Role of AI in Business Strategy, Talent Acquisition, Learning and Development, and Change Management

This project report discusses the role of AI in shaping business strategies, talent acquisition, learning and development, and change management. It covers the importance of AI in managing logistics, healthcare, HR and staffing, and customer satisfaction. It also highlights the significance of talent acquisition, learning and development, and change management in improving business performance.

Project

Contents
INTRODUCTION...........................................................................................................................3
TASK...............................................................................................................................................3
Role of AI in business..................................................................................................................3
Role of AI in managing strategy..................................................................................................4
Talent acquisition.........................................................................................................................5
Learning and development..........................................................................................................5
Change management....................................................................................................................6
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Business agility can be improved by opting technology which facilitates in fast, effective and
efficient working of company’s task and processes without any error (Gil and et.al.,2020). Due to
pandemic, many business units have suffered loss because of closure of whole market. They
have faced many challenges in pandemic and many of companies collapse due to not meeting
fixed cost. But technology helps in uplifting companies after COVID-19. It plays a crucial role in
business operation and many companies have opted AI which can be used to understand
marketing trends and how they can affect business operations. This project report will cover role
of AI in shaping business strategies and how it can help in talent acquisition in relation to
management models and theories.
TASK
Technology becomes an integral part of every business industry as it facilitates in faster and
effective working in order to remain competitive in market. Prior to pandemic, many businesses
were relying on traditional approach and did not opted technology but after pandemic they
understand that technology have the ability to improve productivity and performance.
Role of AI in business
AI helps companies in various ways as its algorithms allows to collect data from various sources
and upon successful interpretation, provides with insights which can be used in formulation of
strategy. Following are some businesses in which AI is mostly used.
 Logistics –It is used by logistics companies who use freight trucks and flight in order to
find out efficient travel patterns based on ability of AI to sources information of route
distance, fuel consumption, overall cost and time (Canals and Heukamp, 2020). By this,
company can effectively choose best medium which is time saving as well as cost
effective.
 Healthcare – It is widely used by healthcare organisation in order to supplement
physician training and education. It also helps in reviewing medical records and based on
that provides treatment approaches and consultation like a digital assistant.

 HR and staffing – AI is also used in many companies in order to hire potential candidate
to fill vacant position in company. Based on keyword functionality, it searches and shows
potential candidates that meets company’s requirement.
Role of AI in managing strategy
Strategies may be defined as roadmap or blueprint which drives company towards
accomplishment of objectives. It is needed to formulate effective strategies so that company can
become more efficient in its operations. As pandemic have affected many business but AI helps
management in understanding needs of customer and based on that it provides insights that can
be used in decision making. It might be possible that decision taken by human fails to meet
customer demand as that was based on assumptions. But algorithms of AI deeply understand
collected data and processes it, so that best possible outcome can be obtained. It helps companies
in taking decisions so that it can alter its current strategy in order to get better results. In case of
food and beverage industry, technology is emerging as prior to pandemic most of the business do
not have online delivery platform but as pandemic affected, they started using online platform to
get orders online. Restaurants are prohibited to provide dining to customers because of
pandemic. In some cases, many restaurants have opted drones to deliver food to customer’s
home. This is one of the cost effective and unique way to deliver food.
Customer satisfaction is the primary aim for every business and they use various strategies and
tactics to fulfil customer demand. Every customer is having different taste and preference and it
becomes difficult to collect and analyse each customer’s taste and preference as it was time
consuming and costly method too. So in order to save time and cost, companies have opted AI in
order to analyse market trend and to seek customer demand, so that corrective measures to
capture large customer base. Based on insights, companies can produce product which can fulfil
customer demand and thus contributes in customer satisfaction. It analyses buying pattern and
behaviour of buyer along with provide similar products based on search. In some companies,
they use chatbots and digital assistance which can respond to basic queries and issue of
customer. Sometimes it becomes impossible to attend hundreds of calls in a day and
unavailability of customer care executives makes customer dissatisfied. But AI can answer just
like human intelligence. Formulation of strategy is an important part of company’s management
process and requires various skills in order to make effective plans.

