2016 October 07 Archive - EXEIdeas – Let's Your Mind Rock

For many businesses, the essence of data in terms of strategy, operations and planning is not just about having a competitive edge, but it has become more of a necessity to survive in today’s aggressive business ecosystem.Predictive and data driven analytics are empowering most of the key business decisions in sales, customer support, marketing and finance. Unfortunately, data analytics on the other hand is given a miss when it comes to people management that includes attracting, growing and retaining human capital.Further, stuck in the ice age, many businesses still refrain to leverage the power of data for addressing critical issues like identifying performance problems in a team and the reasons causing the same, dealing with managerial inefficiencies and deteriorating employee engagement.Happy Realisation!:Fortunately, a number of business experts and human resource management leaders are beginning to realize the impact and prowess of data-driven insights and statistics when it comes to mitigating risks and improving decision-making processes for successful people management and achieving optimum organisational efficiency.With more and more businesses embracing the novel and cutting-edge data driven technology like AI or Artificial Intelligence for driving employee management, business leaders are looking up to AI as their go-to solution for people management and accurate decision making.How AI Will Revive People Management As We See It?:Artificial Intelligence as we know it is the process of analysing data and then transforming that data into a format that can be interpreted by humans. A simple yet perfect example of AI technology is all those predictions and recommendations that we get on our smartphones from time to time without asking the phone to remind anything.With the massive influx of data to and from the human resources arena, AI can offer a pool of insights into key areas to boost managerial efficiency, productivity, talent assessment and workforce engagement to name a few. This would in turn assist business leaders to better understand their people whilst rendering the ability to foresee trends at workplace as well as identify the problem areas well before time.Here comes the most prominent benefit of AI. Yes, it would help in addressing one of the biggest challenges faced by business managers these days i.e. creating and deploying strategies for improving workforce performance, all by recommending specific actions or measures to deal with these issues well beforehand.So How Exactly Would AI Work For Business Managers?:AI by rolling up an ocean of data pertaining to employee engagement levels, performance, insights on employee turnover and feedbacks can deliver near-to perfect predictions, all at the click of a button. These forecasts may include anything from providing names of people that a company should retain and the ones that are most likely to leave the company. It would also give out names of employees that may come up with the most novel and creative solutions in the near future.More Power To You!:Days are not far when AI-powered tools and systems would identify patterns and make connections that would otherwise be a distant dream for humans to achieve manually. Such high level of predictive insights would assist business leaders to be more proactive and strategic in their approach towards people management.In addition, AI is all set to be the face of predictive analytics in the near future. It would use historical data before suggesting us with best measures and systems to help address problems beside coming up with the most effectual actions to resolve predicted problems as well. This is a boon to business leaders when it comes to viewing valuable insights into core areas of opportunities as well as the ones that require attention, all well ahead of the time. Eureka! Simply put, businesses of the future would be well-equipped to deal with the problems before they actually show up!No More “It Was Just A Gut Feeling” Excuse!:AI eliminates the tedious process of manual assessment and analysis, which is often associated with devising strategies for people management. Instead, Artificial Intelligence would offer suggestions and recommendations based on intelligent and insightful data that it would deliver by interpreting specific patterns and trends over a period of time. No need to rely on gut feelings anymore. Thus, one can envisage managers of the future to be in a better place for making unbiased and sound decisions that would be in the best interests of both employees as well as business.Overall, AI is fast becoming a perfect resort to companies when it comes to achieving maximum ROI and foreseeing future trends across the business.All these valuable insights provided by artificial intelligence tools would equip business leaders with the right set of data to hire, retain, manage and motivate employees like never before.Takeaway:AI powered systems would sit at the intersection of human touch to help organisations in managing employees and automating key business operations. Artificial Intelligence holds the potential to develop more employee-friendly workplaces that would nurture satisfied and happy employees.As business processes are increasingly turning more and more customer-centric, harnessing the potential of AI seems to be the most pivotal tech trend that would reshape the way a business deals with its people and customers.About the Author:Anwar Shaikh writes about employee management and HR practices. A self-made and reared-up writer, he writes for Pocket HCM, a leading provider of cloud based payroll software and employee management system to businesses of all sizes and verticals across India.Find Me On GooglePlus | Facebook | Twitter | LinkedIn