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.
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.
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.
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.
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!