govern access to documents based on the employee’s title and other factors. Natural language processing (NLP) has been vital in the success of conversational AI.
Content personalization by using predictive analytics has also been instrumental in enhancing the employee experience by recommending the most suited professional development programs and career paths for each employee.
3. Critical Decision Making
With data-backed insights and intelligent recommendation engines, AI can help solve persistent HR challenges. By aligning functions of HR to the overall business strategy and organizational goals, AI helps HR managers come to the right decisions that will be beneficial to the organization in the long run.
In the context of strategic HR decisions, the role of AI in Manpower Planning and Productivity Management is gaining recognition. Let’s consider the measurement of productivity of the Sales Function as an example. Traditionally, this has been measured by the achievement of targets. This, however, rules out considerations of missed opportunity or optimal revenue extracted from the market. AI helps in this regard by providing an overall analysis of the market, the competition and runs comparisons with the skills, attitude, and effort of the sales professional. Drawing this data from CRM, accounting, Geo-position tracking, sales logs and more is no easy task but is achievable by AI.
Transforming HR with AI
Although two-thirds of CEOs say AI will drive significant value in HR, only 11% of CHROs say that their organization has the skills to implement it. Don’t let your business be one of the 11%. Give us a call and let’s make AI happen for you.
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Artificial Intelligence (AI) is considered to be one of the most significant disruptive technologies today. More and more businesses are already realizing its benefits. Gartner’s 2019 CIO survey revealed that the percentage of companies implementing AI increased by about 270 percent over the last four years, and 37 percent in 2018 alone.
Leveraging the power of AI to enhance your existing business applications isn’t nearly as complicated as you might think. You don’t need a billion-dollar budget to implement AI-powered applications. In fact, small and midsize businesses (SMBs) today are cutting costs and delivering great customer experiences with AI-powered applications—and they are competing with giant companies at scale.
Here’s a look at how you can enhance your existing business applications with AI:
Enhance CRM Apps with AI
Incorporating AI into your current Customer Relationship Management (CRM) system, for instance by using chatbot or automated live chat support, will allow your company’s helpdesk to provide better, faster and more dynamic responses. It will also help you reduce the man-hours needed to resolve queries and help you build better engagement and customer trust. And because the AI-powered CRM system provides predictive insights, you can automatically recommend similar products or services a customer may be interested in.
Related Reading: Unconventional Ways Artificial Intelligence Drives Business Value
Streamline Supply Chain with Machine Learning
Machine learning (ML) allows your system to discover patterns in the supply chain data using algorithms that automatically identify the factors that contribute to the success of your supply networks, while constantly learning in the process. ML algorithms and the applications running them can analyze large, varied data sets in no time, improving accuracy in forecasting supply and demand. If applied correctly within your SCM work tools, ML could revolutionize the agility and optimization of your supply chain planning.
AI-Powered Recruitment Apps
Artificial Intelligence is expected to replace 16 percent of Human Resource (HR) jobs within the next 10 years, according to Undercover Recruiter. Integrating AI into your existing recruitment processes or tools could help your company’s HR department find the right candidate or the best fit faster and easier, thereby saving you time and money. AI-powered video interview tools, for instance, can utilize biometric and psychometric analysis to evaluate your applicants’ tone of voice, micro-expressions, and body language.
Related Reading: AI To Solve Today’s Retail Profit Problems
Improving Cybersecurity System with AI
Given the data breaches and cyber-attacks that have hit headlines in recent years, integrating AI into your current security system is vital to protect consumer data, improve trust and deliver true business value. About 71 percent of companies in the US plan to spend more budget on AI and machine learning in their cybersecurity software this year.
AI not only improves your company’s existing detection and response capabilities but also allows new abilities in preventive defense. It enhances and streamlines your security operating model by reducing complex, laborious and time-consuming manual inspection and intervention processes. Because the AI-powered cybersecurity system can self-adjust and learn data over time, you can automatically detect and block cyber-attacks and fraud.
Enhancing Space Exploration with AI
Another area where the application of AI has great potential is exploring outer space. NASA has plans to look for life on other planets, such as Mars, in the very near future. In their Mars 2020 initiative, they will use AI to explore Mars in greater depth, which includes looking for alien lifeforms. Most of us are at least slightly familiar with or aware of NASA’s Opportunity rover, which wrapped up a 14-year Mars mission when it quietly went dark in February 2019. Opportunity, also known as “Oppy,” found evidence that Mars at some point was home to water — a huge discovery.
Going forward with Mars 2020, NASA’s Mars Exploration Program will continue its use of AI for space exploration. In ongoing efforts to evaluate whether Mars is (or was at some point) habitable for humans and other animals, the Mars 2020 rover is equipped with a drill it will use to collect samples of rock and soil. It will store these samples in special tubes that will be collected by a later NASA mission. Read more about the artificially-intelligent robotic arm that will make it all happen.
Taking Your Existing Business Applications to the Next Level with AI
New AI frameworks and tools make provisioning AI capabilities more feasible than ever before. Working with a development partner who has the data science and AI technology experience, creating or updating a business application with AI can be started rapidly, take less time to code, and the resulting application placed into service sooner. Nor would it be necessary to staff for these hard-to-find resources for the long term.
Related Video: Artificial Intelligence – How to navigate AI