The Future of Work: The Intersection of Artificial Intelligence and Human Resources
There are several advantages that Artificial Intelligence (AI) will add to the field of human resources. Like marketers, HR professionals are also leveraging the power of AI to bring business results. One of the reasons why AI is proving to be so popular is that it solves immediate problems. Younger people these days are comparatively impatient and want results immediately. AI aided tools reduce the time lag. Chatbots in particular are providing immense support in servicing customers or clients. Frequently asked employee questions are being answered more efficiently by chatbots. They are even helping in talent recruitment by tracking data to create candidate profiles, schedule interviews and decide on candidates’ suitability. Talla for example is a chatbots which performs most of the basic functions so that the senior HR pros can concentrate on more strategic level operations. Chatbots also help in corporate training as teaching assistants can even help deliver sessions using online tools such as MOOCs. IBM’s Watson capabilities have for example been extensively used by the Georgia Institute of Technology. AI has enabled learning experiences tailored to individual requirements at organizations.
Artificial Intelligence: The next big thing in Brand Advertising
While the word Artificial Intelligence (AI) may evoke images of robots running the show and humans being their slaves, it is already being used in businesses. And it is no longer a geeky topic, but one which is in common usage. A study by Demand base has in fact outlined that eighty percent of marketers feel that AI will cause massive business disruption by the year 2020. One of such ways is through business analytics where AI helps in spotting trends out of customer data. It is also used for Voice Recognition which is something Taco Bell is doing to provide customized services to loyal clientele. Digital Assistants such as Siri and Cortana are easing the work of executives. Also easing the work is the activity of automation especially being leveraged by General Motors and Uber. Due to the enormous amount of data now captured, AI is helping gauge real time business intelligence allowing the prediction of customer behaviour.
Machine Learning: The New proving ground for Competitive Advantage
Machine Learning (ML) has quickly emerged as one of the key areas for companies to gain competitive advantage. A study was recently commissioned by the Massachusetts Institute of Technology (MIT) to gauge the present trends of ML. It was found out that ML is very much happening now with about three-fifths of companies having already implemented this in some form. A bit more than a fourth of respondents claim that Machine Learning has already provided tangible gains in goal achievement. A few organizations even reported that fifteen percent of the entire IT budget was allocated to ML. Those best placed to take advantage of this growing field, are the ones who were the first to invest in such capabilities. The most common functions where ML is used in a large scale are Image recognition and classification, behaviour analysis, text classification and NLP (Natural Language Processing).The speed with which Machine Learning capabilities are being adopted are faster than the previous stage where the adoption of data backed business analytics tools was comparatively slower.
How AI is changing the way Companies are Organized
Artificial Intelligence (AI) is transforming several companies in more ways than earlier thought. Business Consulting giant Deloitte has drawn up interesting conclusions from its 2017 Human Capital Trends Report. The survey reveals that more than two-fifths of respondents have implemented AI in some form within the workforce but a far smaller percentage at only fifteen percent feels confident to manage a workforce combining both humans and robots. Corporate training involving on the job learning has become crucial to educate people on how best to leverage AI or robotics so as not to fear the same but embrace it. More than half the organizations have already tweaked their HR structures to involve digital or mobile tools but only about a third are using AI to ease HR operations. Eventually a clear distinction has to be made by business leaders as to where to place human employees and where the robots. The best trained staff will be best positioned to take advantage of this enormous disruptive opportunity.
AI is going to change the 80/20 Rule
The corporate world has always lapped up Pareto’s eighty-twenty rule by which eighty percent of any company’s revenue and sales is generated by twenty percent of the activities. Now with the advent of Artificial Intelligence in such a big way, this same principle is getting modified. There are three major ways, the first of which is called Smart Paretos. According to this, digital networks are the new twenty percent and due to the availability of business analytics, companies can pinpoint that fifth much easier than before where it was more of a hit-and-trial method. The next method is Super Paretos by which the eighty-twenty principle gets modified to more extreme deviations. For example in certain industries such as alcohol or gaming it is less than a tenth of users who are responsible for more than half of revenues. Big Data is getting leveraged to sort out these minute effects. The final category is Supra Paretos which implies collaboration across different Paretos. The need to own indicators no longer exists as analysts are no longer restricted to silos but intersect and overlap with others’.
Retailers turn to AI to integrate Marketing Channels
Several tactics have been tried by marketers to improve results, yet most of these have hit brick walls. Email for example has been used as a key component of digital marketing yet it has massive divergence among customers, making it difficult to normalize. Social media has been observed to be trendy, yet does not yield direct instant benefits. Even the use of mobile phones is surprisingly low when it comes to making the final purchase. Most businesses that participated in the marketing research conducted by Sailthru confirmed that websites generated more than half the revenue with emails doing less than a fifth and mobile chipping in with less than a twelfth. A method not extinguished yet, but with massive potential is Artificial Intelligence (AI). Most retailers do use AI in some way or the other especially for search or improving product recommendations. But AI can best contribute towards optimizing the buyer journey with each step being captures so that likewise campaigns be undertaken. While content marketing ahs repeatedly thrown up good numbers in customer acquisition, the retention still remains dubious, and this is where such detailed AI aided tracking can make the difference.
