What is Artificial Intelligence and Machine Learning and how did it find its place in the HR industry? How are Artificial Intelligence and Machine Learning transforming the HR industry?
Artificial Intelligence is an area of computer science where computers are “developed” to behave much the way humans do. Machine learning is an application of artificial intelligence (AI) that provides systems the ability to automatically learn and improve from experience without being explicitly programmed. HR has recently started using cognitive computing to transform key dimensions of HR, such as Talent Acquisition, HR Operations, and Talent Development in the industry today. HR might be one of the later entrants but it has now jumped on the Machine Learning train. HR leaders today are realising the importance of personalization and transformation of employee experience.
Machine Learning and AI are the latest buzzwords in the technology industry and is said to be the pathway to the future for enterprises. HR managers are now getting access to technology solutions and applications that they did not have earlier. These data driven insights will have a major impact, in driving decision-making around talent management, less supervision and more organizational performance.
How will it impact the HR industry in next five years?
Artificial intelligence and Machine Learning technology will impact the HR industry in the following ways :
AI and ML solutions will not only help the HR departments in streamlining the various sub-departments and work more effectively with the creation of people-oriented workplaces and effective people management. The use of AI and ML in HR will make the work of HR managers more effective as they would have better tools, data analytics and intelligence at hand to facilitate the recruitment and development of high-performing employees.
How is Big Data and Internet of Things (IoT) inter-related to AI and Machine Learning?
There is a huge amount of data that resides with the HR departments of any company today. Once processed and analysed this data has the potential to provide amazing insights into the functioning and response process of the workforce. This not only helps HR increase employee engagement, talent assessment but also understands and predicts behaviour patterns to identify problems, reduce risks, skill management & development and encourage data based decision making in the process. Increasingly companies are recognising the importance of data and AI in HR and are pitting up specific HR analytics departments to address this situation. The use of AI in HR is helping companies meet the most critical challenges faced by HR today i.e. attracting talent, employee engagement and reducing attrition.
AI and Machine Learning are said to impact industries on investment and financial terms too. What are your insights on this?
Companies are making investments in AI mainly in detecting and fending off computer security intrusions in the IT department. IT is using AI to resolve employees’ tech support problems, automate the work of putting new systems or enhancements into production, and make sure employees used technology from approved vendors. There is considerable investment that Hi – tech companies like Google, Facebook and Microsoft are making in AI and ML. Healthcare, financial services, and professional services are seeing the greatest increase in their profit margins as a result of AI adoption. Companies like Amazon and Netflix have shown considerable financial benefits from using AI.
Are the Indian markets ready for adopting AI and Machine Learning? Specify your insights referring any case study?
Yes, Indian markets are slowly getting ready for adopting AI and ML. A key concern in India is the replacement of people by AI, and this needs to be adequately addressed before it becomes more widely prevalent.
Infogain has started working in these areas both with clients and for internal HR systems. We have developed a chatbot which will be used by employees for getting information on our leave system and answering all queries related to leave policies. We are also in the process of developing a skill search system which uses machine learning to give quicker and better quality results.
We have also developed a Robotic Process Automation (RPA) system for one of our clients, which helps the system pick up requests for changes in HR master data directly from an email instead of a person opening the email and updating the system. Another RPAs implemented at clients include approval of Purchase Requisitions and Bank Reconciliations with minimal human intervention.
News Originally Posted on: Career360Magazine