Importance and Development of Artificial Intelligence in Digital Business and New Technologies

This report covers the importance, development and use of artificial intelligence in digital business and new technologies. It explains the technology used in AI, technological platforms and software used in AI, businesses and organizations using AI, and the application of digital business and new technology. The report also discusses the significance of digital business and new technologies in an ever-changing global business environment, the role of digital business and new technologies in emergence of theories in business, and the challenges digital business and new technologies present to the managers.

Title page
BM565 Digital Business & New Technologies

Table of Contents
2.1.1.Importance of AI/Big data/machine learning...............................................................3
2.1.2.Development of AI/Big data/machine learning...........................................................4
2.1.3.Technology used in AI/Big data/machine learning......................................................4
2.1.4.Technological platforms and software are used in AI/Big data/machine learning.......4
2.1.5.Businesses and organisations using learning............................................................5
2.1.6.Use and effectives of AI/Big data/machine learning...................................................5
3.1.1.Significance of digital business and new technologies in an ever-changing global
business environment ........................................................................................................6
3.1.2.Role of digital business and new technologies in emergence of theories in business 7
3.1.3.Challenges digital business and new technologies present to the managers.............7
3.References........................................................................................................................ 10

1. Introduction
Digital business is defined as doing the business digitally or through online mode. Due to
conducting business digitally operational activities and services of the company are run
smartly and in smooth manner. In digital business various types of equipment's, software and
hardware's are used for delivering best quality service and product to customers in time
(Bornet, P., Barkin and Wirtz, 2021). Due to the use of new or updated technology such as
Artificial intelligence various functions of company are worked in automatic mode. Due to
this company are able to solve the problems of all customer segments and their employees
within low time. The main purpose of utilizing AI and other technology by organization is to
store, exchange, develop, retrieve and process different types of information effectively. This
report will cover the concept, importance, development and use of artificial intelligence. It
also covers technological platforms and software that are used in AI, business and
organizations using AI, application of digital business and new technology etc.
2. Explaining selected topic
In this report the selected topic is Artificial Intelligence and it refers to the development
of computer programme and theory. With help of this technology company are able to solve
the employee and customer problem quickly.
2.1.1 Importance of AI/Big data/machine learning
Firstly, due to the effective use of AI technology company are able to provide accurate
and meaningful data to customers regarding their product and services within low time
(Bouncken, R. B., Kraus, S. and Roig-Tierno, 2021). In this technology the involvement of
human beings is very less but the contribution of machines is high. Secondly, with help of AI
technology convenience of customers are effectively increased for availing the company
product and services within low time. The best example for understanding these two
importance is that in today's time ATM machines of various banks are highly popular
between public for taking cash from account. This machine is coming under the category of
AI technology. Due to using this technology the trust of the customers is effectively sustained
towards company for long duration. The other importance is that due to the use of AI
payment transaction are done quickly between company and customer with safety and
security.

2.1.2 Development of AI/Big data/machine learning
As already mentioned above artificial intelligence is defined as an advanced technology
which is used by organization for run their services automatically and in fast manner.
Customer service has become crucial requirement for which best tools and technologies are
needed by businesses. For giving better user experience and targeting planned audience AI
has huge and great importance while discussing. In around 1982 when fifth generation
computer are introduced at that time various companies are started to use the AI technology
effectively for doing their work in easy manner. Because at that time all organizations realize
that without the effective use of technology employees are not able to do their work
effectively and in smart manner. Therefore, in today's time smart work and convenience are
highly essential for maintain positive relationship with all categories of customers effectively.
Due to the heavy use AI technology company are able to produce best quality products
according to the needs and desires of customers
2.1.3 Technology used in AI/Big data/machine learning
AI is one of the advanced technology which is highly used by organization for various
purposes (Diener, F. and Špaček, 2021). Firstly, due to the use of AI technology effectively
financial or analytical problems are easily solved in quick manner and makes the work of
employees easy. Because in aspect of employees they take more time for solving these type
of problems which is not liked by top level management. Secondly, artificial intelligence
allows the organization to store and access various types of data within few time at large
quantity. Due to this organization are able to identify the real problems of the customers
regarding their service within few time. The other use of this technology within organization
is that the stress and workload of the employees are highly decreased which leads to sustain
their work efficiency and productivity in long term. From the analysis of all these three
elements it is understood that artificial intelligence plays the crucial role in the company's
overall activities and performance.
2.1.4 Technological platforms and software are used in AI/Big data/machine learning
The technological platform and software which is mostly used by organization in the form of AI
technology are speech recognition, Facebook, Instagram, google cloud AI platform, LinkedIn and
others. Due to the use of these platform and software effective communication are easily sustained
between employee and employer or employee and customer for long time. With help of these
platform and software consumers are able to access various types of information within few time from
any location. Due to the use of artificial intelligence in these platform and software information’s are
easily shared between multiple users in various languages within low time. These platforms provide

