Written by Zoya Salmon-Powell and Joya Scarlata
The world is changing rapidly and the way we conduct business is both positively and negatively impacted by constant economic, social, political, and technological changes. Leaders and managers alike are challenged more than ever to pivot quickly and adapt to the many changes around the world. They are also challenged to mobilize and motivate their teams around common goals that will add value to their customers and result in positive disruptions.
One such global influence that is shifting the business landscape is Artificial Intelligence (AI). AI refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions. It is applied to any machine that exhibits traits associated with the human mind, such as learning and problem-solving. It is estimated that AI will contribute up to $15.7 trillion to the global economy by 2030, more than the output of China and India combined.
Companies are now forced to get creative and innovative or risk being left behind. This article seeks to explore and share some of the top trends in AI affecting Leadership and Management across multiple fields and industries. Trends that seek to improve organizational efficiencies and help to transform business operations.
Let’s jump right in and closely examine the following trends:
Trend #1: Robot Process Automation
AI has been playing a pivotal role in reducing the amount of repetitive mundane work that managers and their teams perform. As a result, it has freed up time to allow for greater focus on formulating and executing strategy, on interpersonal tasks, and for creative ideation.
Based on advancements in AI technology, software-based robots are now handling basic tasks, such as filling out forms, generating diagrams, and producing documentation. Take, for example, the partnership between Tableau and Narrative Science, which resulted in Narratives for Tableau that creates explanations for Tableau graphics.
When companies are able to automate their business processes, it allows for less human error and wasted time. It fosters better collaboration as the team can readily identify their role in a process and the actions that need to be carried out. It also makes the task of reviewing and optimizing business processes less daunting and time-consuming.
Trend #2: AI in Cyber Security
With many people practicing social distancing during this pandemic and using the online medium to conduct business, cybersecurity risks are heightened. Many companies are investing large amounts of money in AI to prevent cyberattacks such as hacking and phishing. AI advanced prediction algorithms and smart technology play an important role in protecting us from various nefarious attacks in our day-to-day lives. Based on the pace at which e-commerce is rising, cyberattacks will continue to be a risk. Leaders must take the necessary steps to thoroughly assess the business and its technological infrastructure to identify the gaps and make the necessary improvements.
Trend #3: AI in Data Accuracy
Another common buzzword is “Data.” All things data is on the lips of business professionals in many forums across the world. How companies maintain, store, and mine their data is making an enormous difference between companies that thrive and those that perish.
It is essential that companies maintain quality and current data, which they can readily access and leverage to make better business decisions. AI is playing a vital role in ensuring that companies are efficiently meeting that goal. AI-driven automated decision-making has improvised the accuracy of data over recent years. AI technology has been working on the simulations of data to ensure that it is correct and fit for interpretation purposes which informs the decisions that companies make.
Trend #4: AI in Customer Service
How we engage and interact with customers is changing due to the advancements in AI technologies. Chatbots are commonly being used on websites and elsewhere to guide the customer journey and address customer queries. Based on how intelligent the technology is, customers can interact with a chatbot and do not realize that they are not speaking with a human.
With the advent of deep learning and semi-supervised models of machine learning such as reinforcement learning, the algorithms will try and match up speech patterns and infer meaning from our natural human language. Google Assistant is a prime example of how human interaction is not readily missed based on the deep programming done to mimic interaction with an actual human.
Trend #5: AI in Human Resources
The field of HR is looking towards a future where leaders can optimize both automated and human work — this is where AI comes into play. As AI continues to be further integrated into HR practices, organizations, and their respective HR teams are empowered to make better and more informed decisions concerning prospective candidates and current employees. In addition, AI is playing a transformative role in HR practices to include training, onboarding, recruitment, retention, and performance analysis. An example of AI in HR is Koru which basically tracks the types of credentials, qualities, and experiences of a potential applicant. It helps HR professionals to better match candidates to available jobs and guarantees a more appropriate job fit.
In conclusion, industries — from retail to transportation — are becoming fully immersed in AI in today’s global economy. While some might view AI as a menacing threat, it is indeed possible for humans and machines to work side-by-side, cooperatively, and in sync. For organizations, there are benefits of making these technological investments in the short-run as they help to reduce operational expenses in the long-run. By tapping into AI technologies, leaders and managers alike can unlock endless ways and methods in improving the business outcomes, enhancing operational efficiencies and other processes, and using data to augment decision-making and analysis. It will be exciting to see what AI will offer us over the next few years and we are eager to highlight and share these new developments with you.
About Us:
Zoya Salmon- Powell, PMP, CSM is the Founder and CEO at Global Projects Consultancy, a consulting firm offering remote and on-site project management services. Zoya is a globally certified Project Management Professional and an Executive MBA candidate at the Jack Welch Management Institute at Strayer University. Zoya has a fascination with AI and how it is reshaping our world.
Joya Scarlata, MBA is the Director of Digital Marketing for InterraIT, a B2B IT Services firm. Joya recently received her MBA from the Jack Welch Management Institute (JWMI) at Strayer University. She has an interest in learning more about AI and the role it plays in Marketing.
