Source | www.hrdive.com : By Riia O’Donnell
If you’re accustomed to hearing the terms artificial intelligence (AI) and machine learning mentioned in the same breath as flying cars or living on other planets, you’re due for a wake-up call.
Machine learning is here — and it’s expected to grow even more in the next few years. The industry, valued at $8 billion in 2016, is anticipated to reach $47 billion by 2020. While a lion’s share of that spend will go to banking and retailers, with data analytics poised to do everything from manage supply chains to predict what we’ll be shopping for next, a large portion will be spent by business looking for ways to enhance the HR function. Startups are engineering AI for a piece of the huge HR assessment market and they’re already seeing results.
Matt Hendrickson, CEO of Ascendify believes AI will help HR become more streamlined and strategic. Recruiting, talent management and contingent labor supply were previously discrete entities. He believes they can be brought together in one place to drive better business decisions. “One HR person, with the support of an intelligent AI assistant, can make smarter, more strategic recommendations based on any business line manager’s need.”
AI provides the data. Need a full-timer? At the ready is information about any candidate in the talent pipeline; you can even estimate the time and cost to both hire and get the new employee up to speed. You might also want to look at an internal candidate. The platform can tell you who can do the job, who’s waiting for promotion and where they are, skills-wise, in regards to the position.
“An intelligent assistant gathers up all of this data and helps HR make smarter recommendations based on past patterns of success — and it gets smarter with every use,” Hendrickson added.
Other ways AI is tackling some of the drudge work as well as highly detailed functions may surprise you.