As 2019 approaches, there is no question that artificial intelligence is rapidly changing the world for the better– eliminating repetitive tasks, helping with everyday needs, improving safety, streamlining logistics, and proactively solving problems.
AI has already reshaped recruiting through automation and streamlined candidate processing. It has allowed the opportunity for a more engaging candidate experience, less stress, and ironically, a greater human connection.
The advancements are not limited to recruiting of course – recent AI-driven technologies are transforming transportation, medicine, communications and just about every other industry out there.
Earlier this year, Gartner predicted that the global business value from AI is projected to reach $3.9 trillion by the year 2022. They cited three key areas of value growth including cost reduction, an improved customer experience and new revenue.
Is AI going to impact your industry and improve how you work and live? It almost certainly will no matter what you do!
How AI is Already Impacting Your Daily Life
AI is already a part of your daily life, and you might not even know it. A study by HubSpot found that 63% of people didn’t even realize they were using AI.
Most of us are familiar with this basic example – the digital assistant that you use on your smartphone (i.e. Apple’s Siri, Microsoft’s Cortana, Amazon’s Alexa) has AI driving its functionality.
Nearly half of Americans use these and other digital assistants on a daily basis, and their AI-driven features make them better with each update.
These digital assistants continuously learn from you and millions of other users when it comes to offering suggestions for restaurants or attractions, recognizing speech patterns, or being proactive after learning your habits.
For example, Microsoft’s Cortana will start proactively providing you with weather updates at a particular time, say each morning at 8:00 a.m., if it recognizes that you often ask for weather updates around then.
Apple’s Siri gives recommendations for restaurants and learns to recognize the “Hey Siri” command from your voice more effectively through machine learning.
Netflix suggests “What to Watch Next” based on AI-driven suggestions that not only make it easier to find shows you like, but also help the company create content with an incredible 80% success rate.
Facebook has facial recognition technology that is just as accurate as the human brain and conveniently offers to tag your friends in your pictures. Google Search tries to guess what you are searching for with autocomplete - these are all varying everyday examples of AI.
Most of these suggestions are welcome and make daily tasks less time consuming – saving you a step or two here or there adds up quickly. The same holds true for the workplace.
How AI is Already Impacting Your Work
Across the board, nearly every industry that has implemented AI has seen dramatic transformations in productivity and operational efficiency – resulting in higher quality products, services and customer experiences.
Below are just a few of the ways that AI is improving work today:
Enabling transformative gains in productivity - Accenture predicts AI to improve labor productivity by up to 40% by the year 2035:
- AI excels at efficiently managing repetitive tasks and will allow for better utilization of labor and capital since machines are not bound by the same cognitive and physical constraints as the average human.
- A recruiter takes approximately 6 seconds to read through a resume. AI software can be programmed to efficiently and accurately review and analyze thousands of resumes in a matter of minutes.
- A recruiter is constrained by the number of hours in a day to engage with each applicant - whereas a chatbot can deliver a personalized experience to hundreds of individual candidates simultaneously on the recruiter’s behalf.
Supporting strategic decision-making - AI allows us to analyze massive amounts of data that would take humans countless hours while also surfacing insights that help support strategic decision-making.
- AI supercomputers like IBM’s Watson can process 67 million pages per second while also delivering useful and actionable analytical insights.
- After automatically pre-screening thousands of resumes, AI software like Avrio’s talent platform can analyze the data quickly to help recruiters identify the best matches for a specific job from the applicant pool.
- An AI chat bot can gather additional information from the candidate to fill in gaps in their profile, so the recruiter can make a well-informed decision on whether to proceed or not using a more complete set of information.
Help humans focus on higher-value work - No one really likes doing monotonous, repetitive work day after day. As AI begins to automate certain repetitive tasks, humans have the opportunity to take on more challenging and strategic work.
- The number of internet users has grown over 1 billion in the past 5 years, with about 51% of the world now having internet access, resulting in an explosion of data. This data, such as resumes, emails, user behavior information, etc. is incredibly time consuming for humans to deal with, while AI has stepped in to efficient manage it.
- AI gives humans the opportunity to do things that are more valuable and focus their energy into doing what we do best – creative tasks, storytelling, innovation, problem-solving and relationship building.
- AI helps recruiters quickly identify the most qualified talent for the job. Then recruiters can focus their time developing creative sourcing strategies for hard to fill jobs, improving the candidate experience, and building relationships with top candidates.
What will the net result of AI be in the long term?
Although AI will certainly result in some disruption in certain industries in the next few years – Gartner anticipates that AI job creation will cross into positive territory by the year 2020 and will reach 2 million net new jobs by 2025.
AI will affect each industry in a unique way. For many professions, it frequently eliminates the need to deal with low-cognition, mind-numbing, repetitive aspects.
In recruiting, AI has mainly saved HR professionals the headache of dealing with their most time-consuming tasks and freed up countless hours – resulting in unprecedented cost savings and incredible opportunities to create a more dynamic candidate experience and brand.
Moving forward, AI will help create differentiated value for businesses and increasingly become a competitive and strategic advantage.
It will improve productivity, support strategic decision-making and allow humans to focus most of their energy on higher-value tasks.
The future of work is here. So why not embrace it?
Avrio AI has already helped companies across nearly every industry improve their recruiting and candidate experience - reducing workload by 35%!
Like other AI technologies, our platform constantly evolves with exciting new features to help our customers meet their greatest recruiting needs in a better way than ever.
Time saving features include our AI chat bot Rio, automated, constantly-improving, and intelligent pre-screening, an intuitive, holistic FitScore to quickly match screened candidates to jobs, and more.
Interested in learning more about what Avrio AI can do for your Talent Acquisition needs? Contact Avrio today for a free demo of the latest version of our cutting-edge AI talent platform.