5 Ways to Help Your Company Use Artificial Intelligence More Effectively

1. Define your goals and select the right technology: The main aim of starting a business is to identify the gap in the market or specific business problems, which will provide a clear direction and opportunity for the business. Once you have identified your goals, it is important to select the right technology to help achieve them. For example, if you are looking to improve customer service, a chatbot may be a suitable solution. Alternatively, developing a recommendation-based e-commerce platform could also be effective.

2. Invest in quality data: Today, we are surrounded by vast amounts of data. For instance, an organization like Bhatbhateni encounters millions of data points such as sales quantity, pricing, financial management, inventory management, staff management, vendor management, parking management, and customer services. Hence, collecting, managing, and analyzing data could be effective in making informed business decisions. AI algorithms rely heavily on data to make accurate predictions and decisions. Therefore, it is essential to invest in quality data that is accurate, up-to-date, and relevant to your business needs.

3. Train your employees: To ensure that customers are served with enthusiasm, businesses must prioritize making their employees skilled, friendly, and happy. Investing in technologies like AI can help employees develop their skills and keep organizations updated with data-driven practices, making them better suited for the fast-paced business landscape of the 21st century. ChatGPT's popularity and growth provide an example of this approach. Therefore, it's important to train your employees on the AI technology you've selected and teach them how to use it effectively. Additionally, incorporating AI-based tools and hiring a team of data scientists and machine learning experts can help implement AI in your organization.

4. Monitor and evaluate performance: The integration of technology like AI has become essential for monitoring and evaluating employee performance. AI can identify patterns in employee behavior and predict future performance, while AI-based coaching tools can provide personalized feedback to help employees grow professionally and improve their skills. For instance, AI-powered performance analysis tools can track metrics such as task quality, time spent on tasks, and number of completed tasks, providing real-time insights into employee performance.

By leveraging AI in performance monitoring and evaluation, businesses can identify areas for improvement and optimize their workforce, leading to increased productivity and better overall outcomes. In Nepal, popular and widely used technology-based HR software such as Rigo Technologies, HRIS, and Nimble, are used to collect, manage, and analyze employee data to improve performance and productivity. Similarly, AI-powered performance evaluation tools like Salesforce's Einstein Analytics, IBM Watson's HR Insights, and Workday's Prism Analytics also use AI to analyze employee data and provide actionable insights for better performance and productivity.

5. Consistently staying up-to-date with AI technology: In today's rapidly evolving technological landscape, it's more important than ever for companies to stay up-to-date with the latest AI technology. By consistently investing in AI and regularly updating their systems, businesses can stay ahead of the curve and gain a competitive edge in their industry. Failing to stay updated in a timely manner can result in losing market share to competitors or new businesses in a short time frame. We are currently in an age of technological war, with companies such as ChatGPT versus BARD competing to stay ahead of the game. Therefore, it's crucial for businesses to keep up with the latest developments in AI technology to remain relevant and successful in the long term.

In conclusion, staying up-to-date with AI technology is essential for any company looking to thrive in today's highly competitive business environment.

Summary: To use artificial intelligence (AI) in business, take four actions: invest in culture and leadership, transform operations, orchestrate tech and talent, and choose use cases that accelerate value in various operations. One example of how AI can be used to transform operation, maintain transparency and minimize time is the Graduate Record Examinations (GRE) test. The GRE system is designed to adapt to each individual candidate's abilities and provide customized questions that match their skill level. If a candidate makes a mistake in an easy task, the system generates an easier question, while if they complete a difficult question, the system generates a harder one. Each question is assigned a different score point based on its level of difficulty. This intelligent system speeds up the test-taking process and provides quick and accurate results, demonstrating the power of AI in real-world applications.

By Er. Ujjwal Koirala

Co-founder, Jobs Sniper Pvt. Ltd.