Everyone is excited about generative artificial intelligence. However, sometimes, the hype around the latest innovation remains just an empty sound when the technology fails to pass the test in practice and does not bring significant productivity or profit gains.
This seems to be definitely not the case with generative artificial intelligence. New research shows that AI can indeed help people and businesses be productive. How exactly?
AI can do your work for you
A recent study conducted by analysts from the UK’s National Bureau of Economic Research shows that AI can significantly increase the productivity of low-level managers.
The analysts analyzed data from 5179 customer support employees who started “collaborating” with an AI-based dialog assistant to process requests. As a result, the researchers found that the number of resolved issues per hour increased by 14%.
“AI assistance improves customer sentiment, reduces the number of requests requiring management intervention, and optimizes employee productivity,” the authors of the study, Erik Brynjolfsson, Danielle Li and Lindsey R. Raymond, conclude.
It is noteworthy that artificial intelligence had the greatest impact on beginners and low-skilled workers, and the least on experienced and highly skilled managers. The authors of the study explain that the AI model “disseminates the potentially tacit knowledge of more able workers and helps newer workers move down the experience curve.”
Thus, analyzing the texts of agent conversations, the researchers found “suggestive evidence that AI recommendations lead low-skill workers to communicate more like high-skill workers.”
AI saves time
Automation is probably one of the most well-known applications of AI to improve productivity. By automating routine, repetitive, and time-consuming tasks, you can save time for more important and meaningful aspects of your work or life.
AI-based applications and solutions can help you collect and analyze a wide variety of data, issue invoices, plan trips, or schedule work. For example, AI-powered virtual assistants such as Google Assistant, Alexa, and Siri can help users order food, feed their pets, or avoid missing an important event, as well as call a taxi or wish a colleague a happy birthday.
Automation of processes with the help of AI technologies can lead to significant time and financial savings for businesses as well. Employees will avoid routine and have time for creativity, staying more motivated. Moreover, it will reduce the likelihood of human errors. Thus, AI will help not only people but also companies to be more efficient.
AI offers optimal solutions
AI-powered and predictive analytics will revolutionize our productivity. Just imagine AI algorithms that help you decide on your future profession or predict your career. Such developments are already underway. Very soon, AI will help people make optimal decisions in a wide variety of areas; companies develop strategies, efficiently allocate resources and costs; forecast supply and demand, making rational decisions on inventory and staff management.
The so-called predictive analytics uses AI to analyze large amounts of data and generate valuable insights based on the identified patterns and trends.
Using the power of predictive analytics and AI tools, companies can identify potential risks and inefficiencies in their workflows. And then optimize these processes and increase productivity.
Moreover, predictive analytics helps companies predict customer behavior and preferences, and thus, to improve their product or service, making them more customer-centric for satisfaction and loyalty, while optimizing the use of resources.
AI establishes collaboration
Effective communication is a crucial factor in increasing the productivity of individuals and teams in companies.
One of the examples of AI as a communication tool is AI-powered language translation, which helps overcome language barriers between interlocutors.
AI algorithms can also be integrated into mailboxes and other sources of daily information to prioritize incoming messages and help users manage their time and priorities more efficiently.
AI is also indispensable for employee productivity: it can optimize workflows, track the progress of a team or individual managers, and analyze performance indicators.
AI knows exactly how to help you
AI-powered personalization and adaptation can increase productivity by tailoring tools and systems to the needs and preferences of a particular individual.
For example, AI-powered adaptive learning platforms can improve the efficiency of learning or mastering new skills by analyzing your current knowledge, learning style, and information processing, and then offering a personalized training program that is tailored to you.
The researchers believe that AI-powered personalization also extends to marketing, sales, and customer support, allowing companies to offer a more relevant and personalized customer experience, which ultimately increases conversion rates and customer satisfaction.
Professionals should treat generative AI “like a copilot,” the researchers believe: “The risk of not learning how to use generative AI can be very similar to the risk of confronting a personal computer with a typewriter. At some point, this technology will become essential for work. We are not there yet, but it will happen in the nearest future. Embracing it early on means an advantage when the skills to use it become necessary.”
AI-powered solutions allow people to do things faster and often much better.
Moreover, each of us is gradually transforming from an AI user to an AI developer. Each time we provide an instruction to an AI-based algorithm, we create our own unique solution that can later be used by others.
Industry leaders agree that the impact of generative AI on the productivity of individuals and companies is barely starting to be felt. However, what is already clear is that those who learn how to harness the power of AI will undoubtedly gain a competitive advantage over those who do not embrace these cutting-edge advancements to improve their own productivity.
Source: The Gaze