Talent acquisition
Talent acquisition may be defined as the process of hiring potential candidate for vacant position
in company (Albert, 2019). It involves various steps such as scrutiny, interviewing and on
boarding process. It is important to opt right candidate in company as it may impact negatively
on company’s performance. So to minimise this risk, many companies have management
software that allows them to filter candidates through a funnel process in order to get right
candidate to fill vacant position (Ployhart, Weekley. and Dalzell, 2018). It may affect company’s
performance and might not attain objectives within time. Company have to follow a series of
structured process while hiring a new candidate in company which helps in eliminating those
candidates who are unfit for job position. If company have not selected right candidate, then it
will reflect in company’s poor performance. Company may struggle poor performance, bad
decision making and unmotivated staff. It reduces the risk of unsuccessful hire. This can be
helpful to company in terms of cost, time and efforts. Having right candidate helps firm in
remaining competitive in industry. Right hires with right skills makes enhances greatest value for
company. They contribute in elevating productivity of company’s performance. It saves in hiring
cost of other candidate as well as focus on retaining existing workforce.
Learning and development
It may be defined as a term used to demonstrate everything that a business do in order to
encourage professional development in their employees. It is one of core responsibility of
Human Resource department and must be carried out so that it can make employees more
productive while working. It encompasses of various strategies that are opted by different
organisation. In larger companies, training and development is highly structured and HR
manager is given the responsibility to conduct training session. By this, employee can be award
about latest and current trends of market. The very first is identifying training needs and to
formulate plans in order to conduct training sessions. Learning and developments allow
employees to learn new skills along with remain competitive in market (Bongard, 2019). It
facilitates in strong employee engagement and have various benefits too such as higher retention
rates and job satisfaction. So it is needed to implement effective learning and development
strategies that will attract potential hires as well as motivates team towards attainment of

organisational objectives. It keeps up to date with latest trends. So that management can make
effective strategy for opting right candidate for job.
Change management
It may be referred as a systematic approach that can be utilised in transition and transformatyion
of organisation’s goals, tasks and processes. The core purpose of change management is to
implement change strategies to effective change. There are various steps in change management
such as preparing employees for change and to formulate effective change management plan for
successful implementation. With changing or altering strategies, it can provide positive impact
on company’s performance and thus becomes easier to attain objectives. Change is needed in
every area of company for overall performance of company. It needs a chain to make change
successful.
CONCLUSION
From the above project essay it was concluded that AI plays a crucial role in making business
successful as it allows in formulation of management strategies to capture larger market. AI have
the ability to respond to customer queries based on previous learnings and a sense of adaption of
new surroundings. It helps companies in saving time and efforts. It has also been analysed that
employees are the assets of company and is needed to opt right candidate that contributes his
efforts towards fulfilment of company’s goals. Standalone software helps company in filtering
candidates and eliminates those applicants who are unfit for position. They go through an
algorithm funnel which selects candidates who are fit for filling vacant position of company.
Change is essential for every company and it is needed to take necessary step for making change
management successful. Training sessions helps employees to gain more skills and promotes
self-development.

REFERENCES
Books and Journals
Albert, E.T., 2019. AI in talent acquisition: a review of AI-applications used in recruitment and
selection. Strategic HR Review.
Bongard, A., 2019. Automating talent acquisition: Smart recruitment, predictive hiring
algorithms, and the data-driven nature of artificial intelligence. Psychosociological Issues in
Human Resource Management, 7(1), pp.36-41.
Canals, J. and Heukamp, F., 2020. The future of management in an AI world. Palgrave
Macmillan.
Gil, D., Hobson, S., Mojsilović, A., Puri, R. and Smith, J.R., 2020. AI for management: An
overview. the Future of Management in an AI World, pp.3-19.
Ployhart, R.E., Weekley, J.A. and Dalzell, J., 2018. Talent without borders: Global talent
acquisition for competitive advantage. Oxford University Press.