A VC's Perspective - Open Your Eyes To Management AI
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The potential of artificial intelligence (AI) goes beyond than what we can think of. For quite some time, I have been talking about how AI is transforming and impacting higher education, jobs but today I want to discuss the possibilities which expands into management and how it is helping the growth of many organizations. If you are a manager in your organization then you would know what I am talking about. Smart machines have helped upend the workforce using AI and automate many things. Administrative tasks which used to take more time and money now can be managed using AI much faster and at a much lower cost.
As per a survey, managers spend the maximum of their time on administrative tasks and coordination work.
From engaging with people and stakeholders, building strategy and innovation, solving problems, collaborative and administrative coordination, it becomes difficult for them to get any time out for other important tasks. AI-powered softwares and tools can now help them with drafting management reports, provide data analytics in the meetings, offer clear and explanatory graphics.
The survey also showed that 86% of managers would like AI to support them with monitoring and reporting. AI-based software and tools if incorporated into the management work and functionalities can help greatly in building a strategic management. Well, how does it work?
AI can infiltrate opportunities and risks associated with industries and markets, using data analytics and predictive analytics. This makes it more valuable than any other technology which should be incorporated into every organization's IT strategy. For the leaders to have a deeper understanding of AI can really help the organization grow with time.
We will sound dramatic if we expected a machine to interact with us the way humans around us do. But thanks to natural language processing (NLP) and artificial intelligence, this wish will not sound surreal anymore.
Chatbot technology also known as the Artificial conversational entity is an assistant device that works through text messages. It has seen a surge as people are using apps more powered by chatbot technology. Introduction of services like chatbot and voice assistant technology could help in transforming the management experience significantly. This technology will help managers plan their work more coherently.
Nowadays applications are built on NLP that lets a computer understand phrases in a vigorous manner and respond by processing multiple commands within a single sentence. This will produce a reaction that will remember what you shared in the previous conversation. Even though chatbots have been in the market for quite some time now, there still has been certain limitations to its use.
Executives from over 14 countries who were either in charge of digital transformation in their respective organizations or were excelling in the same field of work came up with four top practices which could help redefine management:
Treat Machines As Co-Workers: I think we don’t have to race against a machine. It was made by us but to be put to better use. Unlike a machine, human judgment cannot be automated, which makes us a little slower in responding and resolving queries compared to a machine which is auto-fed with all the necessary information. Trusting AI-based tools and putting them to good use is what smart managers do.And are you doing this?
Analytical Review: AI can carry out administrative and analytical tasks without any problem. So, recognizing how to use AI will definitely stand out.
Administrative AI: Spending more than half of your time on administrative coordination, such as shift management, sudden departures, vacations etc. are few responsibilities which the managers may have to jiggle between. But do not worry, AI can automate these tasks and reduce your stress to a higher degree.
Awareness: Leaders should take more interest in what AI can do with the current competition which exists in the market. The deeper understanding, they have of AI it will in turn help the organization, as they will already be one step ahead of their competitors.
The Bottom Line Is
While it is difficult to say that robots will replace humans, we can be certain that AI has started making the difference in many ways than one. AI is all around. We are living in a transformative era of technology and understanding how we can use these technologies right now is going to make our future lucrative. Change is the only constant.