Artificial Intelligence and its Significance in Business Operations

This report discusses the relevance of artificial intelligence in business operations, its definition, applications, and significance. It also covers the relationship between digital technologies and business management structures and practices.

Digital Technology and
Business
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Table of Contents
Introduction ....................................................................................................................................3
Main body .......................................................................................................................................3
Discussing relevance of the topic...............................................................................................3
Defining artificial intelligence and its application and significance...........................................3
Technological platforms and software........................................................................................5
Types of business organisation using artificial intelligence.......................................................5
Artificial intelligence as an effective business tool....................................................................6
Relationship between digital technologies and both old and newly emerging theories on
business and management structures and practices....................................................................7
Conclusion ......................................................................................................................................8
References ......................................................................................................................................9
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Introduction
Digital technology refers to the application of technical tools and modern advancements
in performing numerous tasks with automation and accuracy. The use of digital technology in
business has became significant due to increasing demands and expectations of consumers. The
application of digital techniques and computerised system facilitate operations of business and
save a lot of time as well as manual efforts. Digitalisation has redefined the ways of working for
business organisations and it has enabled companies to perform functions with high efficiency.
In this report, the chosen topic is artificial intelligence and it discuss the terms and relevance
related to the topic. It reflects upon the importance and description of the technologies used and
discuss its application in detail. It evaluated the role of artificial intelligence in growth and
development of business organisations along with its significance in changing global business
environment.
Main body
Discussing relevance of the topic
Artificial intelligence has became a emerging and widely reclaimed aspect of technology
as it enables human to perform tasks more efficiently and accurately with automated
applications. Artificial intelligence is of great significance when it comes to understanding
benefits that increasing modern advancements has provided to businesses as well as individuals.
This topic seems extremely important as it covers numerous aspects of technology and would
help in developing great understanding of modern technical advancements
Development of topic
This topic has developed as artificial intelligence is becoming one of the most important
concept associated with technological advancements (Joshi, 2020). This topic would help in
enhancing knowledge about several software which facilitate the operations of business entities
and professional bodies.
Defining artificial intelligence and its application and significance
Artificial intelligence refers to the ability of computerised systems and applications to
perform humanly tasks using technical algorithms and inventions of technology. It facilitate the
processing of operations with automation and allows users to complete manual tasks with the use
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of automated procedures. The invention of computer implied that manual tasks can be performed
with great speed and accuracy with the advancements of computer system. Still, previously it
lacked in some domains which required efforts of individuals for the accomplishment of
numerous functions. The discovery of artificial intelligence has intensify the process of
accomplishment of tasks with automation with the help of advanced features. Artificial
intelligence has enabled computers to complete complex tasks including analysing data through
statistics and customised algorithms (Ullah and et.al., 2020). It widely implies automation of
processes as A.I machines memorise behaviour patterns and perform accordingly. It is used in
numerous areas in business organisations as well as government or corporate bodies for
performing complex operations. Some major uses of artificial intelligence in everyday life are
stated below:
Maps and navigation: In recent years, artificial intelligence made it immensely easy for
individuals to locate and trace various places with the features provides by application of maps.
Through machine learning, it memorise edges of buildings and visualise it on maps in a way that
it is easily understandable by users.
Facial detection: One of the most common example of artificial intelligence that is used by
individuals on daily basis is using filters and face ID for unlocking phones. The advanced
features of AI helps in detecting face which ensures high security and helps in eliminating the
threat of hackers attacks. Facial recognition is a very useful and prominent feature of Artificial
intelligence used by government bodies and at airports for the purpose of surveillance and
security (Haleem, Javaid and Khan, 2019).
Autocorrect feature: AI algorithms made effective use of machine learning which detect errors
in language and grammatical usage on the basis of which it provide suggestions. Linguistic and
general employees are benefited greatly by this feature who are working in the field of writing
content.
Recommendation on the basis of recent search: The high-tech features of machine learning and
deep learning memorize and examine data which is frequently searched by users. Thus, while
using any application, it automatically shows suggestions and recommend things based on users
frequent searches and interests.
Chatbots: Chatbots is one of the excellent and major discovery of artificial intelligence which
perform manual tasks with enhanced automation. For instance, it automatically track and take
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orders and direct calls. The main application of chatbots is to impersonate and conduct
conversations on the behalf of human beings.
