Contemporary Management Issues - Essay

This essay explores the role of Artificial Intelligence in business strategy and the importance of talent acquisition & change management in the global world. It discusses how AI can help organizations in customer relations management, detecting frauds & security intrusions, and automating processes. It also highlights the importance of talent acquisition & management in attracting skillful talent, encouraging employees, covering critical roles, enhancing employee performance, and increasing client satisfaction. Additionally, it explains the benefits of change management in enabling cross-functional changes, engaging the workforce, and increasing productivity. The essay concludes by emphasizing the need for organizations to adopt AI and implement change management to succeed in the dynamic and competitive world.

Contemporary Management Issues
- Essay

TABLE OF CONTENTS
LO1............................................................................................................................................3
Evaluating role of Artificial Intelligence on overall business strategy..................................3
LO3............................................................................................................................................4
Discussing importance of talent acquisition & change management in global world...........4
REFERENCES...........................................................................................................................7

Artificial intelligence can help organizations to identify patterns and make conclusions
from data in order to make to able decisions. It can use AI in customer relations management,
detecting frauds & security intrusions. Businesses can build brand by automating processes
and monitoring social media. Further, talent acquisition and management can help company
to grow and succeed by aligning company goals and fulfilling individual’s need
simultaneously.
LO1
Evaluating role of Artificial Intelligence on overall business strategy
In the ever-changing and technology driven business world, there is tough & brutal
competition among companies belonging to same industry which cannot be ignored.
Successful implementation of latest technology has become the solutions for maintaining top
position in the market and lead it. Out of many, one such solution is the Artificial Intelligence
(AI), the global market of which is expected to reach $15.7 trillion by 2030.
Earlier AI was just used as algorithms and applied in identifying loans, selecting
employees or empowering chatbots, but now they are used in everything from forecasting
climate risks to determining sale leads (Kitsios and Kamariotou, 2021).
AI can now detect disruptors by making strong connections between characteristics,
permitting company to get ready for any disruptive event. AI warning in case of frauds
enables company to get ahead of hackers or malware. Banking companies can make use of AI
through which they can predict performance of investments by market shock-adaptive
machine. Various predictions can be made by Aerospace companies as well by forecasting
accurately the demand for its parts. Usage of this technology during Covid-19 times helped
them to reduce working capital.
Artificial Intelligence works like a human brain which can take over administrative and
low-involvement work by keeping complicated and tough tasks to employees. By this,
company can cut down cost and become the leader (Cost Leadership strategy) in market
through which they can access capital required in technology investment. Businesses are now
adopting the Japanese Kaizen model for continuous improvement and cost reduction.
In addition to this, AI can also help companies by offering various insights about how
to market product, whom to market and in what all ways to do marketing. AI has power to
know customer on personal basis and develop behavioural patterns (Chintalapati and Pandey,

2022). By applying this type of AI, organization is adopting Focus strategy of competitive
environment to concentrate on one niche market and understand its dynamics.
The Human Resource department of organization is very important because it is
directly linked to employee’s working in it (Vrontis and et.al., 2022). HR makes sure that all
employees are working in a healthy and positive environment with complete motivation.
With the AI, low value HR work can be automated so attention is on top-most strategic tasks.
Artificial intelligence can perform a lot of task of HR like screening applicants to maintaining
data.
If the recruitment procedure is AI-assisted, candidate that meets company standard and
norms will be selected. Chatbots will trace and communicate potential candidate and will the
most deserving employee. The newly selected employees can be taught about company
norms and behaviours directly by AI-based consolidated systems (Rana and et.al., 2022). A
mobile application or laptop information can provide useful data job profile, regulations &
task assignments without any human interference.
Complete training module can be provided to employees by AI by comprehending and
assigning appropriate training to them. According to job description and current profile of
employee, AI can evaluate data & inform HR team about training requirements of personnel
(Votto and et.al., 2021). It will enhance employee productivity along with their knowledge in
less time and without much wastage of energy.
LO3
Discussing importance of talent acquisition & change management in global world
Talent management can be defined as a process of hiring, managing, developing &
retaining talented and efficient employees. It plays important role in formulating business
strategy because it manages the human assets of company (Why Talent Acquisition is Vital
for Business Success, 2022). The corporate world is very dynamic which keeps on changing
with the changing scenarios, therefore, managing the personnel become the focal point in
organization. The reasons companies should invest in talent management are as follows:
 Attracting skillful talent: If the organization is having strategic talent management
process, it will be able to attract and retain top-notch employees with varied skills &
talents. The employer brand is created that will help company to attract potential skills

