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Tag: artificial intelligence uses

  • How is AI Transforming HR for Companies?

    Human resources are no less than a building block for organizations. A robust HR team can take companies and organizations to the next level; at the same time, a weak one can spoil established companies. It is vital to nurture and improve the human resources department. After all, this service line recruits the workforce. Stats show the AI market is expanding at a CAGR of 38.1% between 2022 to 2030. AI is claimed to be a top priority in their business plans by 83% of companies.

    Artificial intelligence is transforming HR by making it more efficient and unbiased. Contrary to what many people assume, AI has the power to enhance the concept of human contact in HR.

    Human resources deal with people and their attitudes. From planning to implementation, several processes come under the HR department. Making new policies, ensuring onboarding standards meet the standards, and whatnot— the HR service line also looks into labour relations, performance management, and job design. The HR team assists in achieving the mission and vision of an organization. The use of AI in HR will not only increase the efficiency of the company but also give employees more alignment with its objectives.

    Impacts on Jobs Due to AI in 2022 Worldwide
    Impacts on Jobs Due to AI in 2022 Worldwide

    As of 2022, the global AI market is valued at over $136 billion. Over the next 8 years, it is expected to increase by over 13 times. AI has and will have a heavy impact on job opportunities. It is estimated 2.3 million jobs will be created, while 1.8 million jobs will be eliminated by AI worldwide in 2022.

    What is Artificial Intelligence?
    How is AI Influencing Human Resources?
    Companies using AI for HR Management

    What is Artificial Intelligence?

    AI refers to Artificial Intelligence, a tech which enables computers to think and acts like a human. Organizations are using AI to improve productivity. AI takes decisions based on the input provided. It uses a certain kind of algorithm. With work-from-home culture now mainstream and organizations becoming people-sensitive, the need for AI is escalating.

    Most of the activities executed by HR are now being managed by AI. It empowers human resources to enhance contacts. According to a survey, 60% of organizations are using AI for talent management.

    Key Benefits of Artificial Intelligence
    Key Benefits of Artificial Intelligence

    How Artificial Intelligence Is Transforming Business
    The mimicry of human intelligence is called Artificial Intelligence. Or Thedevelopment of intelligent machines, thinking, and working like humans is called Artificial Intelligence. With the help of machine learning, we can develop an Artificial Intelligence. Machine Learning is an application of …
    StartupTalkyAvinash kumar mahato

    How is AI Influencing Human Resources?

    Uses of AI to Assist Workers in Their Organization as of 2020
    Uses of AI to Assist Workers in Their Organization as of 2020

    Artificial Intelligence in Daily Tasks

    AI can take over several tasks that the human resources department deals with on a day-to-day basis. It can give responses to prospective and current employees. It can also help with questions related to policies and procedures. And this is just the tip of the iceberg when it comes to AI’s capabilities. It can also free up time for HR professionals to focus on other work.

    Handling forms of different kinds, simplifying training sessions, and AI systems can execute various other tasks.

    For organisations, choosing the right talent is a crucial task since employees are the cornerstone to success. When it comes to skills, companies generally have some set of standards. AI can help the HR department to filter resumes as per the desired skill set. AI systems can screen resumes according to the data they are trained on. The department will then have to spend lesser time on the selection process.

    Providing Training

    AI can help new employees by providing efficient training. A conversational chatbot can be used for this purpose. Employees facing any difficulty can send messages to the chatbot. The latter will reply based on the way it’s programmed. Moreover, the chatbot shall give employees the flexibility to complete external and internal training according to their convenience. At times, employees don’t know whom to contact for queries. An AI-powered helpdesk can facilitate the situation.

    AI in decision Making

    Artificial Intelligence can help employees to understand their moods better. Due to workload, employees aren’t able to give their best at times. AI can be trained to provide personality and behaviour insights. Individuals can then use this system to facilitate decision-making.

    Employee Retention

    AI can help the HR team to analyze the reasons behind layoffs and retain more employees. Believe it or not, AI-based systems can help manage the workforce, and that too a satisfied one.

    AI can detect and analyze employees who are disengaged or unproductive. It can provide insights as to where the company is lacking, or why its people are discontent.

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    Appraisals

    Appraisals keep the workforce motivated. And the process should not be partial or biased. AI has a role to play here as well. It can ensure employees get the results in tandem with their performance. Giving appraisals or bonuses to the suitable candidate can boost productivity immensely. Moreover, appraisals require neutral thinking, something which AI is capable of.