E-Payments: E-payments are one of the most advanced feature discovered through artificial
intelligence which is widely used by individuals as well as businesses and has bought a great
ease in routine functions. It is relatively convenient and has eliminated the need of physical
presence for making payments. Moreover, banks are deploying these techniques in facilitating
payments and transfers with easy and speedy procedures. Intelligence algorithms promoted
deposits, exchange of money along with opening accounts with the help of advanced features.
Technological platforms and software
Artificial intelligence is a broad term which covers unlimited applications and uses of
computerised systems and programs serving a variety of purposes. It uses wide range of
platforms and software for numerous purposes and performing various functions. Some major AI
platforms and software are listed below:
Google AI Platform: This platform allows software engineers and IT professionals to execute
their machine learning projects with cost-effective techniques in less time (Liew, 2018).
TensorFlow: It is a software which helps in computation of numerical data with the help of
using flow graphs. It is mainly used for calculation of large complicated numericals without
acknowledging the aspects of deep learning. It is widely used for training and focus upon
inferencing of deep neural networks.
Microsoft Azure: It offers high tech analytics which is used based on cloud computing which
allows simplification of machine learning procedures. This software enables users to access
multiple features and perform numerous functions related to digital marketing, cloud migration,
hybrid integration, disaster recovery, backup and archive, internet of things etc.
Rainbird: Rainbird is another phenomenal invention of artificial intelligence which has
facilitated numerous business functions like visual user interface, natural language processing
and other function of data analysis and gaining insights.
Types of business organisation using artificial intelligence
The scope of artificial intelligence and its applications are extremely wide and is highly
used in business organisations of mostly every sector or field. It serves a variety of purposes for
various entities and enabled their operations with great efficiency (Araujo and et.al., 2020).
Artificial intelligence is widely used by Google, Microsoft and other technological and e-
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commerce companies. It is also used by government bodies or professional corporate bodies.
Some common examples of businesses using artificial intelligence are mentioned below:
Software Engineering: Artificial intelligence is widely used by software engineers in supporting
numerous tasks related to computerised system and modern applications. It provides various
tools which enables transformation of human language into codes and convert it into machinery
language.
Medical technology: Healthcare professionals are indulged in prominent use of artificial
intelligence in determining and detecting symptoms of numerous diseases (Emanuel and
Wachter, 2019). Numerous tests and scans performed on patients are facilitated through
applications of artificial intelligence.
Financial institutions: Artificial intelligence serves a wide range of purposes in field of finance
department. Banks make effective use of AI in determining the credit worthiness of a customer
through analysing their data. Moreover, it also helps in detecting frauds and suggest measures of
avoiding them.
Artificial intelligence as an effective business tool
Business organisations are benefited to a great extent with effective use and application
of artificial intelligence in routine as well as complex operations. Some common uses of
artificial intelligence which makes it a effective business tool are discussed below:
Process automation: Businesses use numerous features of artificial intelligence which enables
automated processes and facilitate operations in less time while ensuring accuracy (Girasa,
2020). For instance, investment managers use AI in identification of inconsistencies within
massive amount of data which helps in researching and analysing data that is impossible for an
individual.
Security and surveillance: Artificial intelligence is used majorly in this field through
government bodies and other high officials. The concept of putting CCTV cameras is supported
by advancements of artificial intelligence which made it possible for ensuring safety and
detecting criminals. Moreover, machine learning techniques of AI are used for the purpose of
converting colours and regeneration and also it is used in comparing between two video
backgrounds. Artificial intelligence serves a great purpose in identifying vehicles or objects in
the process of investigating incidents (Majumdar and et.al., 2018).
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Fraud detection: The features of artificial intelligence are prominent in detecting errors and
frauds which ensures accuracy and security of transactions. Artificial intelligence has enabled
organisations to ensure security and confidentiality of transactions. Artificial intelligence
includes software which are highly advanced or technical and enable users to detect as well as
prevent threats. Any transaction that has done through online platforms is recorded and ensures
authenticity of transaction as well as encryption.
Voice to text features: Artificial intelligence has discovered voice to text feature which helps
users to achieve faster results without having to type that is required to be search. It is a highly
convenient option and is used widely by users and employees to speed up procedures.
