ARTIFICIAL INTELLIGENCE IN BUSINESS ANALYSIS

 

You are seeing robots besides the anchor in today's TV programs. It may not be far away when a robot itself asks questions in the Slumdog Millionaire program. Artificial intelligence (AI) is making its presence felt everywhere in the connected world. It could be seen in deep technologies, self driven vehicles, or robots.

 

AI as part of daily life. It has changed how you react to life and technology.Your purchase in Amazon, queries to  Siri and request to  Alexa to play a song involves AI.

 

AI-enabled technologies have a prime place in emerging technologies like Gartner. AI has impacted business analytics immensely.

 

All companies have a huge volume of data in their store house. Its complexity makes AI business analytics tools inevitable. It also necessitates business analyst  in every sector. The use of AI and business intelligence (or BI) is helping companies enterprises tremendously. They pull out immeasurable insights out of complex data bases. They deliver valuable business recommendations.

 

Artificial intelligence is based on algorithms. They are based on data. Data analysis is an essential part of AI. Questions and answers provide accurate data for the algorithm. The provided data should be correct.

 

Dependence on data may create a bias. Algorithms are opinions that stay embedded in code, for fictional characters. The perceptions behind the algorithms are flawed, and often people using AI don't comprehend the code.

 

 AI Role in Business

 

AI is used to train computer applications with human intelligence traits.Human beings learn, solve problems and make decisions. Those are human traits.The AI application in business is enabled by machine learning (ML) technology. It is used to perform specific tasks like,

 

• Complex text reading and comprehension

• Recognition of images and classification

• Recognition of objects and  facial features

 

AI applications in business could be seen in

 

• Chatbots, BI bots, virtual assistance

• Online advertising

• Predictive analytics

• Recognition of voice

• Pattern recognition

 

Benefits of AI in Business

 

• Automate communication with customers through online chats, emails and social media. These were assigned previously to human beings

• It gives online shoppers a personalized experience., based on customer behavior and online buying patterns.

• Automated inventory management. Robotics in hotel check-ins and factory premises

• Business predictions, sales forecasts depending on customer data.

• Real time communicates with customers using mobile apps

• Measuring sales data with Performance Dashboard

 

The AI revolution in Business

 

There are three major applications of AI in business:

 

1. Work Automation

 

AI-driven work automation in the near future is estimated to affect over 9 million jobs in the U.S. General Electric through AI powered smart sensors, has reduced its machine downtime. They have installed them on their manufacturing equipment. Yo can combine AI with the Internet of Things (IoT) technology. It can reduce costs, improve productivity, and create specialized jobs.

2. Sales and Marketing

 

AI in marketing and sales has revolutionized marketing and sales in various industries. AI enables marketing personnel to automate their routine tasks through acquired data. Facebook uses ML algorithms. It tracks customer behavior and targets them with an apt digital ad. Airbnb uses AI to optimize and market the right prices based on customer demand.

 

3. Customer Service

 

About 30% of all online retail business today happen on smart phones. Surveys say that the top five apps used by online customers are for messaging their needs and social media. Business houses have AI enabled chatbots for customer service.  Royal Dutch Airlines does traveler check-ins and flight notifications through its Facebook app. Facebook Messenger boasts over 300,000  bots. Monthly, It exchanges around 20 billion messages between various companies and customers.

 

AI in Business Analytics

 

IoT-enabled devices will be 75 billion by 2025,, according to estimates. It is up from 26 billion in 2019. The data from these devices is a whopping five quintillion bytes each day. Walmart through 11,000 retail stores, uses the ML-enabled HANA platform. It processes its day today transactions, appointing people in business analyst  jobs.

 

The business management software firm Domo has implemented AI, productive analytics and machine learning. Its customers extract data from Facebook,Salesforce, and Shopify and compare.

 

AI business analytics is sure to become common. It will transform the role-played by the present day business analyst. AI powers real-time data analysis. Hence, business analysts will be free to focus on fundamental analysis. The AI DataRobot assists in predictive modelling. Even the unskilled users can handle it.

 

Statistical data is positive: over 60% of executives support AI strategy to create more data-driven business avenues.\. 72% of business managers consider it a major advantage.

 

BI bots assist decision-making by analyzing data. They analyze data queries made in a natural language without complex querying codes. BI bots will boost the adoption of BI tools in company workplaces.

 

AI-powered BI tools can

 

1. Manage volumes of big data

2. Get real-time insights from market data

3. Substitute the industry shortage of good data analysts

 

Caution 

 

Artificial intelligence will not eliminate human intervention. Qualitative analysis is still crucial. Human beings are intense, complex, and unpredictable. You can't control human intuition. Your are influenced by your mood, the feelings of others, and frustration. Knut Hamsun, the famous Norwegian novelist, wrote Hunger, to show how even hunger can influence your decisions. Hunger has been the foundation for political revolution. These human elements aren't considered while determining AI's logic.

 

You will continue to work with human beings. Caligula, the Roman emperor, appointed his own horse, as his advisor. But you can't appoint a robot as your CEO; Uncovering the real issues that need to be solved beyond algorithms will require human intervention. Only the human brain can achieve customer-focused product development and design. A chip will never replace the brain.

 

The global world is becoming more connected. Virtual interactions will be more common. The ability to effectively elicit information with a virtual team will be a necessity. The human brain will be 24x7.

© Ramachandran 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HIRING CHALLENGES FOR IT COMPANIES

 

The adage is not new to you: the early bird gets the worm. The first company to hire gets the best candidate. Robert Half International, the foremost global HR consulting firm, found that 57% of job seekers are impatient. They'll move on to something else if the hiring process takes too long.

