Artificial intelligence (AI) is currently one of the hottest buzzwords in tech and with good reason. The last few years have seen several innovations and advancements that have previously been solely in the realm of science fiction slowly transform into reality. 

Experts regard artificial intelligence as a factor of production, which has the potential to introduce new sources of growth and change the way work is done across industries. For instance, this PWC article predicts that AI could potentially contribute $15.7 trillion to the global economy by 2035. China and the United States are primed to benefit the most from the coming AI boom, accounting for nearly 70% of the global impact. 

What Is Artificial Intelligence?

Artificial intelligence (AI) is the simulation of human intelligence in machines that are programmed to think and act like humans. Learning, reasoning, problem-solving, perception, and language comprehension are all examples of cognitive abilities.

Artificial Intelligence is a method of making a computer, a computer-controlled robot, or a software think intelligently like the human mind. AI is accomplished by studying the patterns of the human brain and by analyzing the cognitive process. The outcome of these studies develops intelligent software and systems.

Key Takeaways

  • Artificial intelligence technology allows computers and machines to simulate human intelligence and problem-solving capabilities.
  • Algorithms are part of the structure of artificial intelligence, where simple algorithms are used in simple applications, while more complex ones help frame strong artificial intelligence.
  • Artificial intelligence technology is apparent in computers that play chess, self-driving cars, and banking systems to detect fraudulent activity.

Two different places that AI can be leveraged to help in HR operations include: Automated administrative tasks: AI can help automate repetitive administrative tasks involved in payroll processing, scheduling interviews and managing leave requests, freeing up HR professionals to focus on strategic initiatives.

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