It’s undeniable that artificial intelligence (AI) has already partially taken over our life’s productivity – from our homes to our workplaces. AI has automated tasks, scheduled our meetings, and can now even book our taxis. AI is being used by companies to protect sensitive information and collect data that can help them improve their services. However, the main benefit for businesses is how AI is increasing productivity in the workplace.
Improves the Hiring Process
Finding the right talent is critical for any successful business, so the pressure is on to find the best employees for the job. The hiring process goes through many stages including application reviews, interviews, skills assessment, testing and background checks – all of which can result in a lot of man hours that could be better spent on more productive tasks. AI can help businesses speed up most of these hiring processes. It can save recruiters time by automatically finding and ranking candidates and assessing them through auto-generated coding challenges. This increases the chance that the person being hired is right for the company.
Reduces Time Being Spent on Meetings
Bain & Company estimates large firms are losing an average of 300,000 hours annually as a result of just one weekly executive meeting. Meetings can be unproductive, not because of the meetings themselves but because of the amount of time employees can spend preparing for them. Often this means going back over past meetings and agendas to make sure they are not repeating information. While AI won’t get rid of meetings all together – after all, face-to-face contact is still the best way to communicate – it can help identify information that’s derived from past collaborations and meetings to create a more fluid workflow. This gives managers and team members more time to better prepare. And during the meeting this extra time can be spent discussing more pressing topics.
Reduces Mundane Jobs
AI can be integrated into every type of industry to reduce the need for employees to do mundane jobs. For example, Information Age notes how AI can help lawyers complete tasks much faster, allowing the them focus on “more complex and cognitive parts of the case.” Special Counsel reports that AI can do this by removing duplicate records quickly and efficiently. While AI completes the repetitive tasks, employees can focus on the more important areas of work that require human interaction.
Improves Workflow Through Predictive Maintenance
A lot of businesses rely on the ability of their machines to produce a number of quality goods within a certain time period. This reliance means that when they fail it disrupts the company’s workflow and production rate. IndustryWeek details how information that can help predict faults can be stored. The different types of information that can be stored includes year of production, make, model, warranty details, maintenance history and repair logs. By utilizing AI to identify anomalous behavior through the information found in this data, businesses will be able to better predict if their equipment will fail, and schedule their maintenance before the failure occurs.
Implementation of Data Analytics
The main goal of data analysis is to gain a comprehensive understanding of a vast amount of raw data. Analytics is influenced by the way data is recorded. Jacob Haney lists some collection data methods like transcriptions and surveys which can be inaccurate if not collected in the most efficient way possible. AI can be programmed to make corrections if any inconsistencies are discovered. AI can also cover a lot more data than a human, therefore saving time and increasing productivity.
AI is playing a vital role in the evolution of businesses and modern enterprises. Looking at current business trends, the adoption of AI will only continue to rise. As predicted by the International Data Corporation, the spending on AI will grow from $12B in 2017 to $57.6B in 2021.