Nothing has captured as much attention among business leaders over the last year as AI and machine learning. The technology spurs nearly as much concern as it does excitement about its potential. You’re probably wondering how AI can contribute to a business’s success and how to leverage it best to give your company a competitive edge.
AI tools use pattern recognition and statistical analysis to arrange large amounts of data and produce detailed insights, predictions, and assessments. Current iterations of AI technology are far from perfect. Still, they are powerful tools to augment everything from writing to goal-setting efforts. In this post, we share three ways AI and machine learning can bring value to your organization.
Increased Productivity
With help from AI tools, your team can spend less time on low-value tasks and devote their creative talents to more important strategic objectives.
For example, the data analysis necessary to identify critical objectives requires much time and effort, and there’s a real risk of human error to skew the results. AI’s ability to quickly process large amounts of data eliminates that tedious and resource-intensive process and provides actionable insights. This is not only more efficient, but it also allows your company to be more agile and responsive to opportunities and threats.
AI can also support greater productivity on a day-to-day basis. For example, its natural language processing abilities let HR quickly draft performance reviews or other communications. They spend less time wordsmithing and focus on minimal editing and refining to ensure better documents in less time.
Improved Performance Management
Your team needs ongoing support and feedback to meet performance objectives. How can AI contribute to a business’s success in this realm?
AI tools make providing objective and accurate insights easier, even in real-time, when it’s most valuable and actionable. For example, AI tools can monitor performance continuously, even when employees work remotely, by collecting data from email, instant messaging, collaboration platforms, and more. AI can use that data to identify communication and collaboration styles and patterns, positive and negative feedback on customer services, and skill areas that need development.
Managers can use this information to provide higher-quality feedback throughout the year. Employees feel more seen, supported, and valued, which can improve their performance and their loyalty, reducing costly turnover.
Better-Aligned Objectives and Key Results
When it’s time to establish objectives and key results (OKRs), AI’s advanced data processing power and analytical capabilities allow you to choose them based on past data and more accurate predictions — and do so in less time. AI also makes it possible to align goals with each other and the business, ensuring you’re focusing on the right things.
Perhaps the best explanation of how AI can contribute to a business’s success is the ability to ensure that every objective aligns with a strategic goal and that everything your teams do drives the company to success. You can use AI to determine the most relevant and beneficial OKRs, evaluate risk, and make more informed and strategic decisions.