 

New technologies are spreading at a rapid pace. The demand for tech talent is on the hike. These two factors make it tough for the recruiters in  tech companies to attract and hire new talent for I.T. jobs.

 

The skilled candidates have the final say. The candidates have multiple options. They can select the organization they want. The hiring process is hampered by outdated strategies

 

Estimates say that by 2026, the shortage of engineers in the U.S. will exceed 1.2M. It has become increasingly difficult to find qualified personnel to fill positions in South Carolina, in the  I.T. industry The job board, Indeed contains 11,47,87 jobs in South Carolina, the majority of which falls in the IT sector.

 

The U S survey in which over 15,000 developers and H.R. pros from worldwide participated, has been eye opener for most companies. It found that a tech recruiters' greatest challenges were: Finding qualified candidates, standing out from other companies, aligning with hiring managers' demands and recruiting within a tight time frame.

 

Outdated Process

 

In a candidate-driven market, you and your hiring managers have to confront an array of exceptionally qualified candidates.You may conduct several rounds of interviews. When you extend an offer, the top candidate may reject it. The delay in hiring hampers the process, and you lose talent. Your recruiters juggle multiple positions, talking to multiple candidates. There is not enough time to evaluate the candidates' skills.

 

When the recruiter begins to fight with the hiring managers it poses a challenge. The miscommunication blocks the identification and hiring of the right talent.Recruiters expect hiring managers to do a better job. Many hiring managers consider the screening of candidates by the recruiter is dull.

 

Challenges in recruiting

 

Many recruiters use efficient technology tools,for hiring but not data effectively. The recruiters need to use data for hiring ratio, and skills in demand. But only a small percent of H.R. professionals have analytics capabilities.

 

Balancing speed with quality is another road block. You have to validate the candidate's technical skills, behavioral and aptitude skills, and distance the hiring managers from wasting time interviewing inefficient candidates.You have to start using recruiting software to evaluate the vivid skills.

 

The hiring teams quite often end up wasting time due to less accountability. They spend a lot expenditure on traditional processes like written tests.They focus more on reviewing the resumes.

 

New generation candidates expect you to offer a digitally smooth hiring experience. New technology skills are not easy to find. But they are challenging to quantify and qualify. The expertise to evaluate these skills does not exist within several companies.

 

The Challenges in Demand and Supply 

 

A demand-supply vacuum exists-demand in the I.T. field is increasing quicker than the number of available qualified developers. There were 3.9 million employer job postings for tech occupation in 2020 in the U.S.. But less than half were available with computer science degrees.

There aren't enough trained techies available with required soft skills, experience, and formal education. A 4-year degree requirement is now compulsory for techies to get a job.It is better to  remove this barrier. This action will open the field to many skilled techies. Now, a degree or some certification is a must for skilled positions.

 

Many Companies are turning to internal training and unconventional techies to fill tech positions. Instead, they can turn to the self-taught experts.The self-taught developers did not learn their skills by attending a college yet are experts. Please open the doors to them.

 

Strategy for the Right One

 

You have to seek multi-channel hiring strategies. If you post your job description and wait for candidates, you may never find the "right" or "chosen" one. Today, most companies find talent through referrals and many use job boards like LinkedIn or Indeed. If you are ready to search, you might find your ideal candidate on a specialized job board.

 

According to estimates, the majority of the world's workforce comprises passive talent. They are not actively seeking a job. Many of them are willing to consider the job you offer, just for the sake of higher salary and perks.

 

Work culture is important

 

Modern  techies value exotic workplace culture, facility to work from home rather than high pay. They follow social media to watch for openings with such companies. You have to maintain accurate job descriptions on your company website.This is because most techies consider the brand before deciding to apply. For them, the option to work from home is a huge draw.

 

You want workforce diversity, beneficial to your business. For you, a diverse workforce is a brilliant pool for future hires. But recruitment decisions get influenced by biases, rather than merit. It contributes to loop holes in the hiring process and it results in uniformity, rather than diversity.

 

Build a Brand First  

 

Organizations are striving to keep the time for hiring short. It would be helpful if the candidate is updated throughout the process. Instead of spending time on reading resumes, companies can parse them automatically with ATS. Online coding challenges and tests, can speed up your hiring process.

 

Be in touch with your hiring manager throughout the process. This ensures your goals remain aligned and that your moves are right. This is because the traditional interviews fail to ascertain the qualifications you are looking for.

 

You can discover the right one by discussing it effectively with your hiring manager: First, decide on the conduct and content of the interview process . Then ensure everyone in the team knows the interview questions and the qualities you are looking for. Finally, summarize how the process will be conducted. Then send a copy to all who might be involved to ensure that everyone knows the process.

 

Need for a hiring strategy

 

The hiring manager may want more from a candidate than you can get for the salary you can offer. Here, you have to find out whether it's good to hire experience or technical skill. Find out whether the candidate will fit in with the tech team and learn his things. Then agree on the suitable salary for the one who meets your expectations.

 

A good organization is not a beautiful structure you have built. A good organization is the good people inside. It is the soul. Good recruitment makes a business house precious. A timely, cost-effective hiring process resolves the recruitment challenges. Hence a creative strategy has to be in place to tackle these obstacles.

 

You have to build a strong, positive brand. If it is achieved, half the work is done. Thus you will be able to attract the brilliance who will build the future.

 © Ramachandran