Enhancing Competitiveness through AI

The influence of Artificial Intelligence (AI) has swept across different industries. Many people are terrified of the prospect of robots replacing human and that jobs will be eliminated significant. For the sake of cutting expenses, employers have terminated jobs that intelligent machines could easily maneuver.

Nevertheless, an astute employer should take the initiative and attempt to enhance the competitiveness of the company, instead of focusing on reducing expenses. Here are some ways to kickstart.

1) Invest in the right place

When developing your company’s long-term strategy, think about investing in AI programs that could lead to much bigger rewards.

If handling a bulk of inquiries is an integral part of the company, chatbots or other voice recognition programs appear to be investable because they significantly reduce labor cost. On the other hand, virtual Assistants (VA) could have a game-changing role in the service and retail sector where it automatically completes transactions for clients, schedules meetings without back-and-forth emailing and allows the clients to pay their bills without cumbersome procedures.

Simply put, understanding your company’s objectives and invest in the right place ensure a high-return.

2) Promote AI corporate training

Instead of focusing on the resumes, an employer’s adaptability is more important. The HR department should get rid of the traditional evaluation process, and take a candidate’s flexibility and open-mindedness into consideration.

Corporate training of AI equips employees with savoir-faire of AI, enabling most of the employees in the company to utilize big data and machine learning to increase efficiency. AI-savvy employees are an excellent boost for the company’s competitiveness. 

3) Utilize data for quick decision-making

A well-considered data strategy is useful in making a predictive decision for the company ahead of the competitors. Employers should expand and optimize their database, and set up a protocol that allows the company to make decisions quickly.  

Ultimately, full implementation of AI in a corporate environment requires support and open arm from the management in the company. Check out “Leveraging Artificial Intelligence to Increase Competitive Advantage in Business for Executives” in Venturenix LAB that is tailored to C-level candidates.