4 Crucial Roles of Artificial Intelligence in Entrepreneurship Today
Artificial Intelligence (AI) is a field getting more and more attention today. Despite this fact, however, misconceptions still persist about AI.
In some quarters, for instance, AI's innovations carry a negative connotation, and are considered almost bad omens. This misconception springs from the content coming out of Hollywood and other countries' movie industries, which like to portray AI in a dystopian sense: as robots that will kick us out of our jobs, replace our friends and families and eventually annihilate the entire human race. That portrayal is inaccurate and maybe even a little pathetic.
Instead, the good news is that AI is not necessarily negative; there are areas of application that promise to make work a better, and less stressful, experience. Consider the following areas of evidence of how AI has become a powerful tool, rather than a sci-fi warning.
1. Artificial intelligence in HR
The responsibilities of human resources departments include overseeing recruitment, training and development, compensation and benefits, compliance and a host of other related responsibilities.
Employee recruitment, which can be challenging and stressful, is an area in particular where HR can benefit from artificial Intelligence. When thousands of applications come in for a single opening, HR staffers can find it difficult to study applicants in detail, to see their potential beyond their resumes.
But deploying AI here saves time and makes the job less tedious. If an AI program is designed to sift through and separate applications based on established criteria, HR staff can do the remaining work once the mass of applications has been reduced. This saves time and reduces workloads.
2. Artificial intelligence in time management
Timing is one of the most important factors behind a company's success. In fact, it accounts for 42 percent of the difference between failure and success. So it's no surprise that many companies are looking for a way to integrate AI into time management and improve their chances of making accurate predictions based on available emerging and historical data.
The goal AI has, therefore, is to help such organizations make the best timing predictions, maximize their resources when they need them most and help them minimize waste. A full implementation of AI in this crucial area will have a huge positive impact on your business.
3. Artificial intelligence in customer service
A business’s reputation can be made or marred by its customer service reputation. This is what makes customer service such an important part of a business. Yet, dealing with a huge volume of calls, complaints and inquiries daily can be time-consuming and burdensome.
Today, your business no longer has to take the traditional route; instead, the improved efficiencies AI provides can remove that burden and stress. A typical example for improved customer service performance is the chatbot. With a chatbot, you can easily manage your clients efficiently, since the technology makes it possible to have meaningful conversations with a large volume of clients.
The result is an improvement in a company’s reputation, since people appreciate a prompt response to their requests from a company’s customer service department.
4. AI in portfolio management
Portfolio management is another area of application with a direct impact on entrepreneurship. If you are a stakeholder in investment management, you can count on such AI applications as robo-advisors to provide sound financial advice. These apps can assist with portfolio management with little human input -- and often with less commission expense.
These apps work by using algorithms designed to create a financial portfolio that conforms with the goals set by the investor. The AI also considers the client’s risk tolerance as part of its design for the right portfolio mix. According to Rob Berger, writing for Forbes, “Robo advisors…make investing effortless.”
And "effortless" is the point for AI -- regardless of the area it's being applied to.