What exactly does artificial intelligence (AI) mean in practice? To most, there is a fear associated with it. It spells catastrophe for the human race. First, it will take over our jobs and before we know it, we will have no place in this world. However, AI has the ability to improve how we operate as well as our experiences.
In business, it has the potential to improve efficiency, how we make decisions, and drastically cut costs. In fact, it could help create high quality jobs. A report by Deloitte suggested that even though technology has potentially contributed to the loss of around 800,000 lower-skilled jobs, it had helped create nearly 3.5 million new higher-skilled ones. This shows how the UK economy is benefiting from technology and the potential emerging tech has.
Recruitment is one area where AI has the potential to have a significant impact. It has the ability to speed up the hiring process and to take over laborious tasks, allowing people to concentrate on other tasks at hand, ultimately increasing productivity. AI will also mean businesses will be able to assess candidates more efficiently and quickly determine whether they have the suitable skillset and experience necessary for the role. In addition, it has the ability to overcome challenges that we find harder to deal with, such as accounting for bias in the hiring process.
Training and development
The introduction of AI to the training process has caused much excitement to a myriad of firms. The potential of adding machine learning capabilities to a variety of human resources systems has arrived and offers an infinite amount of potential for anticipating business goals and developing new and effective people management strategies. In addition, AI can monitor various employee requests on benefits and policies of the firm as well as recommend more adequate staff training programs. […]