Artificial intelligence (AI) technology has been around for decades, but its capabilities, funding and the overall interest have skyrocketed in recent years. Machine learning functionalities are disrupting nearly every industry and our everyday lives, from self-driving cars to Facebook’s facial recognition. According to CB Insights, funding for AI startups reached $5 billion in 2016. Further disruption is almost guaranteed as the acceleration of AI technology continues.
This rapid progression is driven by advanced machine learning — systems that continuously consume and apply knowledge to improve accuracy and analysis. AI has already proved its potential for expediency and efficiency, completely redefining the way we live, work and relate to one another. The prospect of AI actually improving human interaction, especially within the business environment, is particularly intriguing.
Human innovation paired with technological development is a powerful force. I’ve had a front-row seat to what that can accomplish in the HCM space, where technology has evolved from simply performing basic HR processes to predicting future outcomes and fundamentally restructuring how employers manage their people. Technologies powered by machine learning, natural language processing (NLP) and distributed data-collection interfaces are poised to completely transform the workplace for managers.
Big Data Fosters Understanding
Running a business requires a substantial amount of data. The term big data broadly refers to the staggering volume of information available at any given time. Today’s technology can digest these data mines with superhuman capacity and speed, applying advanced mathematical algorithms to find patterns, trends and outliers. This insight can transform how managers approach everything from turnover to overtime, and it provides an opportunity for leaders to better understand their teams and how to strengthen them.
Automation plays an important role in the data consumption process and is responsible for unparalleled advancements in convenience and productivity. Complex administrative functions have often plagued employers, particularly in HR, and these solutions alleviate the potential for human error while dramatically increasing completion speed.
This laid the groundwork for the game-changing power of prediction. Today’s HCM solutions leverage big data to forecast everything from performance success to flight risk, and these self-taught systems are accurate, extremely adaptive and constantly learning. Rather than simply reporting on past trends, they predict future ones, empowering leaders to drive continuous improvement within their organizations. […]