Top 25 Benefits of Artificial Intelligence in the Workplace – Unwrapped!
Human being has had an interesting relationship with machines and technology. Technology has indeed formed the base of civilization. When the industrial revolution of the 19th century let men make machines their slaves, human slavery was conveniently abolished. The computer revolution of the 80s and 90s liberated countless men for clerical labor (while computers took their jobs). Now as AI technology progresses and invades workplaces, people are rightfully concerned about losing their jobs. Let us discuss the role of AI technology at workplaces in this article to know more about the role it will play in the future.
Top 25 Benefits of Artificial Intelligence in the Workplace
Whenever technology advanced significantly, many industries were overturned while many new were created. People were very skeptic about their jobs as computers took over, but the progression into an era of information technology was undeniable. Similarly, when AI technology reached a stage where ChatGPT could challenge the knowledge of top intellectuals, humans are worried about losing their occupations to technology.
Throughout the course of history, technology has only made the lives of people better and the current changes will create new jobs (maybe more than before) even if the traditional ones are lost. Artificial Intelligence will be beneficial for everyone in the workplace. The top 25 benefits of Artificial Intelligence are as follows:
- Boosting Productivity Like There's No Tomorrow
- Smarter Decision-Making, Better Outcomes
- The Human Touch Gets a Helping Hand
- A Smooth Customer Experience, Every Time
- The Competitive Edge That Makes All the Difference
1] Boosting Productivity Like There's No Tomorrow
Automating mundane tasks
No one likes boring dead-end jobs. But are these jobs an option? The industry needs clerks, data entry guys, security guards, monotonous content writers, etc. When these jobs exist, people who need them apply and end up in professions where they are engaged in repetitive work every day. Interestingly, if a job has a pattern, AI has a solution. AI can be trained to do mundane work, thus freeing humans from the professions.
A software can be easily trained to judge the pattern of work and complete the task if it is repetitive. However, if a task needs intellect, then human interference will be needed. This concept will eventually push humans towards more creative and productive professions.
Reducing human errors
AI technology was frowned upon a lot when it was new in the market. The reason was that the outputs from AI tools weren’t accurate and humans (even though we make errors) were far more reliable. This is not the case now. With the entry of Big Data and 5G technology, AI has been made much better. As a result, AI tools can be much more reliable than humans, at least for repetitive tasks.
Subsequent tests have proven that newer AI technology returns way less error than humans would. Thus, replacing humans with AI would mean much fewer errors. Perhaps, AI will also become assistant for doctors in the future.
Enhancing multitasking capabilities
While humans can be trained on a lot of things, multi-tasking isn’t easy for us. AI is a machine (or a software machine if you wish to call it that). Humans can multitask only to a limit, but computers, even if they have a limit, have quite a high one. Thus, AI technology can easily multitask without burning out its brain (unlike humans). The best application of the same can be in content creation technologies where AI has already started helping people in saving time and cost. Maybe in the future, AI could person medical operations with precision for very low cost and negligible error. SEO and content creation industry will get benefits of artificial intelligence in the workplace
Shortening response times
The human brain is incredible. But our muscles and responses are still slow. At least way slower than that of a computer. AI technology will have a very short response time, maybe less than a second for many tasks. With shorter response times, AI can be used in creating many life-saving technologies in the future. Also, as of present, AI is helping save a lot of time for people.
Providing virtual assistance
I recently reviewed a software for designing rooms made out of AI technology. Now, while this software was saving costs over interior designers, the main benefit was that it could present you with an output image prior to you investing in the furniture. I have seen many such examples. In another example, I noticed AI technology creating before and after pictures of a person looking forward to losing weight. Thus, AI technology can help with visual assistance in subjects where humans cannot present enough.
2] Smarter Decision-Making, Better Outcomes
Data-driven insights
Everyone is noticing that AI has become smart. When you talk to the ChatGPT bot, it feels as if you are talking to an intelligent human being. When you think of something (not searching on the web or even speaking), you notice an advertisement related to your thought while scrolling through Facebook. How does this happen? This is what we call data-driven insights. AI uses Big Data which means it collects such an enormous pool of data that it can predict with reasonable accuracy what a person could think at a point in time based on how humans in a specific situation have been thinking. This makes AI technology smarter than humans.
