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Machines are Fairer than People

Machines are Fairer than People
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Research on the effectiveness of algorithmic decision-making has been being carried out for many years. And all of it comes to surprisingly similar conclusions: algorithms are less biased and more accurate than the people they replace.

LET THE MACHINES TAKE CONTROL!

We have become accustomed to the fact that some tasks are only performed by people: for example, court cases, medicine, HR management, etc. However, in the last 15 years, AI and algorithmic decision-making systems have already been implemented in all these fields. They show high efficiency and help improve business performance in the long term.

HOW CAN ALGORITHMS BE BETTER THAN PEOPLE IF PEOPLE CREATED THEM?

It turns out people tend to be randomly biased, which grows as we grow older. On the contrary, practice shows that nothing can make algorithms be anything but fair.

An interesting experiment was carried out by the Columbia Business School. They hired two teams of programmers: the first was recruited by HR managers, and the second was selected by AI. The AI handled the task brilliantly: it put together a rather motley crew, but it turned out to be better than the first team.

It turned out that people selected candidates mostly based on personal preferences and diplomas of famous universities. The algorithm paid more attention to the working experience, motivation, and recommendations from the previous workplace.

So don’t be afraid to trust artificial intelligence. Algorithms can reduce the bias even in fields such as the distribution of public resources and corporate governance, although many skeptics still declare the contrary.

DECISIONS IN BUSINESS, DECISIONS IN SOCIETY, DECISIONS EVERYWHERE

In the digital transformation realities, business leaders should do everything possible to eliminate bias and its harmful influence on the decision making.

The new wave of research in machine learning takes the social and political consequences of using algorithms very seriously. New methods specially developed to solve the issues related to algorithmic discrimination emerge in statistics and machine learning. Every year, European cities host a conference dedicated to the ethical and social issues of machine learning, and also to the new models and methods of ensuring that algorithms benefit society.

DO YOU USE AI IN YOUR BUSINESS?

If the answer is “no,” maybe you don’t need it, or maybe the business is not “mature” enough. Or maybe you are not a company owner, but the head of a business unit? Start with streamlining your processes first. Let algorithms help people avoid errors and guide them in the right way, and you will see how the work will become quicker.

Workflowsoft is a powerful and simple automation system that streamlines many business processes by turning them into algorithms. It means that all assignees participating in the process will make the right things at the right time. Thanks to automatic system notifications, they won’t miss the important updates or get lost in the areas of responsibility. The sequence of actions becomes predefined, and this contributes a lot to the end result. People make only the decisions they need to make, without losing time, and corporate processes do not suffer even when newcomers join the process. Workflowsoft saves your money, effort, and time. When all processes are in plain view, it is much simpler to make the right decision!

Read more:

What You Need to Know Before Drawing a Business Process Flow Diagram

A simple and effective method to help run your company is visualising your business processes.

Why is it Important to Have Efficient Processes?

No matter the type or scale of business you run, your success depends on the efficiency of your processes.

What are Business Process Solutions?

Business is a complicated world, and to be successful in it requires a wide range of skills and expertise. Given the fast-moving business landscape we now find ourselves in, this statement has never been more accurate.

What is a Workflow?

Every aspect of your business, from sales to production and shipping to customer follow up are workflows. All of these individual workflows combine to support your brand and create your company’s reputation in the marketplace.

Machines are Fairer than People

Research on the effectiveness of algorithmic decision-making has been being carried out for many years. And all of it comes to surprisingly similar conclusions: algorithms are less biased and more accurate than the people they replace.

Less Routine, Less Costs

Is there a way to quickly and painlessly reduce the business costs? Yes, there is — and it is called automation.

Automation. Order. Profit

When top managers assess corporate profitability, they compare two figures: production costs and gross revenue. But even profit growth does not always mean an enterprise is operating efficiently.

Workflowsoft Notifies

In any workflow management system (or in any collaboration system in general), participants need to receive notifications on events they’re involved in. The request assignee should be notified about the work they need to do, and the request creator should know when the request is complete.

Your company in Workflowsoft

Like in any other process management system, the first thing you need to do in Workflowsoft is create the users who will participate in processes. Of course, you can also create the entire organizational chart with all business units and their managers.

Healthy Atmosphere and Democratic Leadership

The task of a leader is to tailor motivation to the needs and talents of each and every talented employee, including both financial and non-financial incentives.

How Automation Affects your Employees: Three Important Facts

Being engaged in your job and gaining satisfaction from it are not directly linked to salary or position. For instance, a janitor might be happier than a department director, and we can’t help but envy the former.

Serious business, serious profit!

Healthcare and medicine came in at the very top. Companies in the healthcare industry generated $36.3 billion in the U.S. (data from 380 companies).

Running Starts

Time really flies: it might feel like “startup” became the new buzzword just yesterday, but in reality, it’s already been about ten years since we started using it.

How to Get more Done and See the Bigger Picture

Working in an office means lots of crazy days where you’re extremely busy and overwhelmed with super-urgent problems, but by the evening you realize you haven’t completed anything really noteworthy or important.

Think like a client and transform your business

Everyone knows how important it is for business leaders and employees to understand their clients. Not only understanding their needs, but feeling real empathy.
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