The world’s biggest economies are facing a significant challenge: low unemployment and slow labour force growth. According to the latest ManpowerGroup Talent Shortage survey, 77% of employers across 41 countries struggle to fill roles. Unless they acquire and deploy innovative solutions, these businesses will struggle to meet their growth goals – or even maintain their current trajectory. Artificial intelligence (AI) will play a crucial role in addressing this challenge and transforming the nature of work. These are the four business areas where AI will deliver value first.
AI and productivity
AI can significantly boost productivity by automating routine tasks, allowing existing employees to focus on more creative work. Increased productivity will provide a short-term fix for headcount shortages.
Goldman Sachs predicts that globally, AI could raise GDP by 7%. This will be realised through workflow changes that enable full or partial automation, making savings equivalent to 300 million full-time employees.
AI and HR
On the Human Resources (HR) side, AI will continue to change the way work is done. Using AI-driven data analysis, organisations can accurately identify and forecast talent needs across departments, geographies, and growth drivers. This information can then be used to implement a two-pronged approach:
1. AI can enhance the performance of workers in areas where talent will be hard to find, reducing the urgency for new recruitment.
2. AI can assist with internal and external recruitment, including matching skills with needs, identifying hidden pools of talent, and minimising bias through data-driven assessments.
HR teams themselves will benefit from AI productivity enhancements by automating administrative tasks such as benefits management, answering common employee queries, and processing leave forms automatically. Additionally, AI can personalise onboarding and training processes, tailoring resources to the specific needs of new recruits.
AI and security
Using AI-based security systems, organisations can scale quickly while minimising false positives and false negatives. At the same time, AI-powered security tools may help simplify complex security operations and provide an edge against sophisticated attackers who are also using AI to find weaknesses and automate attacks.
AI and ESG
Artificial Intelligence also has a role to play in promoting sustainability (ESG) initiatives. According to Oracle’s 2022 ESG Global Study, businesses believe that AI will significantly aid their progress towards sustainability and social goals. AI can provide consistently rational recommendations, helping managers, employees, and customers make more informed decisions that align with the corporate ESG strategy.
AI can advance sustainable IT practices throughout the entire supply chain by tracking the performance of third-party providers, optimising energy-efficient cloud resources, and encouraging employee engagement through chatbots and other generative AI applications. These capabilities allow organisations to collect error-free ESG data while reducing manual processes and better managing complex supply chain analysis.
Artificial Intelligence Everywhere
Beyond the media hype around image generation, AI is poised to revolutionise employment and sustainability by increasing productivity, assisting recruitment and retention, simplifying security operations, and promoting sustainable IT practices. To combat the skills shortages of the future, it is essential for organisations to consider the benefits of AI and integrate these technologies into their strategies.
By embracing these opportunities where AI will deliver value and organisations can harness the power of AI to drive growth, reduce complexity, and promote a more sustainable future.