    Companies using AI for HR Management

    Companies such as Google, Amazon, IBM, Unilever, L’Oréal, IKEA, Adecco, Hays, Deloitte, Vodafone, PwC, Oracle, TCS, Accenture, and Tech Mahindra have adopted AI for HR Management.

    Some AI platforms/tools for HR selection and recruiting are HireVue, Mya Systems, HiredScore, Wade & Wendy, AllyO, Textio, Turing, Toptal, Manatal, Skillate, TurboHire, Talenture, Fetcher, SeekOut, Zoho Recruit, Paradox, Humanly, Findem, hireEZ, AmazingHiring, Loxo, Eightfold.ai , Textio, myInterview, and Arya, Pymetrics.

    AI cuts time spent on CV verification, and other recruitment processes. The best eligible candidates are filtered out. Unilever, L’Oréal, and IKEA are the B2C using AI to transform their Candidate Sourcing Strategies.

    Company Name AI Hiring Assistant/solution Purpose
    IKEA Robot Vera Conduct interviews and send out
    customized follow-emails
    Unilever HireVue Assessments Hire the best and most diverse graduates
    among potential candidates
    L’Oréal Mya Filter out the best candidates among the
    received job applications

    AI adoption in HR is increasing. Here is a list of a few companies revolutionizing recruiting process using AI.

    AI platform/solution used Companies using the platform
    HireVue 700+ companies, including Unilever, Vodafone, PwC, and Oracle
    Mya Systems L’Oréal, Adecco, Hays, Deloitte, and more
    HiredScore Trusted by 40% of the Fortune 100: Intel, Dell, Domino,
    Johnson & Johnson, and more
    Wade & Wendy E-Trade, Randstad, Comcast, and more
    hireEZ Deloitte, VISA, Amtec, Wayfair, CommonSpirit, and more
    AllyO Walmart, Hilton, AT&T, FedEx, Arbys, and more

    Artificial Intelligence Technology in Demand Planning and Forecasting
    Artificial intelligence has been drawing a lot of attention as companies andtech-savvy vendors continuously seek how machine learning could improve demandplans and supply chain operations. In particular demand forecasting, the processof planning forecasts that will drive operational supply chain …
    StartupTalkyVibhavari Madki

    Conclusion

    The impact of AI on HR Management is now extending to use cases and problems hitherto unexplored. It is providing helping hands to people in their work. Health, finance, banking, computing, marketing, and management. Artificial Intelligence is penetrating every imaginable industry. With unbiased results and the ability to be improved further, AI is here to stay.

    FAQs

    How will artificial intelligence affect human resources?

    AI provides HR departments with an opportunity to improve the candidate and employee experience by automating repetitive, low-value tasks and freeing up time to focus on the more strategic, creative work that HR teams need and want to get done.

    What is artificial intelligence in human resources?

    At a high level, AI is a technology that allows computers to learn from and make or recommend actions based on previously collected data. In terms of human resources management, artificial intelligence can be applied in many different ways to streamline processes and improve efficiency.

    What is human resource transformation?

    Human resource transformation is the process of fundamentally rethinking and rechartering the HR function/department in the organization. If HR professionals do that, they become the “go-to” people to help operating managers address “people problems” they face in getting the organization’s work done.

    Can technology replace human resources?

    No, technology is not stealing human resources jobs; instead, it’s helping small businesses work more efficiently. Although apps and software eliminate some tasks, they typically aren’t enough to replace a person in the workplace.

    What are some benefits of AI?

    • 24×7 Availability
    • Saves time
    • Saves money
    • Reduces Human Errors
    • Removes human bias
    • Daily Applications

  • Is AI Going to Take Over the Creative Jobs Too?

    Artificial Intelligence or AI is the ability of machines to perform certain tasks that typically require human intelligence. It allows the machines to understand and achieve specific goals. Simplistically, machines learn, automatically, from existing data without being assisted by human beings.

    When machines are able to absorb huge amounts of unstructured data such as text, images and audio, it is called deep learning. There are four types of Artificial Intelligence –

    • Reactive Machines
    • Limited Memory
    • Theory of Mind
    • Self- Awareness

    Human beings, today, are surrounded by examples of Artificial Intelligence and that way it has permeated our day-to-day existence.

    • Siri, Alexa and other smart assistants
    • Self-driving cars
    • Robo-advisors
    • Conversational bots
    • Smart Email Apps
    • Search and Recommend Algorithms
    • E-Payments
    • OTT recommendations
    • Social Media
    • Music Streaming Services
    • Google Maps and Navigation
    • Text Editors and Autocorrect

    Future Uses of AI
    AI vs. Human Creativity – Can AI Take Over Creative Jobs?

