Data is the foundation of success, from fueling scientific research to delivering a personalized shopping experience. Today’s organizations are utilizing machine-learning and artificial intelligence to harness the full power of their data.
Big Data is key to extracting real-time insights, and enabling organizations to achieve new levels of performance. A term typically used alongside AI is machine learning, which is a field of computer science that grants computers the ability to learn without being programmed. It is a powerful tool that allows organizations to ingest continuous streams of information and derive actionable intelligence. Artificial Intelligence (AI) in its most basic form is simply the ability for machines and computers to exemplify true intelligence, i.e. an aptitude for understanding a user’s request and working out the most desirable answer from a pool of available information. The phone in your pocket is a very good example.
Powered by significant new innovations in infrastructure and HCM applications, these technologies are driving massive improvements to business intelligence and productivity. Let’s take a look at some of the Artificial Intelligence (AI) and robotics technologies that exist today and could help HR and the business get finer, real-time insights into the state of the workforce:
- Personalization: It’s not really breaking news that people have very different styles of working, and, with the many generations now filling up the workforce, embracing modern practices has never been more crucial. AI is helping to personalize working experience and culture by capturing meaningful employee data relating to a wide range of learning experiences and behaviors. The same machine learning computer algorithms that “learn and recommend” by analyzing your choices of where to shop or what to eat, will also “learn and recommend” when it comes to employee work space.
Imaging a workspace which assists you with the details of doctors when you apply for a sick leave or offers you details and comparisons for an insurance policy or perhaps any personalized investment plan when you are submitting your investment declaration. Machine learning can even assist the organization understand the trends of leave WRT performance of employees. In fact, these systems will continue to parse and analyze as more and more employee interactions occur, and be able to tweak programs accordingly and make outcomes more effective.
- Workflow Automation: AI is proving to be a game-changer for workflow problems. According to a recent article, the next few years should see software that completely automates hiring processes like interview scheduling, employee performance reviews, employee on-boarding, and even the answering of basic HR questions. Based on trends derived from all previous processes, for e.g. by understanding which are the most popular time slots for the interviewer, the system can automatically prompt the candidate with suggestions for the best time-slot that he/ she should opt for.
- Improved Recruitment: HR is, by its very name, one of the most human-centric industries out there. But human beings are complicated, and it’s very difficult to get base-level data on individual people enough to run an analysis on especially when hiring. Enter predictive analytics using natural language. Still, in its (relative) infancy, the software driving natural language processes and predictive language analysis will help speed up recruitment by allowing you to weed people out faster, and with fewer mistakes.
- Better prediction models: AI will get to know your company almost as well as you do- or even better. Whether it’s predicting future turnover rates, reduced (or increased) employee engagement levels, improving customer experience, concerns about internal employee communications, project completion problems, or any other unexpected hidden issues that would usually take years to surface, artificial intelligence will (most likely) be one step ahead of you. And when it results in very tangible cost savings and overall organizational efficiencies, that’s an additional bonus.
Right now, the overall size of global markets for machine learning and artificial intelligence based solutions is highly limited. With increasing proliferation of big data analysis into the artificial intelligence and machine learning procedures, HCM Products will get smarter and able to perform in a better manner. This will lead to consistent improvement; enhancement and advancement in AI enabled HCM solutions, which will boost the market adoption of these solutions, giving rise to a high increase in their market demand. As machine-learning applications become more accessible and affordable at the enterprise level, organizations across all industries will be positioned to achieve new levels of productivity and efficiency.