Artificial Intelligence: Business Applications and Evaluation Report

This report provides a comprehensive overview of artificial intelligence (AI), examining its significance, development, and technological aspects. It delves into the importance of AI in modern business, discussing its role in decision-making, improving working conditions, and gaining a competitive edge. The report analyzes the technology used, including robotics, natural language generation, and various software platforms. It explores business models like the Boston matrix, balanced scorecard, and Ansoff matrix, alongside structures such as agile and waterfall. The report evaluates AI's effectiveness as a business tool, its applications in data analysis, automation, and consumer behavior, and its relationship with both established and emerging business theories. The report also discusses the usage of AI in different business firms and its effectiveness over a period of time.

Report

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................3
SECTION 1.....................................................................................................................................3
A) Evaluation of the importance of the topic that is discussed above.........................................3
B) Examination of the development of the topic which is artificial intelligence........................3
C) Identification and analysis of the technology that is used in the topic and evaluation of the
areas in which it can be used.......................................................................................................4
D) Detailed examination of the platforms in which the above mentioned topic is used and
evaluation of the software that is used in it.................................................................................4
E) Discussion of the business firm that uses this type of technology..........................................4
F) Analysis of the topic and its usage as a tool of business including its effectiveness over the
period of time...............................................................................................................................5
SECTION 2.....................................................................................................................................5
Evaluation and analysis of the above mentioned topic and its nature of relationship between
the theories that are old, tried, and tested as compared to the ones that are newly formed with
context to the business management practices and different structures......................................5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Artificial intelligence is one of the most crucial as well as important aspect in the present time
since it is a technology that can help in making decision process faster and can also contribute
towards the better working conditions of the company in the long run scenario (Bryson and
Winfield, 2017). In this report there is a detailed discussion and elaboration done of the aspect of
artificial intelligence and its related factors like its importance, development process, description of
the technology and the technological processes that are involved in it, the type of firm that uses this
technology, and its area of effectiveness. Apart from that the report also includes various types of
methods and business models that possess a lot of importance from the company’s point of view
and its relation in context of the topic which is artificial intelligence. The methods that are included
in the report are waterfall, agile, and organisational structure while the business models that are
elaborated in the report are Boston matrix, balanced score card, and ansoff matrix.
SECTION 1
A) Evaluation of the importance of the topic that is discussed above
Artificial intelligence is of the most important as well as critical aspect at the same time since
it helps in doing the activities of the company with utmost accuracy and preciseness and also it
helps in reducing the overall work load of the employees. Since the current situation of the industry
is very tricky and the firm that is well balanced and uses advanced technology can survive in the
market that has stiff competition prevailing and thus artificial intelligence technology helps an
organisation to gain an upper hand in the market since it reduces the cost and increases profitability
which proves beneficial to it in countering the stiff rivalry.
B) Examination of the development of the topic which is artificial intelligence
The topic of artificial intelligence is developed after doing a detailed analysis of all the things
that are prevailing in the market so that a technology can be made which can understand all the
aspects of the industry and then work in an according manner. Thus artificial intelligence is one of
the topic that is evaluated after a rigorous process of selection from all the alternatives that are
available in the market so that the best one can be selected from all the alternatives that are present.
After the development of the above mentioned topic a research is done on it so as to check its
effectiveness and efficiency in the current market so as to analyse that it is beneficial for the
companies or not (Chen, Joshi and Ghassemi, 2020).

C) Identification and analysis of the technology that is used in the topic and evaluation of the areas
in which it can be used
There are a number of different technological changes made in the industry on a daily basis
but it is very important as well as essential at the same time to choose the best one so that it can
prove useful for the firm and can add value to it in the long term context. The technology that has
been used in the topic which is of artificial intelligence is robotics and advanced mechanisms and it
is mainly used for performing all the activities that a firm does and also analyses the condition of
the market and proves beneficial in taking appropriate decisions on the implementation of certain
natured plans. This technology which is robotics that is used in artificial intelligence is highly
advanced and is used for important nature works since it is very costly to due to its efficiency and
effectiveness so it is not possible for every organisation to use its services (Couzin-Frankel, 2019).
D) Detailed examination of the platforms in which the above mentioned topic is used and
evaluation of the software that is used in it
The technological platform that is use in artificial intelligence is mainly natural language
generation and speech recognition so that it can help in evaluating the past and present data set so
that the future aspect can be predicted with more accuracy so as to take appropriate decisions for
the future. Apart from that the other technologies that are used in it are robotics process, deep
learning, AI optimisation, etc. so that it can carter the needs, requirements and demands of the
company in the long term circumstances. There are a number of software’s that is present in the
market but the one that is used in context with artificial intelligence is mainly tensor flow and
Microsoft azure since they are the one that is responsible for its overall functioning and working
and thus possess a lot of value in the industry of operation (Zsarnoczky, 2017).
E) Discussion of the business firm that uses this type of technology
There are a number of firms that uses the technology that is of artificial intelligence but the
one that uses it more often is the one that needs to make plans for the future so that all the
uncertainties of the future can be countered by making effective plans that can work according to
the needs of the higher management authorities of the company. Since it is used for reducing the
work load of the individuals that tare working in a firm and also helps in cutting down the extra
time that is taken by a person and also does that with full effectiveness and also saves a lot of time
which proves very beneficial from the organisation’s point of view. Also the technology of
artificial intelligence can be used in analysing the previous year’s data so that the present and
future year data trends and patterns can be evaluated so as to take necessary and appropriate

