If you are looking for an answer to the question What is Artificial Intelligence? and you only have a minute, then here's the definition the Association for the Advancement of Artificial Intelligence offers on its home page: "the scientific understanding of the mechanisms underlying thought and intelligent behavior and their embodiment in machines."
However, if you are fortunate enough to have more than a minute, then please get ready to embark upon an exciting journey exploring AI (but beware, it could last a lifetime) …
Automation has been a part of the hiring process for some time now, but it's only in recent years that artificial intelligence has made such a significant impact. By leveraging AI to automate various aspects of the hiring process and improve candidate experience, HR professionals have more time to focus on coreresponsibilities. Yes, artificial intelligence and machine learning will eventually take over many tasks currently performed by humans. However, no amount of AI will be able to replace the human judgement necessary in hiring choices. Artificial intelligence, on the other hand, will greatly assist human intelligence in improving recruiting and job search procedures, as well as making the entire process exceedingly fast and efficient. This has resulted in a notable paradigm change in terms of rapid technology stacks and cutting-edge problem resolution across a wide range of industries.
Machine learning has made a quick journey from an emerging trend to one of the irreplaceable tools under many companies' belts. In 2020, ML is a necessity rather than a buzzword. It helps small businesses compete with industry giants effectively while reducing their expenses and expanding their client base. Forbes estimates that the global machine learning market can be estimated at $7.3 billion, and analysts expect this figure to reach $30.6 billion in 2024. Regardless of the niche that your company occupies, familiarizing yourself with the basics of machine learning is a worthy investment in 2020.
The most remarkable aspect of the 21st century's technological revolution is how many of the technologies once considered beyond reach are accessible even to the general public. It would be an understatement to say that Artificial Intelligence and Machine Learning is changing how we did business. It is altering the decision-making strategies for enterprises, helping retail chains in finding the best routes in mobilizing their supply chain, etc. Artificial intelligence is helping businesses in ways unimagined. Global corporate leaders and technology giants have already invested heavily in Artificial Intelligence to run their day-to-day affairs. As per a survey by Vistage, 73.2% of small and medium businesses plan to invest in artificial intelligence software and tools to enhance their business prowess.
As technology opens the doors to vast troves of data, opportunities are emerging to create new insights on a small business's health and prospects. Insights from this data have the potential to resolve two defining issues that have faced lenders and borrowers in the sector: heterogeneity--the fact that all small businesses are different, making it difficult to extrapolate from one example to the next--and information opacity, the fact that it is hard to know what is really going on inside a small business. And what if technology had the power to make a small business owner significantly wiser about their cash flow, and a lender wiser as well? What if new loan products and services made it easier to quickly and accurately predict the creditworthiness of a small business, much like a consumer's personal credit score helps banks predict creditworthiness for personal loans, credit cards, and mortgages? What if a small business owner had a dashboard of their business activities, including cash projections and insights on sales and cost trends that helped them weave an end-to-end picture of their business's financial health?
Outsourcing is the secret weapon for startups. It's part of an effective business model, and one that can help you succeed. While there are several areas in which you might find outsourcing beneficial, let's look at outsourcing HR as this is one area where it's definitely a good idea. You already know that growing your startup is an exciting time as well as one that leaves you wearing many hats. The good news is that with outsourcing, you don't have to do everything.