Risk assessment and mitigation
AI can be used for Risk assessment and mitigation too. While human responses are slow in situations that need a quick response, AI technology can use its pool of data to think what the best response to a certain situation could be in a fraction could of a second. Thus, AI technology can be used to manage risk and it will perform better than humans in tough situations requiring an immediate response. Once it assesses the risk, AI can also be trained to respond accordingly. Isn’t this amazing?
Improved forecasting
When humans have to predict the future (pardon the self-proclaimed astrologers), they use queries from the past to justify their predictions. But how much can you train a human to be sure about the predictions of the future? AI technology can predict what a person is thinking at a point of time, thus in the near future, it will be able to forecast any calamity or response. AI technology uses a vast pool of data which is much bigger than a human mind can store, so it is definitely better at forecasting and predicting the future.
Optimization of business processes
One of the best applications of AI technology can be to improve business procedures. As an example, if you wish to invest in the stock market, AI can be very helpful in predicting the possible prices of stocks for the future. You can also use it for automating a lot of tasks required for your business thus saving cost. Rather, it isn’t even about cost. AI is much more reliable than humans for business since it returns very few errors. Many business processes which were troublesome because of human error can be fixed using AI technology.
Identifying new opportunities
Humans are good at identifying forthcoming opportunities. Well, not all of us are good at such predictions, but many are. However, AI can easily be trained to be better at that. As an example, if a new technology is to enter the market and change it, AI can help in understanding the scope of the technology and helping to pick it at the right time. Also, since AI technology saves time, you can use it to grow quickly once a new concept is introduced in the market. It wouldn’t be wrong to say that by using AI technology in the correct manner, you can easily create a monopoly for your business.
3] The Human Touch Gets a Helping Hand
Streamlining recruitment and talent management
AI will have a major role in managing human resources. Since a very significant business cost is spent on human resource management, businesses will save a lot of money by shifting to AI technology. Recruiting the right person and managing resources working for the company are very important. While HR teams work hard towards background checks, it isn’t easy to predict how the resource will eventually turn out to be. A few written tests cannot speak enough of a person. However, AI technology can be an excellent tool to predict the future performance of a potential recruit.
Personalized employee training
How do companies train their employees as of the present? They share sheets and documents of company material or ask an experienced employee to train new recruits. However, despite this training, the new recruits need months to learn the practical part of the job and become an asset to the company. With AI technology, companies can create software products to simulate actual work scenarios and train their employees with the potential work and work ethics even before they step on the operations floor.
Enhanced collaboration and teamwork
While working towards a project, teamwork has a lot of importance. To teach teamwork to the young, team sports are important. However, if a person grew up without learning the outcomes of working individually in a team environment, then recruiting such a person can be risky for the hiring organization. This is because the employee is likely to sabotage the project for personal gain. AI technology can teach recruits that the success of the team is the success of the individual and if the team fails, the individual fails too.
Reducing employee stress and burnout
When one works for the corporate, the realization comes quick that the companies look forward to using employees as tools for making cash. Since they are paying you, they would want the return for every single penny spent. Making employees overwork is not uncommon. While many tasks require human creativity and human interference, AI can still overtake the boring ones. Tasks that require repetition are best given to Artificial Intelligence. AI bots can work all day without burnout or stress. Humans can limit themselves to productive, creative, and interesting tasks.
Encouraging innovation and creativity
Most companies have mundane tasks to be completed. A vast pool of human resources is engaged in these tasks. Someone has to do this work due to the lack of alternatives. However, as AI technology takes over these monotonous tasks, organizations will be able to shift their human resources towards tasks requiring creativity and innovation. Eventually, the main job of human resources will be to think about the progression of the technology involved to improve the organization and better the current business situation. AI technology is very important for creating a culture of creativity. When the younger generation understands that mundane tasks like data entry and clerical posts don’t exist any longer, they will also look forward to learning more creative technologies and professions.
4] A Smooth Customer Experience, Every Time
AI-powered customer service
AI technology has started taking over the customer support industry too. Companies spend a significant part of their budget on customer service. The reason is that customer retention is the pillar of business success. If you don’t provide proper after-sales support to your customers, then they will eventually start buying from your competitors. However, since this cost is significant, trying AI-powered customer support bots is not a bad idea. These days, many companies introduce their customers to AI bots when they ask for help. If the AI bot is unable to help the customers, the human representatives are asked to intervene. AI bots charge the company next to nothing. Human customer care representatives charge high. Imagine how much companies save.
