Artificial Intelligence (AI) recruiting and applications are growing at an exponential rate! One such application is robotics. I shared this AI application during a recent WGN Radio appearance with host Steve Grzanich. However, there are many more ways AI can be recruited by business to improve productivity.
Artificial intelligence has long been viewed negatively as a job elimination vehicle. However, artificial intelligence is far from that. Which brings us to the question: what exactly is AI?
According to Techopedia, artificial intelligence is “an area of computer science that emphasizes the creation of intelligent machines that work and react like humans. Some of the activities computers with artificial intelligence are designed to do include speech recognition, learning, planning, and problem-solving.” In other words, AI displays traits that you would typically associate with humans and not computers.
6 Ways Businesses Can Benefit From Artificial Intelligence
Results from a recently conducted PwC survey of more than 1,000 American business officials found that 20% of organizations will adopt artificial intelligence across their whole enterprise in 2019. If you’re thinking about how artificial intelligence can influence your strategy, here are six ways it is redefining business:
1. Optimize customer support with a chatbot
The chatbot market is estimated to reach $1.25 billion by 2025, with a compound annual growth rate (CAGR) of 24.3%. Chatbots are an interactive artificial intelligence tool that can replicate a real exchange (or chat) with a consumer in a natural language, through websites and apps. By using chatbots, devices can understand and react to human input through speech or writing.
Chatbots help resolve customer issues quicker, meaning you can deliver excellent customer service. And as they are machines, they can talk to your customers at any hour, ending the era of being ‘on hold’ forever.
These bots are brilliant data collection agents for your customer support team. They can act as virtual helpers, discovering customer data for your support reps, so that they have a detailed history of each account.
Consider a scenario where you want to turn cold leads into hot leads. You can deploy chatbots in your lead funnels. Then whenever a visitor interacts with your website, the chatbot can ask them yes/no questions to determine the reason they are visiting your site. Based on their answers, you can consider various approaches to attract them. For instance you can send different promo codes to them or redirect them to a particular landing page, without any human interaction at all.
With so much flexibility, it comes as no surprise that 80% of marketers are willing to start using a chatbot in some form or another by 2020, according to an Oracle survey.
When utilized judiciously, chatbots cannot only help you decrease costs and improve profits, but they can also change the way you do business altogether.
2. Image, facial and object recognition
Artificial intelligence has also revamped optical character recognition technology to the point that it can assume the place of a considerable amount of administrative operations.
Artificial intelligence is now sophisticated enough to recognize faces and items. This has immense consequences for a number of business applications. Facial recognition can be utilized to distinguish individuals for security purposes, while object detection can be employed to differentiate and analyze photos.
This technology treats people’s faces like cookies, helping to provide targeted services according to the customer’s preferences. Some organizations are experimenting with facial recognition to diagnose the disposition of their customers and, in turn, give them appropriate product recommendations.
All in all, the future of facial recognition looks very bright. It has been estimated that by 2022, the global market for face identification will reach $7.76 billion. It is expected that the use of this technology in online marketing will contribute to a huge portion of this figure.
3. Smarter IoT products
One avenue where the potential of artificial intelligence has immense utility for organizations in various industries is in the creation of smarter Internet of Things (IoT) products. Gartner has predicted that the number of interconnected things in use will reach 14.2 billion in 2019, and will rise to a humongous 25 billion by 2021.
Today, the business world is changing with the development of IoT in various ways. IoT has completely revolutionized the notion of data handling. In addition to offering greater access to consumer data, these devices track and record the how users interact with them, which makes the devices smarter.
As the research in IoT technology gains more ground with each passing day, businesses are leveraging it to interpret the data acquired from IoT widgets for improvement and growth. The productivity of any business can be improved with better awareness of its market and customers.
IoT devices can be deployed during product development to enhance efficiency. Also, IoT software and appliances will enable employees to complete tasks faster and make fewer errors.
4. Delivering personalized experiences
According to a Deloitte study, while 36% of customers express an interest in purchasing customized services or products, 48% of them are willing to wait longer for them.
Chief of AI’s core functions is its capability to assess and comprehend inordinate amounts of data. AI algorithms utilize millions of data points, such as demographics, past exchanges, purchasing tendency, on-site interactions, etc. to create distinctive consumer identities.
These identities make the task of aligning customers to their preferred services or products very straightforward, thereby greatly amplifying customers experience and engagement.
One prime example of this is Netflix’s suggestion engine. Data shows that an average viewer takes up to 90 seconds to choose what they would like to watch before giving up. But, Netflix’s AI-enabled suggestion engine saves itself up to $1 billion every year by customized recommendations that have improved customer retention vastly.
5. Social media marketing powered by artificial intelligence
AI’s prophesied impact on social media marketing is huge. In a Salesforce study conducted in 2017, marketing leaders hoped to see enhanced efficiency and improved personalization over the next five years. Also, more than 60% of marketers envisage utilizing AI to build dynamic websites and landing pages as well as undertake programmatic advertising.
However, the thing that people are most excited about is AI’s potential impact on social media marketing and lead nurturing. Not far from now, AI will become much more advanced, and a powerful tool for social media marketing.
The biggest way in which artificial intelligence will influence-marketing efforts is by nurturing leads via social media. How? Through customized, real-time content targeting that creates up to 20% more sales opportunities. With the utilization of behavioral targeting practices, AI will be able to track and begin the process of nurturing and then subsequently boost sales.
6. Modernize the recruitment process
One avenue where artificial intelligence can massively affect business operations is in the payroll and human resources sector. These two are very important departments of any business, but they’re often neglected by smaller organizations that can’t afford to have a full time HR department.
This is where AI can step in and act as a lifesaver for such organizations. It can do scores of things such as provide decision makers with more information, automate lower-level operations, supervise how candidates employ their skills, etc.
Here are four ways in which artificial intelligence can revolutionize the recruitment process:
• Increased quality of hiring
Artificial intelligence can streamline the hiring process by categorizing it into stages. Employers can accumulate more information on every prospect and assess them more effectively.
• Better incorporation of analytics
The HR department can determine which candidates to choose based on their skills and then find an existing job where those certain skills are needed. This approach also stimulates employees to enhance their skills and increases business productivity.
• More time saved
Artificial intelligence can help save valuable resources like time and money. It can offer a host of solutions for determining a prospect’s skills. Based on its analysis it can produce comprehensive information for decision makers.
• Unprejudiced decisions
AI can do away with partisan practices employed by humans, eliminating unconscious or conscious bias completely. This gives organizations a great opportunity to employ only the best candidates for a particular job, based on their real potential.
Artificial intelligence is a fantastic medium to augment and enhance everyday processes and help people work smarter. This is as equally applicable to robotic process automation as it is to machine learning and other forms of AI.
Though this technology is far from being faultless, it can still accumulate and assess information faster than people can, and it can function alongside humans, much like any effective tool. It can also do away with, or considerably mitigate, repetitive tasks and thereby boost productivity.
As the utilization of artificial intelligence in business practices starts to gather momentum, organizations are increasingly looking to leverage it to enhance the efficiency of regular business processes, streamline strategic output and remove the guesswork from their decision-making. With so many benefits to artificial intelligence, how are you going to react to it? Share your views in the comments below!
Call me today at 312-944-4000 to discuss how Strategic Search Corporation can assist with your artificial intelligence engineering, scientific, R&D, IT, technical and manufacturing jobs recruiting efforts. Or click here for my full contact information.