Artificial intelligence and machine learning have evolved from just making our lives safer and more efficient by way of smart cars and the IoT. Businesses now rely on this technology to increase revenue as well.
Artificial intelligence has proven to be extremely adept at anomaly detection, enhancement, reconstruction, auto-generation, object detection, forecasting, pattern detection. It often goes hand in hand with big data, which is a buzzword that has been passed around a lot within the past decade. It refers to the digital gold rush of information about consumers and their behavior that now exists in a usable, concrete form. For many industries, such as retail, this is a priceless resource. By examining the data of a person’s history, you can see patterns emerge. This, in turn, enables predictive algorithms to make educated guesses about what to do next on a 100% customized basis. It changes the game completely for future sales and marketing campaigns. AI can take this a step further by revealing trends and associations at a level of speed and accuracy than any human could ever manage.
When a company has a high turnover rate, there’s a cost that goes beyond the need for a rehire. In addition to the time and money spent interviewing and training the new employee, the underlying factors behind why they left could signal a much bigger problem. Sometimes it can lead to low morale among remaining staff members, which can quickly become contagious. In today’s world, reviews are now available by current and former employees, and they can very easily scare off future applicants. For these reasons, it is always in a company’s best interest to maximize employee retention.
As a leader, it’s important to surround yourself with a team of people who not only see your vision and want to help you achieve it, but also have the tools to succeed in the business world. While it’s great to have a dedicated and loyal employee who strives to do better, unless they can manifest their goals into practical, real-world applications, there isn’t much benefit.
The more sensitive sibling of the Intelligence Quotient (IQ), emotional intelligence, often abbreviated EI or EQ, has emerged as an additional measure of what employees bring to the table. Put most simply, emotional intelligence measures a person’s ability to recognize and manage their own emotions and the emotions of those around them. This soft skill […]
It’s fun to think about being an entrepreneur, but taking the step from idea to business implementation isn’t always an entertaining romp. It can be hard — grueling, even. It can be full of pain, tears, mistakes and uncomfortable lessons. That doesn’t mean it’s not worth it — just that you need to know what […]