Every CXO worth his salt has dreamt of extreme digital transformation, ultimate customer delight and utter employee engagement. Newsflash: The future has arrived, if you can grab its horns.
Businesses, especially the ones that last, are not built with processes, products, and factories. They are built with that X-factor that mixes talent, adaptability, and agility in a mysterious formula. Look at every major business icon – from Henry Ford to Jack Welch to Elon Musk and you will spot the same pattern. They have an uncanny ability to see a change, to grasp it and to stay relevant even during the most turbulent of shifts: by getting the best minds and hands on the deck.
Transformation and relevance are not choices for these game-changers. They are the very essence of survival. Now to do that in a world of constant flux can be harder than before. Customers want the Netflix effect in every product and service they use. They want you to understand their moods, needs, and quirks – a minute before they themselves do. They want you to marshal all your forces – technology, people, and processes – in ensuring that the experiences they get are flawless, uninterrupted and deeply-personalized.
Sounds tough? Seems too sci-fi? Thankfully, not. A new wave of intelligence is closing in on the industry. Smart leaders are already steering and harnessing this intelligence – Artificial Intelligence (AI) – to get all the speed, insights and agility they need to get closer to the Netflix-Uber-Microwave Customer-generation.
And it begins from inside. From the way, a business picks its talent-forces, trains them, guides them, sharpens them and leverages them to create extraordinary customer experiences.
Look at a survey (by Teradata) of 260 enterprises across the globe, where most organizations are counting AI as a strategic priority that will help them outpace the competition in their respective industries. In fact, 40% of professional workers are expected to orchestrate their business applications similar to how they manage music streaming by 2023. This is also the year by when 30% of IT organizations will allow employees to bring their own enhancements to work (Gartner estimates). If we consider a report by HfS Research, the number of ‘medium-skilled’ and ‘high-skilled’ jobs are bound to go up by 1 lakh and 1.9 lakh, respectively by 2022.
Hiring: the first inflection point of the curve
You cannot be wasting much time in hiring the wrong people or even in picking the right people when all this is going on. You have to have the most reliable tools handy so that your hiring process can shed unwanted wastage of time, talent and energy. You must have something that builds effectiveness in a fresh way. Something that not only automates low-tier tasks of hiring but also accentuates your game in selecting the best talent and keeping them engaged and connected.
When everything is changing, how can your existing and prospective talent stay untouched? They too want their Netflix-fix: jobs that understand them, jobs that do not waste their time in streaming, and jobs that keep them hooked again and again.
HR – Get Ready!
CXOs (Chief Executive Officers) and CHROs (Chief Human Resource Officers) who can wield this change at the right time are going to harvest new outcomes. Organizations adopting AI and other emerging technologies in finance and operations are growing their annual profits 80% faster( Study by Enterprise Strategy Group and Oracle).
What makes an AI-savvy business better placed than others to navigate the new world order? The answer lies in the speed and depth of actionable insights – which is much more than data or information. So much so that 72% of organizations that are using AI seem to grasp a better understanding of overall business performance and 82% of organizations using three or more emerging technologies are already ahead of competitors. This pops out firmly when compared to only 45% of organizations that are using none. CXOs are watching the new tipping points of the curve now. Businesses using multiple emerging technologies are 9.5 times more likely to have market-leading financial and operational accuracy.
So why can’t HR?
It all translates into the ability to be lean, digitally-alive, sharp and on-time. AI enables CXOs not just to hire the right talent faster and groom them better, but also lets it all trickle into the areas of operations, processes, customer service and overall business narrative.
With AI taking care of hiring with new levels of speed, accuracy and engagement, CHROs can now be confident of contributing the X-factor to their CXOs.
As to CXOs, yes, it is now possible to get to an entirely new and compelling vantage point without waiting another decade or so. The goals and marks that a CXO had put on his dashboard can now be advanced, thanks to AI. Arm your CHROs, CIOs (Chief Information Officers), CFOs (Chief Financial Officers) and employees with the buttons of AI and see how the screen changes into a new land.