How To Ensure AI Benefits Business and Your Employees

Artificial intelligence is no longer the stuff of science fiction. It is a real and growing presence in business. Moreover, for many organizations, AI streamlines operations and improves decision-making with advanced data analysis. AI also frees staff up to work on bigger picture projects that can thrust your business forward. Artificial intelligence benefits your business and employees if implemented the right way. So, AI has impacted both inside and outside of the company.

However, if you are not ready for the AI revolution, you will not be able to reap its tremendous potential benefits. Choosing to ignore advanced technologies in favour of the things as they may delay and intensify any future impact. Successfully achieving strategy requires increasing value for shareholders while ensuring you have satisfied customers and workforce. With happy and empowered employees, customers service is better. Satisfied customers lead to better sales — reaping more value for the company and shareholders.

Automating jobs:

• provides a definite benefit to the company
• creates a level of negativity among staff – mainly if colleagues will lose their jobs
• lowers customer engagement – less personal services
• generates an adverse reaction from the public

Are bots stealing human jobs — artificial intelligence benefits?

Any organization reducing staff suddenly or without compassion may indeed face negative publicity. Replacing those workers with staff in other places or with no staff at all can absolutely amplify that decision. — Gartner’s Whit Andrews.

Japanese insurance firm Fukoku Mutual Life announced it would be cutting 34 jobs (34% of workers) in March 2017 after partnering with IBM Watson. According to the company, the system can do the same duties as those being replaced resulting in a savings of $1.5 million a year.

The news story generated extensive publicity with headlines around ‘bots stealing human jobs’ with some even suggesting that customers and potential future customers boycott the firm out of protest. Such stories will, of course, become more common as a technology deployment and adoption increases. This may dilute the shock factor somewhat. However, there is a better way.

The key to successful use of AI is to enrich employee jobs. Allenvision Inc. offers financial compliance analytics generated with AI. We urge our clients to reshape their internal audit team from crunching numbers to developing solutions that address the system that created the anomalies. Internal audit evolves into being a valued business partner and risk manager and not a compliance officer.

Set out the future – inspire employees to develop new skills

Employees fear losing jobs to automation. Resentment towards the employer is one potential risk. Anxiety could lead to lower morale or performance and an increase in sick days.

Be open and transparent with your employees over the strategic thinking around introducing AI. Explain the benefits to the business, the customers, the shareholders and most importantly to them.

If you’re part of a team (or if you’re leading a team), allow everyone to voice their fears. Communicating and expressing frustrations are important, but don’t let these fears dominate the group. This can create negativity and hurt morale. So, have an open discussion, but focus on what you can all do to move forward and cope.” Mindtools.com

When you start planning to use AI, you need to plan on how to mitigate the possible downsides for employees and customers. However, delaying these issues after the fact is problematic.

Any organization making a decision that will reduce staff should pursue best practices for such decisions, offering the usual palliatives, such as buyouts, retraining, or new opportunities to any degree that it can, in order to blunt the impact on individuals." — Gartner’s Whit Andrews

What’s one way that companies can prepare for the AI and automation revolution?

Scott Gerber asked a panel of Young Entrepreneur Council members the above question. Their best answers are below:

Focus on the human element too

“AI is usually perceived as a threat to employees — but many business managers and company owners are worried too. Management has to invest heavily in areas that AI doesn’t excel at, such as critical thinking, empathy, customer satisfaction and creativity. Machines are only meant to replace tedious, repetitive tasks, whereas a personalized approach shines on its own.” — Mario Peshev, DevriX

Ask yourself where AI fits

“Ask yourself how AI fits, if at all, into your business model. Does it have the potential to disrupt your industry? This is what you need to ask yourself and think about diligently.” — Nicole Munoz, Nicole Munoz Consulting Inc.

Stay up to date on new technologies

“Technologies are always changing. New companies arise, and old ones fade out, so it’s important to stay current to figure out whether there’s a quicker way of doing something that may save you time and help you grow your business. Read reviews and pay attention to the tools your competitors recommend.” — Syed Balkhi, WPBeginner

Educate yourself

“You may think you won’t benefit from or need to use AI or automation, but that is likely a silly thought. The best thing you can do is educate yourself on what they could mean for your particular industry. If you can stay ahead of the curve, you will probably be better off than your competition.” — Colbey Pfund, LFNT Distribution

Dedicate time to training employees

“If you’re already sure AI is going to be a part of your future business strategy, you have to make sure your team is aware of this and be ready to learn how it will help improve their job. This means you have to dedicate some time in the day to training your employees. By showing your employees how they’ll be using AI in their day-to-day tasks, you’ll make AI more accessible.” — Reuben Yonatan, GetVoIP

Get excited about it

“Advances in technology can be frightening, but they can also be very exciting. For the most part, these are tools that are being made to help you. So get excited about them, learn about them and figure out how your business can benefit from them.” — Zach Binder, Bell + Ivy

Understand how AI can position you as a leader

“Understanding how AI and automation are most useful in your specific industry is crucial to making them work for you. This technology is on fire across many industries and seen as the next big thing for almost every industry. Staying ahead of the game and embracing the technology as it works best in your field can set you apart as a leader for others to follow. That’s a position all of us want to be in.”— Joey Kercher, Air Fresh Marketing

Emphasize the importance of AI security

“AI and automation are picking up many day-to-day functions, but that doesn’t mean they can be simply left on automatic. AI and automation require high levels of monitoring for security threats. Should AI systems become infected with malware, they can quickly cause damage across the IT infrastructure. Ensure that all employees are fully aware of security best practices to keep your company’s data safe.” — Zohar Steinberg, Token Payments

Improve your data infrastructure

“AI relies on good data. Therefore, you should ensure you have the infrastructure in place to handle AI. You don’t need expensive tools to do this, as there are some excellent data science techniques that you can use. Make sure to clear out any duplicates or other forms of bad data. Once you have your infrastructure in place, you’ll be ready to take full advantage of the AI revolution. “— Ismael Wrixen, FE International

Start small

“Diving headfirst into AI/automation can be scary, so instead, start small. Start by adding a chatbot to your website or using a tool that helps to automate menial tasks. That way, you can slowly get used to the AI/automation revolution instead of being overwhelmed by it.” — John Turner, SeedProd LLC