    Future Uses of AI

    AI is advancing at a break-neck speed, similar to the exponential growth witnessed by database technology in the late twentieth century. The importance of data has been amplified by AI’s large appetite to store, retain and analyse data.

    ‘Metaverse’ was a term that was first heard in the 1992 science fiction novel ‘Snow Crash’. At that time, it was considered too futuristic and a concept of science fiction. Yet, less than 30 years later, it is on the verge of becoming a reality.

    The metaverse is a single, universal and immersive virtual world.  In simple words, it is an alternate universe facilitated by virtual reality and augmented reality.

    There are existing uses of a metaverse in the gaming industry.  This could very well leap into the everyday world.  Be it conferences, meetings, weddings or parties, the metaverse can host it all.  The possibilities of its uses are endless.

    AI vs. Human Creativity – Can AI Take Over Creative Jobs?

    Human beings are trying to achieve a system that emulates our intelligence. Achieving this requires a starting point. What is that starting point? A massive amount of data.

    If we want a computer to tell us the difference between a tiger and a lion, we have to first feed it with thousands of images of tigers and lions. However, human intelligence is a multi-faceted tool.  

    A tool with the ability to make decisions, create, learn, evolve, draw inspiration from a lifetime of experiences, feel, empathize, think differently and, essentially, be a square peg in a round hole.

    “Our intelligence is what makes us human, and AI is an extension of that quality.”
    ― Yann LeCun

    Creativity

    Albert Einstein says  – “Creativity is seeing what everyone else saw, and thinking what no one else thought”.

    The best example of this is probably, the advertising industry.  This industry has, possibly, made the best use of AI. It has created award-winning campaigns. ‘The Next Rembrandt’ is a perfect example of how AI can be utilized optimally to understand the Dutch Master’s painting style, his use of colour, lights, his subject interest, etc. All this data can then be used to produce a modern painting emulating his style.

    Yet, machines can never know, if Rembrandt himself would have evolved or if he might have shifted his interest towards another style of painting or subject.

    Empathy

    Empathy is the understanding of the problems and realities of the people and then designing the best product based on that understanding. AI can collect and collate data, but can never show the true nature of what drives human beings.  Data can show an individual’s activity spanning days or months, but cannot answer the ‘why’ of those activities.  

    It is this particular human quality that separates us from AI. It is this quality that allows humans to design and create products with a deeper informed decision.

    Mind Theory

    Human psychology is a web of emotions that affect thought and behaviour. For AI to replace creativity, it would need the capability to comprehend human complexities and make decisions based on self-reflection. Currently, this is beyond the AI technological brilliance.

    Conclusion

    The superior intellect of human beings has led to the invention of Artificial Intelligence. Yet, it is a system that is based on rules and algorithms and built-in data. It is a system that relies on those very rules and algorithms to process the data that has been fed to it. Can it collate, relate and process data faster than human beings? Without a doubt. Can it scale imaginative heights and then further push its limits? No.

    Human beings are not only gifted with intelligence but a natural curiosity to expand and grow. Continually push limits. Consistently evolve. AI is a tool that has been created to assist in our journey towards that excellence. Nothing more, nothing less. AI is a convenience that we created so we may continue to excel at our own imaginative brilliance.

    FAQs

    What jobs will AI take over?

    Customer service executives, Bookkeeping and data entry, Proofreading, Manufacturing and pharmaceutical work, Retail Services, and Courier services.

    What jobs will AI not take over?

    Human resource managers, Writers, Lawyers, Psychiatrists, and Event planners are some of the jobs AI will not take over in of near future.

  • 6 Ways Artificial Intelligence Is Transforming the Finance Industry?

    Artificial intelligence is the capability of computers or technology controlled by computers to perform a duty that is mostly done by humans. AI is used in different innovative ways by the banking sector and other finance organizations by utilizing time properly and making sure that there is an increase in revenue and decrease in cost. It helps in providing better and fast services by efficient and improved performance through AI applications in financial institutions.

    Artificial intelligence helps financial organizations to know more about the customer through the data based on the experience of customer behaviour. It is mostly used in the banking sector, investment sector, insurance sector, and other financial institutions.

    The banking sector has been one of the sectors which have gained the most benefit from AI in the finance field, It has benefited investment by automated data and other applications and also helped insurance by providing an Anti-fraud system, data related to customers and risk management.

