Artificial Intelligence for Managers: Why Is It Important?
Far-sighted managers look into the advantages AI has for the future and adapt themselves accordingly. AI will help advance careers and produce faster business results, enabling good managers to become great at what they do. Given the enormous advantages AI has over human beings, it is often sought to perform tasks earlier done by a human with great precision and excellent results, irrespective of the size and type of the data.
What makes Artificial Intelligence Appealing?
AI can compress numbers, detect patterns, and make fast decisions driven by data with a precision that a human may not do. Given the ability to process large data sets and provide directions of trends and advice that can be acted upon, AI can be a vital tool for any manager dealing with quantitative data to make decisions. The efficiency of computers is so good that it is estimated to replace 40% of the human fund managers in the financial industry with robo-advisers.
Any good manager should try to upgrade his skills to take advantage of AI and its ability to deal with vast data sets. Given that AI can handle data sets and provide answers with precision without fail, managers can spend more time and skills on decision-making. Therefore, learning AI helps any manager improve their career options and their organization's value.
Applications of Artificial Intelligence in Management
OKRs or Objectives and Key Results provide greater clarity on near-term results that can be measured. Teams can set up and achieve better goals when they use AI-driven software for goal-setting. AI provides insights for teams to optimize their quarterly performance by learning targets from preceding quarters and understanding relationships between management patterns and objectives, and engagement patterns.
A significant part of a manager's day at work revolves around administrative tasks which do not invigorate a manager. Therefore, letting AI do the administrative tasks allows managers to focus more on higher value and priority activities. AI can notify managers about potential roadblocks in a plan and can even set up a meeting for that purpose. AI can even set up the agenda for the meeting and invite the right people and provide follow-through on actions.
AI also helps managers become team players, allowing them to provide feedback to their team members and improve the level of accountability in the team. Almost 72% of employees believe that their performance can be improved with feedback, but managers do not have the time, data, or habit of providing fact-based feedback regularly. Chatbots and Natural Language Processing allows managers to identify the team members who need positive feedback at the end of the week and even provide feedback. AI can also highlight the points of improvement among the team members and set up one-on-one manager-employee meetings.
Chatbots driven by AI can be an invaluable ally in project management, delegating and monitoring the execution of activities, organizing schedules, and detecting and mitigating obstacles. The chatbot can assign tasks, provide status updates and give potential warnings about planning obstacles. They can also organize meetings between team members based on their availability. Even those who continue to use traditional management techniques can switch to AI to seamlessly carry out management tasks.