One of the most important undertakings an enterprise has to deal with is finding and hiring an amazing candidate. But the fierce competition for talent, lackluster recruiting and sourcing processes and uncoordinated evaluation criteria make it an arduous task.

Astoundingly, 74% of employers claim they’ve hired the wrong person for a position. These hires come at a cost, with organizations losing an average of nearly $15,000 on every bad hire.

It’s enticing to tap into artificial intelligence to help with hiring, managing and optimizing contingent workers. Machine learning, predictive analytics and augmented reality offer tantalizing possibilities to increase efficiency, reduce operational costs, grow revenue and improve talent quality.

Business leaders have taken notice, with nearly three in four considering AI a “business advantage” that will be fundamental to their future operations. Adoption remains in the early stages, with only 20% of executives reporting using one or more AI technologies at scale or in a core part of their business.

What Is Artificial Intelligence?

AI has been around for decades, but we have seen major developments over the past 10 years in this space. Innovation has led to the development of intelligent machines that can carry out human tasks. Harnessed correctly, AI will enable businesses to make sense of massive amounts of structured and unstructured data and make faster, smarter decisions that drive cost savings and improve the end user experience. Key subsets of AI include:

• Virtual assistants: Technology that uses natural language processing of text and/or voice to communicate with users and help them with tasks.

• Augmented reality: The creation of an enhanced, interactive version of reality that uses technology to overlay digital information onto an existing environment.