2023 is shaping up to be the year of AI. It seems scarcely believable that the current version of ChatGPT is less than nine months old. Very few technologies have become so widely used in such little time. Indeed, the AI platform can claim to be the fastest-growing application of all time, registering 100 million active users just two months after its launch.
By comparison, it took TikTok nine months to reach 100 million and Instagram two and a half years to get there. Google and Facebook took about five years each to reach 100 million users, although this was a vastly differing digital landscape.
There is an expectation that the next few years will see a generational shift. A recent report from Goldman Sachs says that AI could replace the equivalent of 300 million full-time jobs but will also drive millions more new roles and a productivity boom.
To illustrate the seismic effect AI is predicted to have, a 2022 AI report by PwC valued the potential contribution to the global economy driven by AI could reach $15.6 trillion by 2030. And as much as 14.5% of North America’s GDP could be directly influenced by AI over the same period.
AI is not a new concept, of course. It is already responsible for a significant impact in the workforce management industry, in particular, aiding enterprises to optimise performance, costs and worker happiness, while also achieving critical efficiencies.
Here, we highlight some of the major benefits that AI is having on the workforce management sector and give examples of how it might help your business operations.
AI-powered scheduling management systems utilise advanced algorithms and machine learning techniques to optimise schedule generation. These intelligent systems consider factors like employee availability, skills, preferences, workload, and business requirements to ensure scheduling works for the organisation and its people. AI blends historical data with real-time information, creating schedules that maximise operational efficiency.
AI enables intelligent decision-making in workforce management by analysing large amounts, resulting in actionable insights. By harnessing AI algorithms and machine learning, enterprises are better placed to make informed decisions based on real-time information and historical data. AI empowers organisations to optimise performance, reduce costs, and improve worker satisfaction.
AI contributes to workforce management by optimising how organisations utilise their people. By automating scheduling processes, enterprises can minimise manual errors, reduce overtime costs, and optimise staff deployment based on demand patterns. AI algorithms identify areas of improvement, such as excessive overtime or overstaffing, enabling businesses to make data-driven decisions that lead to cost savings.
One of the central promises of AI in the business world is to help organisations find ways to improve their productivity levels. AI systems can allocate workforces more effectively through intelligent data analysis and considering factors such as employee availability, skills, and workload. This means fewer scheduling conflicts, reducing the chances of understaffing or overstaffing, and improved employee and customer satisfaction.
Juggling the schedules of hundreds, if not thousands, of employees, is demanding work. Organisations must consider often complicated and lengthy workplace regulations, union laws, and other restrictions. AI is taking much of that complexity out. The technology can provide alerts and recommendations to ensure businesses adhere to company guidelines and workplace regulations.
AI-powered software empowers organisations to make faster, more accurate decisions, adapt to changing market conditions, and scale their workforce to meet customer demands. This ability to respond quickly and effectively to workforce challenges can set organisations apart from their competitors.
Undoubtedly, AI is having a transformative impact on the workforce management space, as it is across the entire business spectrum. Spending on AI tech is likely to soar in the coming years, with Wall Street investors seeing it as ‘the next big thing’. That’s good news for businesses keen to harness the full power of AI in their workforce management platform to deliver further enhanced analytics, advanced workforce planning, and more.
So, when you invest in our hardware, you can choose the software that works for your business, ensuring you benefit from an all-encompassing solution that streamlines HR processes, saves time, and gives you the edge.
Find out more about our human capital management solutions here.