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The word which has created waves of optimism and pessimism in concomitance in the minds of leaders of Business firms across the world is Artificial Intelligence (AI). What is AI? AI is the intelligence exhibited by machines rather than natural intelligence (humans or animals) to get the work done.
The concept of AI is very debatable and the researchers are still on the pathway to conclude whether AI is a boon or a bane for Mankind.
When the concept of AI was first introduced, the HR departments were not completely convinced by it, as they feared a heavy loss in the number of jobs because of the increased dependence on machines.
But gradually the organizations have opened up to it. Technologies and tools like cloud computing, business analytics, e-recruitment, CPM (Computerized Performance Monitoring) have minimized the labor of HR personnel and given them considerable time to focus on other goals. If we talk specifically about Talent Acquisition (TA), then AI not only helps in inviting applications but also helps in selecting the most suitable candidates, that too within seconds and also provides feedback to the candidates about their performance in each level. The technologies that are used for TA are Symphony Talent, Pomato, Piazza careers, Textio, Relode and many more. According to Artificial Intelligence Market Forecasts by Tractia, the revenue generation by using AI will reach 36.8 Billion Dollars by 2025. Fifty six percent of the TA leaders agreed that AI automation tools speed up their process, Babu Mittal, Head HR at Shopclues supported AI in HR as the 60% of the time that was spent on managing and organizing can now be invested in strategizing .
Now the question arises, that if AI is such a convenience for the HR, then what is the debate all about? Earlier this year, researchers noticed that Artificial Intelligence they had created, started making their own code words, which couldn’t be deciphered by humans, without the use of AI.. Hence, Scientists have switched off Facebook’s robot because it reportedly programmed its own language.
Some experts are presuming it as a threat for mankind while others foresee this as a progress in the field of AI. The reason for the threat is that if the automation of business increases, it would minimize the need for human labor. It has been estimated that 5 million jobs would be replaced by AI but the underlying fact is that there are certain capabilities like human judgment, human interaction, feelings and emotions which can never be imitated by AI.
Professor Stephen Hawking warned that the creation of AI can either be the best or the worst thing that could ever happen to mankind, and he also stressed upon the need for further research in this field. It is a undeniable that if humans and bots work together, we can achieve tremendous development, but at the same time we need to invest more in order to utilize AI in the best possible way.
