Entrepreneurship technology and society

Running Head: IT 0
ENTREPRENEURSHIP,
TECHNOLOGY AND SOCIETY

IT 1
What explains the development of Artificial Intelligence and what is likely
to influence the development of Artificial Intelligence
In this present competitive era, innovation and entrepreneurship are perceived as the critical
components of knowledge based economy vital for businesses to sustain in the dynamic
business environment. The global business environment is transformed with advancement of
technology, e-business and e-commerce while challenging the conventional business models
demanding the implementation of innovation at both individual levels (start-ups) and at the
corporate level (Foss and Saebi, 2017). Furthermore, productivity, efficiency and
competitiveness now highly rely on the entrepreneurship and innovation for the organisation
of innovation and the production of knowledge. Recent technologies progress in the space of
Artificial Intelligence are transforming business and entrepreneurial landscape significantly.
These technologies and innovation have already infiltrated firmly into various areas of the
business, personal and professional and even routine life (Bounfour, 2016). In relation with
artificial intelligence, it has a great ability to modernise and develop business process,
products and services, innovative ideas and resolve complex tasks in producing new
outcomes for the huge growth of entrepreneurial operations and practices. However, there are
various social and technological transition likely to influence the development of artificial
intelligence and the value that technology brings to the world is worth the risk. Some industry
is at start of their AI passage and others are expert travellers. Both are influenced by this
transition and have a long mode to go and hence, the influence of AI is hard to ignore
whether on individual or business aspect.
According to Ghahramani (2015), artificial intelligence (AI) is comprehensive branch of
computer science related to developing smart machines proficient of executing tasks the
usually needed humanoid intelligence. In every industry, artificial intelligence is known to be
interdisciplinary science with manifold approaches, however, advancement in machine
learning is forming a standard shift in practically all area. Considering the future, AI will be
the mainstream recommendation engine in various sectors and business arena providing
facility to businesses and individual for accurate and effective predictions so as to take timely
actions and takes simulations to the next level. The development of AI lies its importance
where it powers monotonous learning and discovery via data and adds intelligence over
progressive learning algorithms. This technology also attains unbelievable precision while

IT 2
analysing more and deeper data and gets out the most out of it. If applied maturely, artificial
intelligence can benefit community and economy on a very positive mark while using data
and information gathered through algorithms and to identify significant threat and expression.
The usage of AI can also influence the practice of a number of rights and there are still main
revolutions that have to occur before one range at a particular level (Lee and Lee, 2015).
With increasing amount of data and complexities, each sector has a high demand for the
capabilities of artificial intelligence whether healthcare, retail, banking or manufacturing. For
example, AI applications in healthcare can offer tailored medicine and X-ray interpretations
and individual health care assistants can deed as life coaches, reminding an individual to take
the medicines, workout or consume healthier. In relation to characteristics of knowledge and
artificial intelligence, humans and organisations have started to preserve as much knowledge
as possible and the evolution of knowledge transformation and management has come a
considerable way where various researchers have claimed that knowledge management is a
tactical procedure where organisations form worth from intangible assets and here the
technology i.e. artificial intelligence has develop to be a buzzword while making its presence
ubiquitously from information technology to automobile industry, household utilisations and
many more. From the 1990s to the 2000s, AI has penetrated into several sectors and thus
multidisciplinary stream as various divisions such as robotics, virtual reality, expert systems,
natural language processing and many-more (Li and Du, 2017). On the other side, knowledge
management is an integrative field that is called to feature psychology and cognitive science
and therefore, help enterprise and people in creating, sharing, using, collaborating and re-
using knowledge as much as possible. Both knowledge management and artificial
intelligence circle near “knowledge” that can also be treated as a key component. On the
other hand, AI (artificial intelligence) offers all mechanism to systems that required to gather
knowledge and learn from different sources, processing data using of orderly rules and later
on, execute that collected knowledge in the best spaces.
This exceptional connection amid knowledge management and artificial intelligence has also
resulted in cognitive computing that uses various computerized models encouraging the way
in processing of things. From future perspectives, there will be massive online knowledge
bases that will have tons of data, information and knowledge over which businesses and
individuals will gain competitive advantage in the industry. However, there may be a
challenge relating to the presence of unstructured data bringing the scenarios and concepts
like of “Big Data” and there, AI and cognitive computing can be considered as a crucial tool