assistance to the guest who visits to enhance knowledge of the visitors. They hold learning
power and could effectively respond on time just like humans that eliminates the need of
human resource for typing and sending answers for a basic query.
2.1.5 Businesses and organisations using learning
Due to the effective use of artificial intelligence in various platforms such as Facebook,
LinkedIn and others potentiality, ability, profitability and productivity of organization are
effectively maintained. In today’s time technology are highly important for organization to
facilitate their variety of services to consumers in good quality which leads to sustain their
satisfaction level and trust towards company for long time. The areas which is mostly used
this technology by any organization are financial services, healthcare, news media and others
(Gregurec, I., Tomičić Furjan, M. and Tomičić-Pupek, 2021). Because in these areas profit
and relation with customers are strongly developed. There are some other companies also
who utilized this technology for run their activities smoothly which includes airlines, food
services etc.
2.1.6 Use and effectives of AI/Big data/machine learning
Artificial intelligence is one of the technology which is highly advanced and useful for all
consumers and organization. In aspect of business it helps to increase the productivity of their
business without spending money on additional resources that can give customer service,
leads and transforms buyers effectively. It brings success within organization as less money
and a time is required that helps to make firm and its employees more productive. Due to
using these technology company are able to facilitate different offers and packages to users
regarding their services and products to customers in time. Therefore, the use of digital
platform and technology plays the crucial role in market for increasing the popularity and
reputation of firm effectively. Due to utilizing this facility the interaction between customers
and company are easily enhanced within short period. Due to this interaction the queries and
problems of the customers are easily solved in time without any delay.
3. Application of digital business and new technologies
Here the chosen company is HSBC for analysing the importance, role and challenges of
digital business and new technologies effectively. Here application refers to those factors or
elements which are highly responsible for developing the strong foundation of overall
business digitally and also for running the operational activities smoothly. Those factors are
internet of things, use of artificial intelligence, intelligent automation, Quantum
computing cloud technologies and others. Due to the effective use of all these elements

HSBC are providing the best financial and other services to the customers in time. In this way
company are able to maintain the satisfaction level of customers at high rate for long run.
3.1.1 Significance of digital business and new technologies in an ever-changing global
business environment
Due to the use of artificial intelligence and other technology by HSBC company
effectively communication, security, work efficiency, employee assistance and time and
money are highly increased at international level for long time (Kitsios, F. and Kamariotou,
2021). In aspect of communication it enables the organization to do their task in fast manner
and with more efficient. Due to effective communication the services and products of the
company are delivered to customers in time with help of using digital platform, various apps
email marketing strategy etc. In aspect of security, management of HSBC used the AI and
other technology for storing the data of their clients and their own personal information with
safety. In aspect of work efficiency, Technology helps increase the efficiency of
systems, products and services. It helps track and streamline processes, maintain
data flow and manage contacts and employee records. In aspect of time and
money, There’s no doubt that technology helps businesses achieve more in less
time, with no detriment to the quality of product or service. In fact, technology is
now performing repetitive tasks that were earlier performed by people. This
helps by saving on employee costs, or having them work in areas where they are
really needed.
After the analysis of this information it is concluded that all these mentioned
elements play the crucial role globally for increasing for increasing the overall
development of firm in effective manner.
3.1.2 Role of digital business and new technologies in emergence of theories in business
The role of digital business and new technology in modern business are
 Fulfilling customer expectations – In today’s time fulfilling customer expectations is
a very challenging and essential task for employees or organization. Due to this
HSBC is one of the company who always used advanced AI and other technology for
facilitating their best quality financial and other services to customers quickly to
customers. In this way the various expectations and needs of the customers are easily
fulfilled in time.
 Increasing employee productivity – Technology plays the crucial role for
increasing the work efficiency and productivity of employees at maximum level