Online transactions: The services and features of AI are not limited to any domain as it is used
for serving multiple purposes (Popkova and Gulzat, 2019). In recent years, the scope and
significance of online transactions has reduced the efforts of individuals and saves their cost as
well as time substantially.
Relationship between digital technologies and both old and newly emerging theories on business
and management structures and practices
Prior to the invention of digital techniques and artificial intelligence, the managerial
operations of businesses were confined to manual tasks and functions. Without technologies,
operations of businesses were complex and usually time consuming as all processes are to be
handled with manual efforts of employees. The old theories of management structures and
practices were completely reliable on human resources for performing numerous tasks. The old
methods of corporations and business entities were not sufficient in generating mass amounts of
profits in less time. Moreover, due to manual processes results were inefficient and often resulted
in errors and inaccuracy. The complex accounting calculations and keeping record of all
transactions manually was hard to manage and time consuming while showing inaccurate results.
After invention of computers and digitalisation, the working world has completely evolved.
However, it is not just computers that redefined the course of business operations, the evolution
was supported with various techniques and new inventions of technology. Artificial intelligence
is one of the most important concept of digitalisation as it has provided a great deal of
significance and usage which is substantially discovering new techniques of performing almost
everything (Khisamova, Begishev and Sidorenko, 2019). Computer science has enabled tasks
which were deemed impossible prior to technical era where processes were manual. It has done a
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great deal of advancements in medical science and suggested major achievements and
development in healthcare department. The new theories and structures of business management
are supported with applications and platforms of artificial intelligence in almost every area.
Business managers make effective use of artificial intelligence in processing automation which
supports a huge variety of tasks. The theory of modern management has substantially adopted
numerous aspects and means of technology in various field of businesses. For instance, modern
advancements and high tech applications has introduced the concept of work from home which
has emerged during pandemic due to government restrictions on stepping out of home. Digital
techniques and Artificial intelligence made it possible for organisations to effectively manage
operations and employees with maintaining their virtual presence. Online platforms and features
of artificial intelligence has enabled employees to connect and interact in order to perform
operations from home. In recent years, it has been established that an employee only requires
computer and laptops with specific software used in working in a particular organisation. There
are only a few tasks left for which business organisations or corporations required manual and
physical efforts of workers.
Conclusion
From the above report, it has been concluded that artificial intelligence is used for
facilitating multiple purposes while ensuring efficiency and accuracy. It has saved a great deal of
both time and efforts and made it possible for organisations as well as individuals to perform
complex operations which are otherwise not possible for humans to perform. It has been
observed that application and usage of artificial intelligence is not limited to any field or criteria.
It's features and services are widely used by individuals in daily life as well as by organisations
to perform routine and complex operations.
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References
Books and journals
Araujo, T. and et.al., 2020. In AI we trust? Perceptions about automated decision-making by
artificial intelligence. AI & SOCIETY, 35(3), pp.611-623.
Emanuel, E.J. and Wachter, R.M., 2019. Artificial intelligence in health care: will the value
match the hype?. Jama, 321(23), pp.2281-2282.
Girasa, R., 2020. Artificial intelligence as a disruptive technology. Springer International
Publishing.
Haleem, A., Javaid, M. and Khan, I.H., 2019. Current status and applications of artificial
intelligence (AI) in medical field: An overview. Current Medicine Research and Practice, 9(6),
pp.231-237.
Joshi, A.V., 2020. Machine learning and artificial intelligence.
Khisamova, Z.I., Begishev, I.R. and Sidorenko, E.L., 2019. Artificial intelligence and problems
of ensuring cyber security. International Journal of Cyber Criminology, 13(2), pp.564-577.
Liew, C., 2018. The future of radiology augmented with artificial intelligence: a strategy for
success. European journal of radiology, 102, pp.152-156.
Majumdar, B. and et.al., 2018. Technology: artificial intelligence. British dental
journal, 224(12), pp.916-916.
Popkova, E.G. and Gulzat, K., 2019, May. Technological revolution in the 21 st century: digital
society vs. artificial intelligence. In Institute of Scientific Communications Conference (pp. 339-
345). Springer, Cham.
Ullah, Z. and et.al., 2020. Applications of artificial intelligence and machine learning in smart
cities. Computer Communications, 154, pp.313-323.
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