Machine Learning In HR: Why More Than 63% Of Companies Are Already Using It
Is machine learning adoption in HR starting to feel more like a necessity than an experiment?
The rate of AI and machine learning adoption is drastic
A recent article from Deloitte outlines several key insights that are extremely valuable for people interested in learning more about AI. The fact of the matter? Adoption is increasing drastically, and the level of support for AI is only going to increase. In HR tech, cognitive technologies are using to improve quality of hire, and to reduce time to fill. With 62% of companies adopting AI by the end of the year, what’s stopping you from being on the leading edge of a technological revolution?
From their extensive analysis, Deloitte found three impressive insights regarding adoption of AI in enterprise:
#1: Early adopters are ramping up their AI investments, launching more initiatives, and getting positive returns.
If you’re considering using AI as a way to improve business practice, the time is now to avoid being left behind in the dust. As AI products further develop and mature, so will their implementation, meaning that companies will be able to integrate software and reap ROI benefits faster than ever before. In the past year, 83% of early AI adopters celebrated “moderate” or “substantial” benefits from using cognitive technologies. When half of organizations use AI to cut down on the initial phases of recruiting, it seems almost essential to adopt AI as soon as possible.
From your updated email platform, to your website tracking software, technology improves efficiency across all business units. The earlier the adoption, the sooner efficiencies are achieved. Deloitte found that 88% of companies are increasing their investment into cognitive technologies, noting that those who don’t will fall behind.
#2: Companies should improve risk and change management.
Managing return on investment is crucial in any business. In the adoption of new technology, there is always pushback from various departments and a reluctance to change current practices. Deloitte’s findings indicate that thirty-seven percent of their survey respondents have spent US$5 million or more in cognitive technologies. Unfortunately, in an effort to avoid risk, companies can lose track of time. Catching the trend early, managing risk, and monitoring implementation is key to maintaining relevance while still avoiding cybersecurity risks that can exist in technological adoption.
It is proven that as more companies adopt AI, the risks associated with change management will decrease. In turn, so will implementation time, allowing people to apply AI to early phases of their processes.The general AI market is already has an estimated value of US$19.1 billion globally, with an annual SaaS growth rate of 48.2%.
#3: Early adopters need the right mix of talent—not just technical skills—to accelerate their progress.
It is said that the “full promise of AI depends on how humans and machines work together”, especially in the primary phase of integration. Cognitive technologies are the future, holding “enticing promise”. However, companies must learn as early adopters to channel their AI excitement into executional ability. With four in ten executives reporting a high level of sophistication in managing AI, these early adopters can capitalize on opportunity to be the leaders in their industries.
With 2019 coming, it’s time to adopt
Top performing companies have adopted AI in their recruiting in the past year, seeing results that include 30% of each recruiters day freed up to focus on other tasks. Artificial intelligence reduces bias, improves efficiency, and allows humans to perform more high-level tasks. HR Technologist explains that with the ROI of using AI being so high, why would companies not choose to test it? With adoption rates at 63% for 2018, are you ready to embrace AI and improve your business?
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