10 Things Marketers need to know about AI
Ten things have been chronicled which marketers must be aware of while dealing with Artificial Intelligence (AI). First of all, AI must be used to deliver highly personalized and relevant content to optimize on its digital marketing capabilities. It also helps eliminate ‘marketing waste’. Chatbots and digital assistants have emerged as ‘the face’ of AI induced marketing. There are loads of AI based technologies that are in full swing right now developed by the tech giants such as Google, Facebook and IBM, but there is little integration between these offerings. Not all marketers are excited about AI though as evidenced by the low mere twenty six percent confidence displayed by those marketers polled in a Wakefield survey. Even CMOs themselves are facing multiple challenges in AI adoption. The same survey points out that up to three-fifths of them polled, are reluctant to merge AI with existing technologies for fear of disrupting the existing work patterns. In fact chat bots have been shown to often not click with customers as proven by the marketing research conducted by Boxever. CIOs too will have their own challenges as with marketing increasingly merging with technology, the CIO will need to offer broader marketing related services as well. The entire essence of marketing can get changed due to the micro data based analysis now being done. Marketers must try that eventually AI manages to know its customer thoroughly so that these same customer can in turn be converted to fans.
The Rise of AI makes Emotional Intelligence more Important
The rise of Artificial Intelligence (AI) is making wholesale changes in several industries such as education, medicine, financial advisory and business consulting. A closer look tells us that all these plus other industries all rely upon a set of steps to execute their tasks. It starts with gathering of data, analyzing the same, interpreting the results, determining the ideal course of action before finally implementing the course of action decided. The skilled professionals from these lines command high fees due to three reasons. They go through the tasks accurately, possess experience in developing the solutions and helping their clients execute such plans. The first two can be performed better by robots that have been embedded with deep learning capabilities. The third bit though only humans do as machines lack empathy. A lot of customers are using IBM’s Watson computer’s capabilities to chart the course of action, even interacting with chat bots along the way instead of real humans. Thus instead of trying to fend off the entry of such technologies, businesses must instead embrace them to improve their capabilities. Greater investment must be made to develop emotional intelligence among employees so that solutions provided by AI can be executed using the human gift of empathy.
Deep Learning will radically change the ways we interact with Technology
Human beings have the ability to process some information without being specifically told. This is part of the instinct developed over millions of years’ evolution. While this is called common sense among humans, machines need to be specifically told, hand-held rather at every step. Now things are however changing thanks to the influx of Deep Learning. At Facebook’s AI Lab and on Amazon’s Echo, Deep Learning principles are being applied. Deep Learning would not have been possible without the advent of Big Data, so much of which is now available that it is easier to process cognitive information. Even Microsoft has developed a tool using Deep Learning that seamlessly translates English in to Mandarin with an error rate of barely seven per cent. Voice assistants like Siri or Alexa also use such capabilities. Deep Learning involves neural networks similar to how human beings are structured. We are going through the phase of Deep learning OS 1 version. Major innovation is taking place in software. The design of neural networks for example is evolving. A marketplace is also developing to reuse them. Similarly, the hardware is evolving to combine the optimum mix between physical assets and Cloud based resources.
Why C-Levels need to think about e-Learning and Artificial Intelligence
Concepts such as e-learning and Artificial Intelligence (AI) have already made massive inroads in to corporate training. In fact for every dollar invested by company on online learning, there is a thirty times increase in productivity. Two-fifths of new recruits who receive poor training during their first year at a company, end up quitting. Also two-thirds of workers surveyed claim that training and development is most important part of the workplace policy. That is why investment on training has topped seventy billion dollars in the US alone. It is also considered among the top three non-financial motivators for three-fourths of employees. This trend is particularly strong among the millennial generation, a staggering eighty seven percent of whom confirm its due importance. However a talent research assessment carried out by Raytheon confirms that a mere seven percent of learning organizations are using predictive analytics in training. Automation cannot yet be considered complete as even now computers cannot be relied upon to execute tasks without any human interference. Gut feeling still plays an important role.
An Introduction to Streaming Analytics for Marketing and Customer Engagement
Streaming analytics is the latest rage among marketers using Big Data for solutions. It helps in pricing analysis, customer segmentation, marketing campaign results and deciphering coherent business intelligence on user trends. Customer profiles get tracked against real time live events. Detailed servicing options are provided to the customers as this model takes its customer-centricity very seriously. There is even a social media engagement during the journey. Streaming analytics may be used in various fields such as insurance, retail and finance. It is even being used to identify errors in the Internet-of-Things (IoT) chain. It can even be used to detect fraud. Unlike a lot of other data based strategies, streaming is relatively economical. Amazon has already tried its pilot project with over a million unique users.