Contemporary Management Issues - Essay

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,