Artificial Intelligence (AI) is no longer a term reserved for science fiction — it’s here and the corporate world is taking advantage. According to Microsoft’s 2024 work trend index, 70% of employees use AI at work in some capacity.

The applications of artificial intelligence are varied. The most popular use of artificial intelligence is generative. This type of intelligence takes user prompts and provides “original” content based on an enormous database. Other organizations rely on AI to perform automation or data aggregation.

But the true scope of AI is yet to be seen. Even now, AI companies compete to see who can develop the most efficient consumer model.

From writing prompts to code bases, the true extent of AI’s creative opportunities is still unknown. However, it’s important to understand how AI is helping employees today and how you can leverage these solutions to strengthen your benefits program.

Here is everything you need to know about AI and its current applications for HR.

1. AI solutions help companies solve small issues

Companies leverage AI to perform difficult tasks that might be too time-intensive for a team. Though AI may seem like a complex solution for complex problems, most employees have comparatively much simpler needs. A Gallup study found that of the employees who use AI, nearly half have it handle routine tasks.  

This includes everything from writing emails to creating daily to-do lists. Given a prompt, chatbots are efficient at generating ideas or outlining information. AI can also take over repetitive tasks, like data entry or scheduling.

In this way, employees can perform daily tasks more quickly and save valuable time. For businesses, saving time means saving money — as employees can focus their energy on more high-value tasks. 

2. Personal finance is easier with AI

Financial stress is on the rise, due to a myriad of political and socioeconomic factors. As cost of living increases, employees are looking to alternative methods of dealing with the uncertainty. According to a Capital One survey, 73% of Americans say finances are their number one stress.

In response, artificial intelligence has emerged as a powerful tool for alleviating financial stress. Budgeting apps, investment help and debt management tools may be the catalyst many need to jump-start their personal finance journey.

Creating a budget is time-consuming, especially if someone has no prior experience. A simple AI prompt can provide a detailed plan in a fraction of the time. These tools can even factor in a user’s current expenses, goals and investments.

And AI is becoming an even more popular way to handle this economic crisis. Half of the respondents in EBRI’s 2024 Workplace Wellness Survey agreed that they were comfortable using AI to manage personal finances.

3. AI solutions make data easier to interpret

For businesses, analyzing large amounts of data is key to making informed decisions. However, examining these datasets may lead to human error. Human mistakes may skew results or provide incorrect conclusions. 

Artificial intelligence can accurately determine current patterns based on an input, and even predict future trends. This is especially useful for managers or employees working in finance or marketing. Risk assessment, consumer behavior and strategic planning are all areas where AI can be used. 

Developing a business strategy becomes much more streamlined with AI, as much of the manual work is removed, leaving the space for high-level decision-making.

4. AI is transforming the healthcare industry

Healthcare providers are already using artificial intelligence to improve lives. While doctors will never be replaced by AI, many of the smaller administrative tasks in hospitals can be delegated, saving time and money for employees.

Treatment and diagnosis are key areas where AI can help. For example, patients can ask common medical questions and receive preliminary answers before seeing a doctor. Tools like these make quality healthcare more efficient and affordable.

AI has also been used in research to develop life-saving drugs and provide treatment options. Advancements in radiology, for example, have led to AI-powered tools that show abnormalities in X-Rays and MRIs.

Looking for a financial wellness program with powerful AI tools?

Best Money Moves is an AI-driven, mobile-first financial wellness solution designed to help employees with varying levels of financial knowledge dial down their most top-of-mind financial stresses. As an easy-to-use financial well-being solution, Best Money Moves offers comprehensive support toward any money-related goal, ranging from debt management to purchasing a home. With 1:1 money coaching, budgeting tools and other resources, our AI-driven platform is designed to help bolster employee financial wellbeing.

To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.