Real-time customer insights
We are already aware that AI technology can predict what people think. Here’s how it can be used to judge customer insights. Till recently, parameters like CSAT and NPS were used to track customer behavior and response. However, it wasn’t accurate for countless reasons. Rather, most customers wouldn’t even contribute to feedback, thus the company wouldn’t know the exact score anyway. However, AI can predict customer insights using Big Data technology even if they don’t share their response with the company. The company can use these insights for the betterment of its products.
Personalized marketing strategies
As discussed earlier, AI can be used for prediction. AI can predict customer behavior and customer response. This means that AI can also help companies in creating personalized marketing strategies. Instead of using the hit-and-trial method, you can use the information provided by artificial intelligence to target the right customers with the right product. Eg. If you know that a person is searching for a mobile phone and you pitch the same to that person through paid advertisement, there’s a high chance that the target customer will buy your mobile phone. Else, advertising to everyone is like shooting an arrow in the open air.
Fraud detection and prevention
They say, “customer is god,” but many customers are fraudulent. When you run a small business and deal with a few customers, fraud detection is easy. But if the number of customers is huge, as with big businesses, then fraud detection is very difficult. Moreover, as business transactions shift online, detecting individual customer fraud is almost impossible. However, AI can help. The common types of customer fraud include card fraud, creating dummy accounts out of breached data, fake accounts, and credential stuffing. Ai technology can check for patterns and also ban such customers without human interference from the company’s end.
Faster issue resolution
When the number of tickets generated for issues reported to a company is high, resolving them needs time. Humans can work at a fixed pace and need time to analyze and resolve customer-related problems. However, Ai-powered bots and machines have no such limit of time and efficiency. Thus, they can be used to resolve customer issues quickly.
5] The Competitive Edge That Makes All the Difference
Gaining a technological advantage
We have already understood how powerful AI technology is in comparison to humans. Furthermore, AI is very cheap. It is the modern equivalent of using a tractor instead of a bullock cart. This fact can be used to overcome competitors in the market and establish your monopoly. AI can help you in targeting the right customers, saving advertisement, customer care, and HR budget. So, why not give it a try?
Cost efficiency and savings
Humans will charge a minimum premium price for their labor and efforts. For repetitive tasks, AI bots will do the job for a very negligible cost. As an example, a full-time writer can charge a company $5000 a month for his services, while an AI bot can produce better content for $199 a month. This cost-saving can help companies focus their budget towards research and development, thus progressing with their venture.
Adapting to market changes
Whether you accept it or not, AI has penetrated into businesses and markets. If you refrain from adopting AI, your competitors will shoot through the market in a tortoise vs rabbit race. Shifting to AI technology will help you adapt to market changes. The focus of your business should be on innovating further and improving current procedures. Leave the mundane tasks to AI.
Sustainable business practices
Whenever a new technology is introduced, many incumbent business practices become obsolete. Sticking to the older methods will be troublesome for your organization. Since AI is the latest technology in vogue, adopting it and shifting towards it will be helpful in moving ahead with your business. Ai technology is necessary for building sustainable business practices for your company.
Attracting top talent
The top talent isn’t one who indulges in repetitive tasks. Top talent is one who is creative. It innovates new technology and practices for improving businesses. If you save finances on clerks and data entry guys, it can be directed towards hiring and encouraging top talent. Other than this, when the less important jobs are taken by AI, people will start learning traits that are more creative. AI will definitely kill many jobs but will also create many new ones.
Frequently Asked Questions
1] Can AI replace human employees in the workplace?
AI can easily replace humans engaged in repetitive and mundane tasks like data entry and clerical work. It will take over the content industry and replace any human who works in an industry that doesn’t require creativity.
As for professions that require a creative touch, AI might not completely replace humans but assist in their work. Eg. AI can help artists in creating art using prompts.
2] How can small businesses benefit from AI?
Small businesses can benefit even more from AI technology. The reason is that the major cost of smaller companies is invested in their human resources. Since AI can take over these jobs, small businesses can save a lot on their budget.
Small businesses can find their break into the mid-segment by using AI technology as a boost.
3] Is AI integration in the workplace expensive?
AI integration at work is not expensive considering the fact that you are paying for human resources anyway. Imagine if you didn’t have to pay the fees for the HR team, customer support team, clerical team, etc. How much would you save?
Conclusion
If you are in any dilemma about whether to shift to AI technology, don’t be. This isn’t an option considering the fact everyone including your competitors will move to AI and if you refrain, your business won’t survive. AI is efficient, safe, and very cheap, so why not give it a try?
Please let us know your opinion in the comment section.
