Artificial intelligence is making a difference in just about every industry. Even by conservative estimates, experts believe that artificial intelligence could provide an increase of $13 trillion as early as 2030 — an average increase of 1.2% per year in addition to the growth from other factors.
How? By making the workplace exponentially more efficient in just about every developed country. There are countless different kinds of AI, each specializing in a unique scientific area, but they all share one common trait: They can provide significant operational benefits for any organization.
Improved Data Analytics
Data is at the heart of every decision. Whether you’re deciding on which route to take when driving home from work in the evening or how you’re going to nail tomorrow’s presentation, data is the key. AI can provide you the data that you need, when you need it.
From this definition alone, AI doesn’t seem much different from a normal data analysis professional. However, AI consistently outperforms humans in terms of both analytic speed and analytic accuracy.
For example, AI researchers at Northwestern University were able to create an AI that outperformed a team of six expert radiologists. Not only was the AI capable of finding cancer 5% more often, but it did so while reducing false positives by 11%.
This kind of technology can improve workplace data accuracy, streamlining an organization’s data-gathering processes.
Faster Database Queries
A database query is when a software requests data from a database. This is essentially the process by which computers and AIs think, much in the same way that a person “racks their mind” to look for information. The primary difference of human thought and machine thought, however, comes down to speed.
The response times of database queries are often measured in milliseconds, whereas human reaction times are nearly ten times slower.
There is a branch of computer science known as query optimization, which focuses on getting the most power out of the available data. This tends to include organizing the databases into easily navigable systems free from common errors like N+1 queries, which can significantly decrease a system’s reaction time.
Query optimization and AI share very similar structures. Clean data optimized by query specialists means a well-functioning AI, which can then be used to reference that data far faster than an ordinary human, thus creating a self-improving cycle of further optimized queries.
Intelligent Insights for Management
The brand of artificial intelligence that is used to create intelligent insights from data analytics is aptly named augmented analytics (AA). Much in the same way that augmented reality (AR) uses computers to change the way we see the world, augmented analytics uses computers to change the way we see our data.
AA is capable of processing far more data far more quickly than the average human, making it uniquely well suited for solving a growing problem in business: The amount of data being generated is far outpacing the amount of data that humans can analyze.
AA combines AI and data science to extrapolate intelligent insights from datasets. When combined with explainable AI, these insights become concrete and easy to understand, similar to when discussing explanations with human colleagues.
These insights can cover just about anything from cutting waste expenditures to protecting against fraud and social engineering.
Eased Burden of Regulatory Compliance
Studies have shown that regulatory compliance tends to cost an average of $5.47 million. Although that price pales in comparison to the $14.82 million price of non-compliance, it’s still not something to balk at; But by incorporating AI into your organization’s regulatory compliance team, you can decrease those costs significantly.
AI-powered regulatory mapping is the process by which artificial intelligence analyzes the law, compares that analysis with your organization’s operational data, and provides detailed insights on how to better comply with those regulations.
The use of pre-trained software that specialize in particular laws enables management to optimize HR’s compliance duties, cutting down on time and waste spending while improving overall legal compliance ratings.
More Efficient Conduct Surveillance
Conduct surveillance is a critical part of any organization’s cybersecurity defenses. Using AI in conduct surveillance has been shown to increase threat detections by 500% while reducing false positives by 75%. Moreover, AI-powered conduct surveillance systems are capable of reducing operating costs by up to 85%.
Part of what makes AI so much more powerful a tool than traditional software for conduct surveillance professionals is the fact that AI can think and refine its practices in the face of new data. That makes the difference between conduct surveillance software identifying what looks like riks and what actually is risk — an important distinction for workplace efficiency.
The use of AI voice analytics in conduct surveillance can further improve a cybersecurity system and identify internal threats before they can cause any harm. Vocal transcription software are well-known for their near total ineptitude. However, add AI into the mix and you create a software that is capable of learning from its own mistakes, much like a human.
Smarter Employee Scheduling
Employee scheduling used to be handled with pen and paper, which was the case for millions of American workers prior to the 1990s. Then along came the Internet and eventually AI. Now, management has access to artificial intelligence, which enables smart employee scheduling.
The ability of AI to learn and grow from experience makes it a valuable tool to have. It can be programmed to identify the best employee for each shift much in the same way that the human manager would: through the analysis of detailed personal and professional information about the employees.
Delegating menial tasks such as calendar management to an AI frees up a significant amount of time for management to focus on other duties, such as workplace disputes and lead-generation.
Pre-Screening of Potential and Actual Customers
Speaking of lead-generation, artificial intelligence is capable of pre-screening potential and actual buyers and applicants before those people ever cross the desks of the actual workplace. This feature of AI is expected to create trillions of dollars in revenue.
Artificial intelligence is capable of being programmed to analyze case studies and compare them with information of potential customers in order to determine whether or not those potential customers match the demographics of previous customers. In other words, AI can determine who is likely to buy who and who is not.
As you might expect, the benefits of this kind of technology are expected to primarily be enjoyed by marketing and sales teams. If every marketing and sales team were to incorporate this kind of AI into their lead-generation and application review practices today, these two industries could see an increase of up to $2.6 trillion in revenue.
While this technology may be implemented in different ways from organization to organization, it would most likely take the form of an AI that analyzes user data either collected by the marketing team through things like focus groups or by itself from monitoring user caches, browsing histories, and cookies of Internet-based customers.
One of the key benefits of this kind of technology — aside from massively increased revenue streams and conversation rates — would be a more efficient workplace with employees spending less time generating leads and more time converting those leads into actualized sales.
Maximize Workplace Efficiency with Artificial Intelligence
For the reasons mentioned above and a long list of additional reasons, artificial intelligence is one of the most powerful tools of the 21st century when it comes to optimizing workplace efficiency. If your organization prioritizes the development and training of an AI to support your marketing and sales teams, among other things, it could future-proof itself and increase its share of the $13 trillion that AI stands to generate over the coming decade.
As the amount of data generated every day increases, outpacing the computational abilities of human data analysts, artificial intelligence is becoming a more viable option. With greater data analysis capabilities and significantly shortened response times, AI is capable of doing more work than human data analysts, at reduced costs and in a fraction of a second.
Changes to the workplace environment are constantly opening the doors to new technologies, which in turn lead to an increased demand for changes in the workplace environment. At the heart of it all lies artificial intelligence.