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Today's business brand-scape demands that companies pursue major changes to survive, thrive and remain competitive. Constant organizational change is the new normal in an ever changing political, social and economic universe. Few developments promise to help organizations to go deeper into critical business crises like - artificial intelligence for that matter. Artificial intelligence has enormous potential in business operations to catapult companies beyond their status quo and to adapt to new dynamics.
Here is how Artificial Intelligence will play a crucial role to take your organisation to great heights of success.
1. Improving customer experience:
By 2020, customer experience will overtake price and product as the key brand differentiator, according to research conducted by Walker. The central importance of customer experience in the business world today motivated many companies to take a more holistic approach. Companies such as Intuit, EMC and Adobe have core customer experience in sales, operations and marketing organisations.
Artificial intelligence can help companies to develop highly personalised experience with their customers to a greater extent. Artificial intelligence can take in and add all the different points of contact that a customer has with a brand and determine the driving behavior of customers through powerful virtual humans - or what we call chatbots.
Thus, business operation teams have unprecedented insights into the customer experience, far beyond what customer feedback surveys can glean. Note that, salesforce says 50% of consumers are likely to exchange brands if a company does not anticipate its needs. Artificial intelligence promises to help organizations to better understand their customers and to anticipate their needs by giving the right messages and marketing prescriptions to clients at the right time.
The Rise of Artificial intelligence (AI) can also help companies understand brand strength and high-level customer trends better. AI-powered tools can monitor social and social brand perception and can predict customer feelings. Take a note at https://www.onlywire.com that automates your entire social media channels.
The comprehensive picture of AI minimizes guesswork and allows business leaders to predict things with confidence. Companies can significantly improve their forecasting capabilities in social media, taking account of everything from external factors to factors that can affect them in marketing in future.
2. Improving the recruitment process
The strategic acquisition of talent is crucial for business. However, the recruitment process is fundamentally defective. The process of recruiting and interviewing is biased and is driven largely by initial impressions. According to a recent study, although there has been increasing awareness of discrimination in the recruitment of black workers in the US, discrimination has never declined in the last quarter of a century. The fact that referrals to employees are the number one source of new jobs, representing over 50% of employees, underlines the limitations, biases and possibly nepotism inherent in current processes. It is no wonder why approximately 40% of companies say their staff should improve their interview and assessment skills.
Artificial intelligence is already helping businesses transform their recruitment operations and procedures. By scanning large volumes of summaries and other talent sources, businesses can create a broader network in order to identify highly qualified candidates for specific posts. It can check job descriptions, interview transcripts and call logs to identify and correct hidden biases in the recruitment process and evaluate candidates accurately. There are already several tools on the market. For example, IBM Watson Candidate Assistant is a talent management solution that helps potential applicants match their specific jobs. It is critical that we ensure that tools are not prone to the same facilities as people when implementing AI recruiting tools.
3. Enhancing employee involvement, engagement and retention
Talent is the lifeblood of every successful company. With today's competitive recruitment, retaining top talent is top-of - the-mind for all companies. The commitment of employees must be an integral component of daily business. However, most companies are seriously tampering with their efforts. The vast majority (85 %) of employees, according to a recent Gallup report, are either not employed or actively disengaged. Even the apparently insignificant changes can be transforming. 17 percent of workers who left a new job during the first six months said that a coworker's smile could have changed everything, while 23 percent might have stayed if management had communicated more effectively with them.
Artificial intelligence offers enormous potential for enhancing and retaining employees. AI-powered tools can help companies understand employee engagement confidently through sentiment analyzing technologies, biometrics and other emerging technologies. It gives an insight into what drives employee behaviors and provides strong recommendations on how employees are most effectively motivated and rewarded. For example, KangoGift is a technology powered by IBM Cloud and IBM Watson used by thousands of managers in 20 countries to help them determine who, when and why employees should be recognized.
AI also contributes to informing individual performance. AI can read between the lines of traditional performance evaluations with sentimental analysis and can measure individual performance more accurately. It can detect "toxic workers," who can make high marks on traditional performance evaluations. It can generate, most importantly, targeted recommendations regarding career paths and specific skills required for advancement. An analysis of Facebook employees found that those who most likely remained in the company used their strengths more. Diagraming a strong career path with the development of skills is essential to help employees feel empowered.
AI also benefits from team performance, note this statement. AI is able to disclose key insights into the extent and effectiveness of employee cooperation by monitoring interactions in social enterprise tools and social channels in the workplace. For instance, Vibe analyzes keywords and emojis sent by Slack workers to evaluate the morality of a certain team. These insights can change in terms of empowering managers to learn how to structure teams most effectively.
83% of managers think AI is a strategic priority for their companies today, while 75% of managers say AI is going to enable them to move into new businesses and businesses. Data is the hallmark of today's enterprises and AI is key to making the most of the data. Frankly to end with, AI promises to transform its business operations to gain a deeper understanding of customers, recruits and staff and there will be a huge quantum shift starting from this year and most of us will realize the ultimate power of AI to help in transforming their businesses very soon.
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