(Kraus, N. and Marchenko, 2021). It means with help of technology the difficult work
for employees are become easy. Due to this employee are able to put their full effort
in their job role with more interest and passion. In this way the profit of firm is easily
increased at higher rate.
 Facilitating reliable data – It means that due to the effective use of technology
organization has the ability to facilitate reliable and meaningful information to their
customers quickly. Due to receiving reliable information the desires and needs of the
customers are easily increased for availing the product and services of the company
within short period. Due to providing reliable data positive relationship are strongly
sustained between company and customer for long time.
3.1.3 Challenges digital business and new technologies present to the managers
 Security concerns – A push back many enterprise organizations in data-sensitive
industries have is privacy and cybersecurity concerns (Mukhtorovna, 2021). And that
is valid. Most digital transformation efforts involve leaving behind on-premise
solutions to move to the cloud, as well as integrating all of a company’s data into one
centralized system.
 Budget constraints - Digital transformation is not a cheap investment. For
organizations that have a less-than-stellar transformation strategy, scope creep can
slowly start to push back deadlines and add in new work – all adding to the cost of a
project. Add in any consultation work, changes in your customer needs or IT errors,
and the cost of digital transformation continues to increase.
 Adaptation of new tools and processes - New processes and technologies often
present challenges in the form of resistance to change from tenured employees who
feel there is nothing wrong with the way they’re currently doing things. For
new software implementations, organizations must provide comprehensive
onboarding training, as well as continuous employee performance support to help
employees become productive and proficient with a tool quickly, allowing them to
understand the value of these new processes.
3.1.4 Relating knowledge from the module with employability prospects

After the detailed analysis it is understood that use of various technology is highly
increased the convenience of organization and their employees. Due to this overall activities
of the firm are easily run in smooth manner without any delay.

4. Conclusion
From the above analysis it is concluded that AI is one of the advanced and popular
technology in today's time or in organization. Because with help of artificial intelligence
company have the ability for maintaining positive relationship with customers for long
duration. Artificial intelligence also helps the company to facilitate best quality service and
product to their previous and new customers in time. In today's digital activities are
popularising day by day in market.

3. References
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World of HYPERAUTOMATION: Learn How to Harness Artificial Intelligence to
Boost Business & Make Our World More Human.
Bouncken, R. B., Kraus, S. and Roig-Tierno, N., 2021. Knowledge-and innovation-based
business models for future growth: Digitalized business models and portfolio
considerations. Review of Managerial Science, 15(1), pp.1-14.
Diener, F. and Špaček, M., 2021. Digital transformation in banking: A managerial
perspective on barriers to change. Sustainability, 13(4), p.2032.
Gregurec, I., Tomičić Furjan, M. and Tomičić-Pupek, K., 2021. The impact of COVID-19 on
sustainable business models in SMEs. Sustainability, 13(3), p.1098.
Kitsios, F. and Kamariotou, M., 2021. Artificial intelligence and business strategy towards
digital transformation: A research agenda. Sustainability, 13(4), p.2025.
Kraus, N. and Marchenko, O., 2021. Innovative-digital entrepreneurship as key link of
Industry X. 0 formation in the conditions of virtual reality. Baltic Journal of
Economic Studies, 7(1), pp.47-56.
Mukhtorovna, N. D., 2021. Importance of foreign investments in the development of the
digital economy. ResearchJet Journal of Analysis and Inventions, 2(04), pp.219-224.
Murthy, K.B., Kalsie, A. and Shankar, R., 2021. Digital economy in a global perspective: is
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Ziółkowska, M.J., 2021. Digital transformation and marketing activities in small and
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