Artificial Intelligence (AI) is developing at a rapid pace. With Covid-19 limiting human interaction in the business environment, advancements in AI and Machine Learning has accelerated. There is a fear among some people that AI will displace job opportunities. But, it is a myth. AI could create more jobs as long as people are willing to adopt smarter ways of working. Financial sectors have also benefitted from AI as it does asset management minimizing the human effort.
AI has totally impacted the way the recruitment industry works. Technology helps to analyze thousands of profiles and also does fraud detection. After the shortlisting process, AI technology is used to keep in touch with candidates. There is a number of recruitment tools that can make HR's job easy. Recruiters can analyze a candidate's skill set and get an insight into their personality. Amongst the uses of artificial intelligence, AI provides facial recognition technology is used to detect any cheating. Once the candidate is selected, AI-enabled chatbots can be used to facilitate the onboarding process. AI can be used to upskill new employees and improve the skill gap.
When Artificial Intelligence collaborates with the Internet, predictions can be done quickly which makes business operations efficient, sustainable and effective. It will also change how companies are run. With the help of AI, a company can analyze the market which will help them to accurately identify challenges. Companies using AI can improve customer and employee service by creating chatbots for instant response. Employees will have more creative time rather than doing repetitive tasks. By which, HR teams will be able to focus more on strategic work.
There are various tools that use robotic process automation (RPS) to monitor workflows and will make intelligent decisions. As it understands if the individual is struggling with a problem and provides assistance and the right direction. In the near future, AI will maximize human input as opposed to replacing it. If used smartly, it will eliminate the mundane work and will help in focusing on our creative side.