Unless you’ve been living under a rock for the last couple of years, you’ve most likely heard of Artificial Intelligence (AI). This new technology, which is rapidly developing before our eyes, offers notable development opportunities that many businesses have already been quick to capitalize on. AI is a set of multiple technologies that work collectively to let machines sense, learn, comprehend and act to augment human activities. Unlike humans who need lunch breaks, AI works around-the-clock with consistent and quick solutions. Here are three ways—from the business experts at FocalPoint Coaching—that AI can help improve your business.
Automating the Simple Tasks
Often, employees spend a great deal of time on administrative tasks that aren’t utilizing their intelligence to the fullest potential. These simple tasks provide little—if any—value to the workplace or to business success. A recent study by AtTask and Harris Interactive shows that employees in the U.S. spend only 45% of their time fulfilling their primary tasks, meaning they waste most of their time on menial tasks rather than the tasks that really matter—that’s where AI comes in! Now, AI can take care of those routine tasks, so you can spend more time on the ones that matter the most.
AI Predicting the Future?
Because AI is able to predict outcomes based on data analysis, it gives employees the opportunity to improve their strategies and increase their effectiveness. For example, it can gather data to help predict whether the products left in inventory are likely to sell and in what volumes, or what the demand is for merchandise, so you’ll know how much capital to distribute throughout resources, labor and time. Additionally, AI is also being used in banking to predict currency and stock price fluctuations. In general, the benefits a company may reap from utilizing AI to predict outcomes include:
- More effective use of time
- Improved targeted advertising
- Predict price fluctuations and customer trends
- Better appropriated resources
- Smoother run internal business operations
Improve the Recruitment Process
AI is making the recruitment process for small businesses easier and more efficient than ever. Numerous programs of this kind are saving time spent on screening and researching prospective candidates. Not only can AI quickly sift through applications and automatically reject those who don’t meet the company’s needs, but it can also rank candidates and provide a synopsis of their best attributes. Thanks to AI, small business owners are saving time and money—all while also eliminating discrimination and bias in the process.
While AI is a helpful supplement for businesses of all sizes, business coaching is a crucial component that all businesses need to succeed. Whether you need to strengthen leadership skills, improve time management, enhance business clarity or implementing better communication styles, FocalPoint is the best way to accomplish it all! Contact us today to schedule your appointment.