"To AI or not to AI", a play on Shakespeare age-old adage, is making waves into today's' teched-up world as many industries are looking into AI solutions for their businesses, especially when it comes to human resources. Due to the'Hollywood' driven concept of AI, many organizations are scared of letting a non-human entity handle certain procedures of business, but the day when AI robots could possibly take over the world is far from today. Having an untold potential in the increase of efficiency, partnered with a cost-effective solution, does it not only make sense to adapt to the modern world, but to use the benefits of AI for your businesses recruitment needs, or your needs in general? Is it the right choice for your business? Here is what you need to know in order to answer that question.
Artificial Intelligence (AI) is penetrating industries from healthcare to advertising, transportation, finance, legal, education, and hospitality. Many of us may have already interacted with a chatbot on platforms like Facebook Messenger, Slack, or We Chat. Chatbots are defined as an automated, yet personalized, conversation between software and human users. The hospitality industry makes heavy use of chatbots to create more compelling customer and employee experiences. Consider Marriott's Chatbotlr, a chatbot that helps customers make service requests from their smartphones.
AI has the capacity to make decisions in real-time, based on pre-installed algorithms and efficient computing technologies. With an HR department encompassing the human element and AI, companies can provide an enhanced experience for their candidates and employees, writes Khalid Durrani, Digital Marketing Manager, Cubix. "Deep-learning will transform every single industry," said Andrew Ng, a Chinese-American scientist excelling in machine learning and AI. McKinsey's forecast on machine learning backs up his statement claiming that by 2030, AI will have a significant impact of $13 trillion on the global economy. HR professionals understand the importance of optimizing the combination of the human mind and machine learning for a seamless workflow and intuitive work environment.
Artificial Intelligence is all about creating smart algorithms that mimic the human brain and make use of data to reach logical decisions, provide insights and predictions. AI is playing a significant role in the field of Human Resources. The constant need for human touch in each of the HR processes make way for the implementation of AI. AI is revolutionizing how recruitments are done, training is imparted, and data is used to derive people analytics. It is helping HR professionals smartly automate repetitive actions while allowing them with the bandwidth to focus on more strategic tasks that need human intervention.
Organizational leaders and human resources executives have faith that merging artificial intelligence (AI) into HR functions like onboarding and administration of benefits can and will improve the overall employee experience. According to IBM's 2017 survey of 6,000 executives, "Extending expertise: How cognitive computing is transforming HR and the employee experience," 66 percent of CEOs believe cognitive computing can drive significant value in HR. Half of HR executives back that up, saying they recognize that cognitive computing has the power to transform key dimensions of HR. And 54 percent of HR executives believe that cognitive computing will affect key roles in the HR organization. The Human Resources Professional Association (HRPA) reported in a 2017 survey that 52 percent of respondents indicated their businesses were unlikely to adopt AI in their HR departments in the next five years.