Emergence of New Technologies and Opportunities in Developing Business Models with Global Context

History of Artificial intelligence (AI)
starts from 1943 where artificial
neurons were developed. In 1950,
it was further developed to the
Turing machine. In 1956, official
birth of artificial intelligence in the
Dartmouth conference. In 1966,
first chatbot Eliza was introduced.
In 1972, first intelligent robot
WABOT – 1 was established. From
1974 to 1980, first AI winer was
introduced. In 1980, expert system
was developed.
History of Robotics started
from 1900s, where
contemporary technology was
introduced in the children's
books. In 1910s, remote
control weapons were
introduced. In 1920s, satire
robots were manufactured. In
1930s, industrial robots were
developed. In 1940s, voice
recognition and machine
translation were introduced.
Artificial Intelligence can be defined as the
combination of the human intelligence and
processes by machines. Machines are specially
the computer systems. It is considered as the
intelligence which is demonstrated by machines.
This intelligence is similar to the brain of animals
and human beings. Some of the applications of
artificial intelligence are expert systems, natural
language processing, machine vision and speech
recognition.
Robotics can be defined
as one of the branch of
computer science and
engineering. It contains
the design, operation,
construction and the use
of robots on order to
perform tasks for the
support of human
beings.
Strengths of artificial intelligence
are such that it increases the work
productivity within organizations by
assisting the employees in
performing the work in a more rapid
and accurate manner. It is not
limited to the particular industries
but can be easily adopted to any of
the sectors. It leads to the better
quality of life without any
complications in working and
helping the human in operating the
business in an effective and efficient
manner.
Strengths of robotics are such that it is
fully or partially automated process. It is a
time saving and cost reduction machines
for the organization. It increases the
return on investment and also audit logs
to support compliance. It contains the
secured access and rapid development.
Continuous improvement and easy to
deploy and configure. It also increase the
productivity by eliminating the wastes.
Weaknesses are such that it contains 5%
to 10% error rate.
Opportunities of artificial intelligence and robotics in
developing the business models within a global
context are such that they have the capabilities of
increasing productivity and providing trade
opportunities to the world economy. Now a days there
are various complex production units and they help in
the better management with advanced opportunities
to the businesses globally. They also renders the
opportunities in order to expand the digital platforms
for better functioning of the businesses on an
international basis. Therefore, it provides easy
expansion with the help of digital platforms.
Technological evolution is defined as the development of technology from past to current and then to the future. There are total 4 ages of from which the
technological development has taken place to the present. The pre-mechanical age from 3000 B.C. To 1450 A.D. Is the first age of the introduction of the
technology. It is the earliest age in which the humans have communicated with the help of petroglyphs. The Mechanical Age from 1450 to 1840. in this age, the
interest in computation and information was initiated.
Peter Drucker has given the innovative opportunities theory
to the business management. Innovation renders the
opportunity of creating and developing the strategies to
execute in a business. These are the opportunities related to
the operations management of the organization. For
example, technology based innovative opportunities and
many more. Drucker has given the seven sources of
innovative opportunities such as the unexpected success,
the incongruity, innovation based on needs and
requirements of the processes, changes in industry and
market structure, demographics, changes in perception,
mood and meaning and new knowledge regarding the
creativity, innovation and opportunities (Yang, Full,
Jacobstein and Taylor, 2019).
Combination of artificial intelligence and robotics are such
that they work together when robots contains the
programming of artificial intelligence. AI provides the robots
a vision in its computing system to navigate and sense along
with the calculation of the reaction as per the functioning of
the robot. Robots learn that how they have to perform their
task from humans with the help of machine learning. It is
considered as the part of computer programming and AI.
Artificial intelligence and robotics are separate things.
Robotics are basically simply developing them but AI is a
programming intelligence (Christensen, Amato, Yanco and
Hutchinson, 2021).
There are several examples of real time business ideas related with the artificial intelligence and robotics. Such as
company iRobot in the industry of consumer electronics, software and hardware uses the smarter robotic vacuum.
Hanson robotics company in the industry of robotics and artificial intelligence uses the humanoid robots. Emotech
company in the industry of robotics, AI and hardware uses the voice controlled AI assistant. Covera health company in
the industry of diagnostics uses the collaborative data sharing and applied clinical analysis. Well company in the
industry of personalised health guidance uses the strategic decision making with the help of AI. PathAI company in
the industry of health diagnostics and machine learning uses the AI powered technology for pathologists. Pager
company in the industry of healthcare and mobile application uses the machine learning techniques to treat the
patients. Motional company in the industry of autonomous driving and ride sharing uses the AI in driverless vehicles
(Delmerico, Mintchev, Giusti and Gambardella, 2019).
It is concluded that emerging technologies are the most
important concept to adopt for the organization in order
to apply for taking the business to the next level of its
operations and customer servicing. Now a days it is
highly essential for the global economy to adopt the
emerging technologies for betterment of the industries.