and abilities which, in turn, will contribute in the improvement of business’s
performance and result.
 Encouraging employees: Talent acquisition & management strategy help company to
motivate and encourage employees to stay in the company and complete their tasks
with utmost sincerity and dedication (Malik and et.al., 2021). Now-a-days, majority of
employees want non-monetary benefits apart from just monetary income.
 Covering critical roles: With the help of talent management, organization can plan
can assign critical jobs to employees having desired skill set. It will lead to continuous
flow of personnel to complete specialized jobs so that company’s operations can run
smoothly.
 Enhances performance of employees: Another importance of talent management is
that it enhances employee performance by identifying each employee’s skills and
abilities & assigning them tasks accordingly. It helps in reducing issues and grievance
of employees.
 Increases client satisfaction: When a systematic approach of talent management is
applied, it integrates the organization and provides consistent approach to
management (Reuber, Tippmann and Monaghan, 2021). Therefore, with integrated
system, client satisfaction increases.by fulfilling their needs on time.
Furthermore, Change Management is an approach in systematic way for dealing with the
transitions and changes that are happening to the organizational goals, technologies &
procedures. Company cultures and norms are changing at a very fast pace due to digital
transformation. Any change in company’s goals & working procedures affect the people,
therefore, it becomes essential to support them through good leadership. The change in
organization is must in order to keep the company in successful position and growing
platform (Hruby, Almeida and Hoeft, 2022). The benefits of change management to the
company are discussed below:
 The era of digital technology, AI & globalization are forcing companies to change
their standard way of working and adopt new methods. Such external factors cannot
be ignored by organization if it wants to survive and grow in dynamic & competitive
world.
 Change management also helps company to enable cross-functional changes in order
to do proper alignment in business’s overall strategy, to improve external & internal
services, to track and resolve issues of employees, etc.

 Another importance of such management is to engage workforce affected by the
change so that staff members can be involved in change process, it can be done by
communicating & engaging personnel and motivating them to adopt & embrace
change (Jaipong, Nyen Vui and Siripipatthanakul, 2022).
 In case of restructuring of job roles or business process, introducing and
implementing newer technologies, change management play an important role so that
these organizational changes can be done smoothly.
 Initially, any change in the company is resisted by employees which is inevitable.
Such denial of employees is obvious and manager should expect it. However, with
proper strategies of change management, managers can smoothly implement any
changes within stipulated time and without any disruption (Sudarmo, 2021).
 With the adoption of new technologies and change in methods of working, the overall
performance and productivity is increased, further, it instills innovation. It puts
organization in a healthier environment in order to grow & and succeed. Moreover, it
helps company to reduce wastage and time, thereby reducing costs.
When an organization brings in new technology or any AI in the business, it needs to
apply change management process which will help them to successfully implement latest
technology. For that, first of all, HR manager needs to understand new application or
hardware by taking proper trainings. Then, key stakeholders of the company should be
identified who can be good leaders and accept the change wholeheartedly. Further, involving
employees into decision making process so that leaders can identify problems and create
solution for same. Leaders can make employees understand about the importance of new
technology and how it will ease the work (Azizi and et.al., 2021). Managers can also have in-
house implementation team to meet with employees and make them understand about the
benefits of change. Introducing the technology after this will be accepted and adopted by
employees with much happy faces and less reluctance.
At the end, it can be concluded that in today’s dynamic world, AI is quintessential in
every organization. When there is digital transformation and tech-savvy environment,
companies are forced to apply Artificial intelligence in their business process and succeed in
market. Further, it can be articulated that acquiring and managing the personnel is a tough
task which should be done with utmost care. Talent management can be helpful in getting
right employee and motivating them to perform better. In addition to this, it can also said that

when corporate world is changing so fast, change management is must in organizations. With
proper change management, relevant technologies can be adopted and implemented in
simpler ways.

REFERENCES
Books and Journals
Azizi, M. R. and et.al., 2021. Innovative human resource management strategies during the
COVID-19 pandemic: A systematic narrative review approach. Heliyon. 7(6).
p.e07233.
Chintalapati, S. and Pandey, S. K., 2022. Artificial intelligence in marketing: A systematic
literature review. International Journal of Market Research. 64(1). pp.38-68.
Hruby, J., Almeida, P. and Hoeft, C., 2022. Final global leadership development program
(GLDP) design: Where do we go from here? Global evidence from Europe, the US,
and Brazil. Thunderbird International Business Review. 64(4). pp.317-331.
Jaipong, P., Nyen Vui, C. and Siripipatthanakul, S., 2022. A case study on talent shortage and
talent war of True Corporation, Thailand. International Journal of Behavioral
Analytics. 2(3). pp.1-12.
Kitsios, F. and Kamariotou, M., 2021. Artificial intelligence and business strategy towards
digital transformation: A research agenda. Sustainability. 13(4). p.2025.
Malik, A. and et.al., 2021. Elevating talents' experience through innovative artificial
intelligence-mediated knowledge sharing: Evidence from an IT-multinational
enterprise. Journal of International Management. 27(4). p.100871.
Rana, N. P. and et.al., 2022. Understanding dark side of artificial intelligence (AI) integrated
business analytics: assessing firm’s operational inefficiency and
competitiveness. European Journal of Information Systems. 31(3). pp.364-387.
Reuber, A. R., Tippmann, E. and Monaghan, S., 2021. Global scaling as a logic of
multinationalization. Journal of International Business Studies. 52(6). pp.1031-
1046.
Sudarmo, S., 2021. The importance of speaking in English as a foreign language between
skillful and thoughtful competencies: studying sociolinguistics
perspectives. Linguistics and Culture Review. 5(S1). pp.113-124.
Votto, A. M. and et.al., 2021. Artificial intelligence in tactical human resource management:
A systematic literature review. International Journal of Information Management
Data Insights. 1(2). p.100047.
Vrontis, D. and et.al., 2022. Artificial intelligence, robotics, advanced technologies and
human resource management: a systematic review. The International Journal of
Human Resource Management. 33(6). pp.1237-1266.
Online
Why Talent Acquisition is Vital for Business Success. 2022. [Online]. Available through: <
https://www.skeeled.com/blog/why-talent-acquisition-is-vital-for-business-success>