We’re in the middle of a revolution — an artificial intelligence (AI) revolution — and it’s changing these three industries dramatically:
- Business intelligence
- Human resources
AI is making a big mark on the world’s economy, and it’s transforming how we do business. Lately, AI has been busy streamlining operations, informing better decision making, and bolstering bottom lines. It’s plenty clear that this technology is revolutionizing our everyday world, whether we’re entirely ready or not.
While AI can be applied in nearly every sector, we think that retail, business intelligence, and human resources are among those that will change most dramatically.
Around here, we believe in the power of people and the power of relationships. In fact, at Vaco, we believe that relationships are the very backbone of what we do.
We’re not worried that AI is going to replace human intelligence or emotion, but we do think that its algorithms can give us new insights that can inform better and smarter human decision-making.
How AI is changing the retail industry
In January, Forbes noted: “The retail industry will be one that is most impacted by AI. Its global spending is expected to grow to $7.3 billion per year by 2022. Retailers will use augmented and virtual reality functionality in advertising. Immersive product catalog visualization will grow dramatically, and shoppers will experience products before buying.”
Thanks to recent improvements in AI and the way algorithms process natural language, chatbots are increasingly popular and more and more companies use them in innovative ways. Inc. notes that chatbots are quickly becoming a preferred digital interface for consumers to interact with brands because they can dramatically reduce response times.
IBM researchers found that their Watson Assistant enabled Autodesk to build a virtual agent that delivers significant productivity and efficiency gains, including a 99% improvement in response times. As a result, Autodesk slashed resolution times from 38 hours to 5.4 minutes for most Tier 1 inquiries. That all translates to a drop in per-query cost from $15-$200 (human agents) to $1 (virtual agents).
This translates to happier clients and frees a company’s human talent to attend to the kinds of complex issues that AI can’t tackle.
How AI is transforming the business intelligence sector
We all know that content is king and knowledge is power. We also know that companies are gathering more and more data on customers than ever before. All this content, information, and data can be overwhelming.
AI helps businesses across many different industries — such as healthcare, security, or manufacturing — gain insight into consumer behavior. Increasingly, AI is changing the way business leaders make decisions.
Over the past few years, AI has evolved to inform three general areas:
- Descriptive analytics — AI gathers and summarizes large data sets to explain what happened.
- Predictive analytics — AI uses data to predict the future or what will happen. Although there’s no magic algorithm that can offer up predictions with 100% certainty, it’s way more reliable than your niece’s Magic 8-ball.
- Prescriptive analytics — this is the last frontier of AI and where we start to get a little sci-fi. Prescriptive analytics predicts what could happen. It is essentially the point at which AI goes beyond predicting future outcomes by also suggesting possible actions and the implications and ramifications of each possible decision.
How AI is used in HR
The future is here and it’s human … and it’s not. Since the human resources field encompasses areas like recruiting, staffing, compensation, benefits, training, education, organizational development, and labor and employee relations, there’s plenty of room for an AI assist.
Here are a few ways AI is transforming human resources management:
- Managing applications — AI can take care of screening questions and keep candidates informed and engaged throughout the hiring process.
- Training and orienting employees — AI will never replace on-the-job training or the wisdom of a good mentor. It can, however, cover the nuts and bolts of company policies and procedures.
- Improving employee/employer relationships — You can download tax forms online, update your withholdings, submit time-off requests, and thanks to AI, you can tweak your retirement contributions every single day. Go crazy.
“The Vaco culture drives our strategy; our shared values direct how each Vaconian serves our clients and our community.”
— Tracey Power, Chief People Officer at Vaco
AI frees your HR team to focus on big-ticket items like creating a thriving company culture, ensuring the well-being of your employees, and developing industry-leading (and talent-attracting) best practices.
And while AI is an important tool in an HR professional’s tool kit, it doesn’t replace the human mind or the emotional element that real people can — and need to — provide. It simply makes it possible to do more and do it better.
“I appreciate being a part of an organization that believes who you are is more important than what you do.”
— Amanda Henley, Chief Marketing Officer at Vaco
Vaco is actively using AI in conjunction with the skill and expertise of our talented human resources team to recruit, hire, train, and retain the best talent for your company.
To learn more about how AI can improve your business and serve your industry, contact Vaco today.