2024 is the year of AI. Very few technologies have become so widely used in such little time. In fact, the AI platform ChatGPT can claim to be the fastest-growing application of all time, registering 100 million active users just two months after its launch.
There is also an expectation that the next few years will see a generational shift. A recent report from Goldman Sachs says that AI could replace the equivalent of 300 million full-time jobs and drive millions more new roles and a productivity boom.
To illustrate the seismic effect AI is predicted to have, a 2022 AI report by PwC valued the potential contribution to the global economy driven by AI could reach $15.6 trillion by 2030. And as much as 14.5% of North America’s GDP could be directly influenced by AI over the same period.
AI is not a new concept, of course. It is already responsible for a significant impact on the workforce management industry, in particular, aiding enterprises to optimize performance, costs and worker happiness while also achieving critical efficiencies.
Here, we highlight some of the major benefits that AI is having on the workforce management sector and give examples of how it might help your business operations.
Optimized Scheduling
AI-powered scheduling management systems utilize advanced algorithms and machine learning techniques to optimize schedule generation. These intelligent systems consider employee availability, skills, preferences, workload, and business requirements to ensure scheduling works for the organization and its people. AI blends historical data with real-time information, creating schedules that maximize operational efficiency.
Data-Led Decision Making
AI enables intelligent decision-making in workforce management by analyzing large amounts of data, resulting in actionable insights. By harnessing AI algorithms and machine learning, enterprises are better placed to make informed decisions based on real-time information and historical data. AI empowers organizations to optimize performance, reduce costs, and improve worker satisfaction.
Cost Reduction
AI contributes to workforce management by optimizing how organizations utilize their people. By automating scheduling processes, enterprises can minimize manual errors, reduce overtime costs, and optimize staff deployment based on demand patterns. AI algorithms identify areas of improvement, such as excessive overtime or overstaffing, enabling businesses to make data-driven decisions that lead to cost savings.
Productivity Gains
One of the central promises of AI in the business world is to help organizations find ways to improve their productivity levels. AI systems can allocate workforces more effectively through intelligent data analysis and considering factors such as employee availability, skills, and workload. This means fewer scheduling conflicts, reducing the chances of understaffing or overstaffing, and improved employee and customer satisfaction.
Compliance and Regulation
Juggling the schedules of hundreds, if not thousands, of employees, is demanding work. Organizations must consider often complicated and lengthy workplace regulations, union laws, and other restrictions. AI is taking much of that complexity out. The technology can provide alerts and recommendations to ensure businesses adhere to company guidelines and workplace regulations.
Competitive Advantage
AI-powered software empowers organizations to make faster, more accurate decisions, adapt to changing market conditions, and scale their workforce to meet customer demands. This ability to respond quickly and effectively to workforce challenges can set organizations apart from their competitors.
Undoubtedly, AI is having a transformative impact on the workforce management space, as it is across the entire business spectrum. Spending on AI tech will likely soar in the coming years, with Wall Street investors seeing it as ‘the next big thing’. That’s good news for businesses keen to harness the full power of AI in their workforce management platform to deliver further enhanced analytics, advanced workforce planning, and more.
GT Clocks partners with a range of leading software channel partners who integrate their software – and all of the AI you’ll need – onto our devices. So, when you invest in our hardware, you can choose the software that works for your organization, ensuring you benefit from an all-encompassing solution that streamlines HR processes, saves time, and gives you the edge.
Find out more about our human capital management solutions here.