How artificial intelligence can be used to create value for companies

In the fast-paced and ever-evolving world of business, companies are constantly looking for ways to gain a competitive edge. One area that is increasingly being explored is the use of artificial intelligence (AI) to optimize processes and drive success. Joining CNBC Africa to shed light on how AI is revolutionizing the talent management space is Dr. Juan Swartz, Lead Scientist and Co-Founder of Pivotal Talent. The company has developed a cutting-edge scientific performance prediction model to assist organizations in making smarter decisions when it comes to hiring, developing, and retaining their employees. When asked about the essence of artificial intelligence, Dr. Swartz explained that it involves computers making intelligent decisions. He emphasized the concept of augmented intelligence, where the computer aids in human decision-making, especially in the realm of recruitment. By leveraging AI, companies can customize the evaluation process for candidates based on specific criteria relevant to the role, thus ensuring a more accurate assessment of their capabilities. One of the key benefits of AI in talent management is its ability to filter out unrealistic candidates and highlight crucial traits that may not be readily apparent in traditional interviews. Dr. Swartz mentioned that the conventional methods of hiring, which often rely on standardized assessments and interviews, can be flawed and lead to costly mistakes. In fact, research indicates that up to 80% of employee turnover can be attributed to poor hiring decisions. Pivotal Talent's groundbreaking prediction model offers a revolutionary approach by allowing candidates to undergo a tailored assessment that gauges their suitability for a role in real-time. By answering role-specific questions online, applicants receive instant feedback on their compatibility with the job requirements, streamlining the hiring process and minimizing the chances of misjudgments. Regarding employee retention, Dr. Swartz highlighted the importance of understanding individual motivations and preferences. He underscored that AI enables organizations to personalize their engagement strategies based on what matters most to each employee, whether it's long-term career growth, personal recognition, or other incentives. By decoding the unique drivers of employee satisfaction, companies can enhance their retention strategies and cultivate a more loyal workforce. Furthermore, Dr. Swartz addressed the skills landscape in Africa, acknowledging the presence of both skill shortages and untapped potential. He emphasized the crucial role of education and guidance in steering individuals towards fulfilling careers aligned with future industry demands. Dr. Swartz emphasized the need for a proactive approach in preparing the next generation for emerging fields such as robotics engineering, emphasizing the importance of keeping pace with evolving technologies and market trends. In conclusion, the utilization of AI in talent management offers a transformative opportunity for companies to elevate their recruitment processes, boost employee retention, and bridge the skills gap in a dynamic business environment. By harnessing the power of predictive analytics and personalized insights, organizations can unlock the full potential of their workforce and drive sustainable growth in the digital age.