Artificial Intelligence (AI) has completely transformed how people and machines interact together. The rapid advances in AI have made it possible for successfully completing a variety of simple to complex tasks with little to no human intervention. Businesses are increasingly adopting AI to simplify manual labour and boost efficiency through process automation. It has improved the speed of delivery of services and helped business leaders in better decision making by providing actionable insights.
The latest buzzword to come out of the AI portfolio is Generative AI and it has the potential to become as significant to businesses as cloud has. Generative AI especially is geared to transform businesses as well as entire workforces. According to The Financial Times, investments in generative AI in 2022 exceeded $2 billion.
Using Generative AI, new data can be created basis the learnings gleaned from sampled data. Generative AI is also coming up more and more in the workspace to enhance productivity, collaboration and creativity. HR leaders specifically are discovering newer ways to effectively improve all processes from hiring to performance and employee satisfaction.
HR Tech in the AI Age
Digital workforces have become well established and employees are well accustomed to new technologies being introduced to ensure business growth. With the help of Generative AI, businesses can completely update hiring practices, ensure workplace culture, adopt and execute learning and development programs with the aim to maintain longevity and loyalty.
The AI algorithms in these platforms can accurately decipher vast amounts of data to mitigate the occurrence of any/all biases, find the ideal candidate(s) for specific jobs and, screen potential candidates, thus giving HR professionals to make an objective decision.
This technology can also predict the likelihood of a candidate’s success, analyse a candidate’s skills to ascertain value and potential. These algorithms can create personalised learning trajectories for employees created to maximise success potential. Individual moods can also be analysed, not limited to behaviours towards work and employees and ways to create a powerhouse of a workforce.
Consumers are increasingly getting used to virtual assistants and probably engage with one on a daily basis. With Generative AI, businesses can build their own AI-powered chat interfaces and digital assistants to liaise with existing and potential employees and help them understand the company and build a relationship.
Generative AI for All Generations
The fact that the future is shaped by technology, is a very well documented one. It has already begun to revolutionise businesses and that is not going to change anytime soon. Once automation took its rightful place as key disruptor, business leaders guessed the resulting transformations were only going to get bigger. Since the pandemic, HR leaders have been constantly innovating to create a thriving business.
Now that the Metaverse has come onto the scene, the power of Generative AI continues to amaze. It is emerging as an ideal tool for building the metaverse and creating the kind of immersive experiences the metaverse needs, especially developing endless hours of content for all possible scenarios and environments.
As workplace trends exceedingly are influenced by employee expectations, AI tools can be utilised to accurately gauge employee performance and analyse their feelings about work and their expectations. AI is also crucial in encouraging and promoting a diverse and inclusive workplace. This helps greatly in eliminating all biases from every single business function.
The AI gods have been very giving, sprinkling their life-enriching fruits upon businesses to drive innovation and support its evolution. Generative AI can be a boon when conducting deep research and data analysis. It can uplift client and employee advisory processes and preparing relevant reporting content. The onus is on business leaders to act fast and now to understand its implications and espouse it into their processes to maximise engagement and satisfaction.
As businesses are anyway working towards digitally transforming themselves and their employees for the future, AI training and investment needs would naturally align with their current goals. The pandemic catalysed AI’s dominance in the country and there has been no looking back since.
Generative AI is going to transform how work is done for years to come. It will help identify and prioritise tasks, collect data, and automate repetitive work. Businesses are already leveraging AI solutions to scale their business, reap the myriad benefits and improve Return on Investments (ROI).
This is the time for business leaders to collectively utilise generated data from these models to define what success looks like for them. Irrespective of the many challenges, it is the step that businesses need to take to remain competitive in this market and pave the way for the future.
— The author, Deepak Visweswaraiah, is Site Managing Director, Pegasystems India. The views expressed are personal.
(Edited by : C H Unnikrishnan)
First Published: Jun 3, 2023 5:47 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
2024 Lok Sabha elections: Gurugram Police issues heatwave advisory for voters
Apr 20, 2024 6:08 PM
2024 Lok Sabha elections: Unable to find your voter ID? Here are alternative docs to cast vote
Apr 20, 2024 5:48 PM
Lok Sabha elections 2024: All you need to know about EVMs and VVPAT; how they work
Apr 20, 2024 1:24 PM
Odisha Lok Sabha elections: Schedule, total seats, Congress candidates and more
Apr 20, 2024 11:39 AM