Artificial intelligence used to be a far-away concept written about in the sci-fi genre. Today, AI is a term that is becoming more and more commonplace as our own homes and cars become smarter. The concept of a machine acting humanlike is less of a science fiction and more of a fact. AI itself encompasses a few disciplines, such as robotics, augmented vision, and natural language processing. The influence of AI technology can be seen in sports, healthcare, manufacturing, shopping, transportation, education, communication, media, and finance.There are very few industries today that are untouched by artificial intelligence.
When people talk about business communication, they are referring to the way people interact and communicate with each other and their customers for the express purpose of aligning with the core values of a business and achieving goals that are meant to boost revenue. The effectiveness of these interactions is a strong indicator of how well a company will succeed in the long run.
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.