Artificial intelligence, or AI, is here to stay, and it’s everywhere. Consider the fact that only 33% of consumers think they’re using AI-powered technology, but, in reality, 77% are. Or, consider that this growing technology is expected to add $16 trillion to the global economy by 2030. That’s more than the current output of China and India combined!
Startups, small businesses, and businesses of any size should jump on the growing trend so that they’re not left behind by their competitors. Here’s how many businesses are using AI.
Cut Down on Recruiting And Onboarding Costs
Recruiting candidates who are the right fit and who will not leave in a couple of months is one of the most difficult challenges facing recruiters. It’s difficult to know whether a job candidate is lying, but AI can help with that.
Many businesses are increasingly gamifying the hiring process and using interactive games to assess applicants’ personality and cognitive traits. Successful current employees play the same interactive games as applicants, and the two results are compared to determine which applicants might be the best fit. It’s estimated that these games can save businesses up to 250 hours and $20,000 per year in recruiting resources.
After the recruiting process, however, there’s still the time-intensive and expensive onboarding process, a process than can take up to three months for small businesses. Luckily, AI can help with that. Many different types of HR software can help speed up the onboarding process by recording employees’ everyday tasks and creating easy how-to videos that can be shown to new hires.
Speed Up Administrative Tasks
Business leaders are increasingly turning to AI to cut out repetitive tasks like paperwork, timesheets, and scheduling. Millions of people already use virtual assistants to ask about the weather or set a reminder. Applied to business, virtual assistants can sift through thousands of emails or even peruse the web for the best flight deals.
It’s estimated that, by 2020, 30% of businesses will use AI in at least one of their sales processes. Businesses that are not automating their sales processes will be left behind since AI can better equip sales people to follow up on leads. It also greatly improves the customer experience.
Most customers, especially angry or frustrated customers, expect immediate answers to their questions 24/7. Of course, human interaction is expensive and not always an option. But chatbots are increasingly proving themselves to be just as useful as humans.
Increase Employee Productivity
An idea that was virtually unheard of just a few years ago is providing employees with wearable technology. Certain businesses provide free FitBits or other wearable devices to their employees to track their sleep and exercise habits. The idea here is to encourage a healthy lifestyle, which will ultimately contribute to a more productive workforce.
Check out this roundup by Fundera of the top ways AI will revolutionize businesses in the future.