    How is AI used in Finance?
    Can AI Give You a Competetive Edge Over Your Non-AI Competitors?
    Advantages of AI in Finance
    Disadvantages of AI in Finance

    How is AI used in Finance?

    Personalized Banking

    AI makes it easy to interact with the customers and provides them services like mobile banking, smart wallet, and providing AI applications for customer support and lending decision-making advice on their savings and expenses.

    Anti-Fraud System

    It helps to prevent fraud, as AI is all about studying and reviewing data and the growth of financial institutes. Fraud investigator works efficiently to detect fraud and take corrective measures to take precautions at right time.

    Credit rating

    Ai helps get all the data related to a persons credit reliability by examining the person’s data. It helps to know whether the debtor data should be increased or not and what should be the amount that has to be credited to him.

    Risk Management

    It helps to detect theft and take effective measures against it. It helps to improve data quality. It helps to know about credit risk by the system which gives warning whenever there is a risk.

    Customer service

    It makes it easy to provide service to the customers through different AI tools that are used for customers so that customers are satisfied. It helps in making interaction with customers easy as for every financial organization it is important to have good relations with customers.

    Saving and loan management-

    It helps to know about the saving and expenses done by customers’ behaviour on their spending pattern and loan borrowing. AI helps in debt management using the data collected properly for the repayment.

    A customer who has borrowed money can also use AI technology like apps provided by the bank or any other financial institute as it helps to keep track of the history and analyze data related to the loan provided.

    AI helps to know about loan applicants’ behaviour and makes it easier for banks and apps of a financial institute to know whether the loan applicant is eligible or not for the loan.

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    Can AI Give You a Competetive Edge Over Your Non-AI Competitors?

    It helps to know the customer wants through the data that is based on the current information provided and helps to get a competitive advantage over competitors mostly in the organization. It helps to know customers’ wants by studying customer behaviour.

    All companies need to install all types of technology and artificial intelligence. As our country is heading towards being more digital and sophisticated, companies need to use artificial technology and advanced technologies. If a company fails to accept the dynamic technologies it will not be able to survive and therefore, it will lose its existence.

    As everything is done through artificial intelligence it makes the company increase its ability to coordinate its activities regionally, nationally, and globally. Artificial intelligence assists the company to reach all the customers, but if a company does not have artificial intelligence they will be slow in doing their work, they might face loss.

    If a company does not meet the needs of the customer its competitors will stifle its development, and if a company is not advanced or updated the customers will also be apathetic-towards its service.

    Nowadays those companies who provide online services are the ones who are still surviving and earning a good amount and profit from those who do not provide online services. So, the company should ensure that every service they provide is online too. For example, people who are physically challenged, elderly people who cannot go physically to the service centre, but know about artificial intelligence and technologies can prefer AI-based companies to those who are not so advanced about AI.

    A company with advanced AI and technology gets its work done more effectively and productively than the competitors who do not employ dynamic AI and technology.

    Advantages of AI in Finance

    • It works faster and helps to make better decisions quicker by improving the quality of data.
    • AI helps to plan a useful and helpful way that is beneficial for a finance company and also for its customers.
    • AI helps to prevent fraud by its tools and efficiency to keep away from financial crimes. It helps by keeping track of previous fraud transactions so that they can be used to prevent getting frauded.
    • It helps to eliminate the mistakes that humans make and give better solutions that give more accurate data faster.

    Disadvantages of AI in Finance

    • It has a very high maintenance cost depending on the use.
    • AI also creates risks of unemployment as everything is done through AI which leads to less use of human creativity. But it cannot replace a human even if machines performance is productive and faster than humans as when there are complicated tasks when a piece of expert advice is required this work can only be done by employees.
    • It can sometimes be dangerous to let AI have full control as sometimes there are some errors due to which there can be a problem in data and sometimes it can be difficult to detect it.
    • As there is more and more use of technologies or we can say AI it leads to a decrease in the use of human creativity.

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    Conclusion

    Artificial Intelligence is very helpful in the field of finance as it provides different innovative services, saves time, keeps away from fraud, etc. It also helps to get a competitive advantage over the competitors as the customers prefer advanced and updated companies.

    AI have different uses like anti-fraud system, credit rating, risk management, etc. AI is very helpful to both the finance company and the customers even if there are some disadvantages we can find solutions to make improvements.

    FAQ

    How AI will transform the future of finance?

    AI will improve fraud detection, predict cash flow and can provide high-quality services to the customers.

    How does AI help in banking and finance?

