Contemporary Management Issues in the 21st Century: Role and Impact of Artificial Intelligence, Talent Acquisition, Learning and Development, and Change Management

Contemporary
Management Issues in
the 21st Century

Table of Contents
INTRODUCTION................................................................................................................................3
MAIN BODY ......................................................................................................................................3
Role and impact of Artificial Intelligence...................................................................................3
Importance of Talent Acquisition-...............................................................................................4
Importance of Learning and Development- ...............................................................................5
Importance of Change Management- .........................................................................................5
CONCLUSION ...................................................................................................................................6
REFERENCES ....................................................................................................................................7

INTRODUCTION
Artificial Intelligence refers to the technique in which all human intelligence is visualised
with the help of machines, mainly computer system. It concentrate on collecting data and make
algorithms then selecting the best algorithm which is used by devices to complete the specific jobs,
it also concern with the customization of these algorithm into useful information, so that they can
provide the valid results(Boudreaux, 2018). There various examples of AI which are used by us in
our daily life such as google maps, games, online payments, social media, online music streaming
apps, smart home appliances and many more. It is used for making human activities easy and fast.
This report is about the role and impact of artificial intelligence on the business strategies and
management of workforce in the organisation. It also discusses about the importance of talent
acquisition, learning and development and about the change management in present global
competitive market.
MAIN BODY
Role and impact of Artificial Intelligence
In Business Strategy- Implementation of AI machines in business management helps in
reducing the time and cost, it increases the production rate and improves the efficiency in the
organisation. With the use of AI machines chances of mistakes in the organisational activities is less
in comparison of work done by the human workforces and maximum amount of data could be
gathered which helps in developing the widened customer base. Another important role of AI in
business organisation is that it helps in handling and regulating the day to day business operations.
Usually business depends on the CRMs to assist the groups but AI cuts the human interference and
works in improving the relation between the customers and management. Many institutions such as
banks, trading business can improve their customer service by adopting it for example using
chatbots for customer queries and doubts(Buschow,and Suhr,2022). It can also identify the trends in
the collected data and aid in reducing the market risks for the organisation, it helps business in
measuring the threats and frauds which could be harmful in the business process. Marketing
strategies of the business can be develop and accomplish as per the change in preferences or
behaviour of the customers. AI play a major role in the research and development in the firm
because of its potential to collect and analyse the large collection of data, company can understand
more about its competitors. It can get solution of all the problems which employees is unable to
find in the business. Many businessmen believes that there is great opportunity in future for