Page No: 61-79, ISBN: 978-984-35-2570-3
Mohammad Thoufiqul Islam, PhD1
Artificial Intelligence (AI), a key component of the Industrial Revolution 4.0, has become a hot topic in a variety of areas, including corporate management. Marketing, human resource management (HRM) and manufacturing are some of the sectors where AI and machine learning are currently being used (Son, Lee & Chang, 2019). In HRM, technology has been utilized to improve employee engagement, provide customized vocational training and evaluate diverse HR data in order to make business-critical choices (Dorel & Aleksandra, 2011). The use of these technological solutions in the HRM sector is a unique situation since it has always been viewed as a human realm that deals specifically with people (Lengnick-Hall et al., 2009).
AI has the potential to revolutionize HR processes in areas where there is sufficient data and where that data can be used to increase efficiency, communicate at scale, give suggestions, and anticipate outcomes since AI- based solutions can predict, recommend, and communicate based on data. With the use of AI-driven technologies, many organizations now have a wealth of data about applicants and workers that can be used to better efficiently find, analyze, hire, train, develop, and pay people (Bersin,2019). Global investment in AI systems is expected to reach $79 billion by 2022(International Data Corporation, 2019). According to Gartner, the value of AI-derived business will reach $3.9 trillion by 2022 (Gartner, 2018). HR has the opportunity to lead technological change and generate corporate value through AI-powered solutions because of its enormous volume of underused data. To function effectively, artificial intelligence necessitates a large amount of data, which necessitates adequate storage and administration. To run and maintain the sophisticated software, businesses would need additional employees. The best way to apply AI in HR management is to use AI tools to evaluate the data and delegate decision-making to human employees.
- Professor, Department of Management, University of Dhaka
- Assistant Professor, Green Business School, Green University of Bangladesh