    AI features such as chatbots, fraud detection systems, and digital payments are actively used in the finance industry.

    How will AI affect financial services?

    With the help of AI, you can get an edge over your competitors as it provides advanced security, more informed decisions, and reduces risk.

  • MyDentalPlan’s CEO on Need To Revive Dental Care Industry in India

    This article is contributed by Mr. Harminder Singh Multani, CEO of MyDentalPlan Healthcare Pvt. Ltd.

    The dental care industry is in an abysmal state! According to the Indian Dental Association, only 2% to 3% of the Indian population visits the dentist on a regular basis, and further adding to the jarring reality, only 50% use toothbrushes and toothpaste for regular oral routine. Conversely, there are about 2 Lakh registered dental graduates in the country with 95,000+ actively practicing dentistry. Annually, the tally rises in this ever-growing sector with approximately 12,000 – 15,000 new practices starting.

    As per the surveys carried out, more than 70% of the Indian population suffers from some or the other oral problems that need attention and these are problems that will not self-heal themselves. More than 50% of children suffer from dental caries in India, about 40 – 45% go for Root Canal Treatment. Additionally, more than 65% of all dental procedures are carried out around Root Canal Treatment – which points to utter neglect, such that a small cavity was allowed to develop into a Root Canal Treatment.

    A developing nation with 138 Crore people can’t afford to have such a poor state of oral wellness. There is a need to spread more awareness about the importance of oral health and encourage people to seek help when they need it.

    Why India’s population suffers from dental complications?

    All these problems stem from ignorance. People in India have a tendency to ignore the significance of preventive oral care and of course treatment of minor dental issues in a timely manner. The majority of people avoid or delay taking assistance for dental problems from the fear of exorbitant fees charged at the dental clinics. ‘It will go away on its own this approach may work when one has a fever, cough, or cold because in most cases even if one does nothing about it, it will probably go away. However, a toothache or a gum problem is different. Early signs of any dental trouble must be tended to earliest, else it will only return as a bigger problem.

    To summarise, about 99% Indian dental market is private with no motivation or check to keep the quality of dental services, the skill set of the professionals, and their work ethics at the highest standard. There is a need for transparency and standardization not just to monitor the health care service providers and practices but to also maintain demanded costs at the said clinics.

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    Need For Transparency & Standardisation

    Transparency and standardization in healthcare will allow the patients to get a genuine estimate of the cost and legitimacy of the practicing clinics. A few clinics may offer lower prices to cut corners on hygiene practices that can cost a lot more in the long run. Additionally, standardization reflects the quality of the clinic and the skill levels of the clinician.

    It enables predictability in the pricing and offering of bundled healthcare services and provides a structural method that saves time and makes it easy to decimate thoughtful ideas thus bringing innovation. Standardization has the potential to drive dental insurance, which is missing from the Indian health insurance landscape thus adding a larger customer base.  In India, there is no provision to have dental health included in the medical insurance, unless it is an accidental case.

    General oral health will positively improve with more people coming in for preventive care, which could improve significantly if there is insurance available for it. It is evident that help with finances will kill the postponement of those urgent treatments that are required today. A stitch in time saves nine.

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    Technological Advancements That Will Further the Cause

    1. Tele-dentistry – Tele-dentistry is handy to offer dental service remotely via the internet to those who do not have access to quality dentists. It certainly is very useful for people living in rural or rough terrain areas where dental offices cannot be found easily. It allows the dentists to record the complaint, capture images (if and when required), and send information to their colleagues for gathering opinions. Consultation is through video chatting and, if a dentist finds a problem, they can advise a visit to a local dentist for further assessment
    2. Intra-Oral Camera – Many dental patients have a complaint that sitting in the dentist’s chair with their mouths open for a long time is uncomfortable. For this, Intra-Oral camera technology is helpful. It allows the dentist to use the dental mirror along with the camera to look inside the patients’ mouths, which eventually reduces the discomfort. The images are seen on the camera’s screen.
    3. Artificial Intelligence – Artificial intelligence technology has become essential to nearly every industry. Even the dental industry is using it in a transformative way. Researchers are looking into ways to utilize AI for diagnosing dental problems through reading scans and X-rays. It is expected that AI will help in saving money and time for both the medical professionals and patients in going through dental records. It will also aid in a more careful and competent diagnosis of dental problems because of the reason that it could predict unknown and unseen issues.

    Technology has been significantly adopted in the dentistry industry to help improve the quality of care. The better the technology, the easier the services can become.

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