decisions well in advance which can help the company to grow and prosper in the long term market
with ease and comfort (Fast and Horvitz, 2017).
F) Analysis of the topic and its usage as a tool of business including its effectiveness over the
period of time
Artificial intelligence is used at many places and is one of the most valuable tools for each
and every business firm that is using it since it helps in cutting down the level of uncertainty so that
the enterprise can perform to its full potential without hesitating about the outcomes of it in the
market. The areas in which it can be used as an impeccable tool of business is different
applications, doing appropriate analysis of data, automation, processing natural languages, etc. The
effectiveness of it is mainly in the areas of consumer behaviour analysis and forecasting of data,
cross-referencing, updating files of high importance, recommendations for various products, etc. so
it can be said that artificial intelligence is a very important aspect that has to be analysed in detail
so that it can help the company to grow and develop in the long term (Floridi, 2020).
SECTION 2
Evaluation and analysis of the above mentioned topic and its nature of relationship between the
theories that are old, tried, and tested as compared to the ones that are newly formed with
context to the business management practices and different structures
There are a number of different tools and techniques prevailing in the market and a business
firm can chose any of them which tend to suit the operation of the firm in the long run (Tambe,
Cappelli and Yakubovich, 2019). Since there are many techniques but a company must use a
mixture of both old, tried, and tested approaches and newly formed ones so that all can help the
firm to achieve its goals in a very well systematic and sequential way. There are different structures
that possess a lot of value and thus they are described below in detail-
Agile structure- This structure is related with flexibility in terms of changing the activities
of the business according to the current market environment so that it can quickly adapt to the
challenging situations that are also very dynamic in nature. The foremost characteristics of this
kind of structure is customer centric, network autonomous, fast activity cycles, etc. so that all can
collectively lead to the fulfilment of all the desired objectives of the company and that too within a
limited time period and that too with full accuracy. In terms of artificial intelligence it gives the
firm an upper hand to change its working according to the business environment since it predicts

each and everything well in advance so that necessary changes can be made accordingly (Glikson
and Woolley, 2020).
Waterfall structure- It is a structure or can be said that it is a series of steps from which the
funds of the company flows and thus it is highly important to analyse and evaluate each and every
step so that it can be examined that all the activities that are directed and are flowed towards the
accomplishment of the desired goals. This structure is mainly divided into five stages that are
requirements, design, implementation, verification, and maintenance. In the first step requirements
is analysed and in the second one design of the required aspect is devalued in detail so that
implementation which is the next stage can be done in an appropriate manner. After that
verification of the implemented process is done and after that maintenance is done of the whole
process. In terms of artificial intelligence it can simplify the process without compromising on its
effectiveness so that it can carter the long term goals that are made at the beginning of the company
(Hutson, 2018).
Organisational structure- It is a structure that is related with the flow and direction of all
the activities that are performed in a company so as to examine that the pattern of flow is as per the
expectations of the higher authorities. Artificial intelligence can come handy in this regard since it
can help in analysing the overall process with ease so that chance of human error can be reduced
and can add market value to the firm (Luckin, 2017).
There are a number of different business models that are highly important and thus all of
them are explained below-
Boston matrix- It is a model that is very helpful in analysing the strategic plans that are
made so as to achieve the long term goals in an effective and efficient manner. It helps in deciding
the nature and volume of investment so that it can generate and fetch higher returns in the near
future. Artificial intelligence technology helps in analysing the data so that all the decisions for
investment purposes can be made with full preciseness (Nsoesie, 2018).
Ansoff matrix- It is a business model that helps higher management to formulate strategies
so that the firm can operate in an effective manner. Artificial intelligence can help the management
team to do these things in a more precise manner. There are majorly four sub heads of this
approach that are explained below with context of the artificial intelligence technology-
 Market penetration- It is related with the penetration that a product can get into the market
so as to analyse that it can prove beneficial for the company in the long run or not so that
necessary adjustments can be made in it accordingly. Since the technology of artificial

intelligence is very useful in the current market scenario as it reduces the burden on the
work force and also helps in providing accuracy and efficiency to the firm in the industry in
which it is operational.
 Product development- It is related with the development of the product so that new
features can be tried and tested which can result in capturing a greater market share and
artificial intelligence technology can help in the development of various products since it
analyses the market conditions and then acts accordingly.
 Market expansion- This aspect is related with the expansion of the market that is it can
reach to the maximum number of persons that can result in the improved market share of
the company in the long term. Artificial intelligence can help in expansion of the market
since it can do a detailed examination of the product that is in demand an then it can apply it
to the organisation in the industry.
 Diversification- This feature is related with diversify the product range so that the
enterprise can operate in a much wider area and the technology of artificial intelligence
helps the company to do so and that too with full effectiveness and efficiency so that it can
add market value to it in the long run.
Balanced score card- It is model that helps in analysing the overall performance of the
company so that standards can be compared with the actual performance and thus deviations can be
examined and rectified within a limited time period. Artificial intelligence can help the company to
do the needful with full effectiveness and that too without many errors in between (Steels and
Brooks, 2018).
CONCLUSION
It can be concluded from the above that the technology of artificial intelligence is of high
important and thus have to be examined and evaluated with accuracy so that it can lead to the
achievement of the desired objectives and that too in the long term scenario.

REFERENCES
Books and journals
Bryson, J. and Winfield, A., 2017. Standardizing ethical design for artificial intelligence and
autonomous systems. Computer, 50(5), pp.116-119.
Chen, I.Y., Joshi, S. and Ghassemi, M., 2020. Treating health disparities with artificial intelligence.
Nature medicine, 26(1), pp.16-17.
Couzin-Frankel, J., 2019. Medicine contends with how to use artificial intelligence.
Fast, E. and Horvitz, E., 2017, February. Long-term trends in the public perception of artificial
intelligence. In Proceedings of the AAAI Conference on Artificial Intelligence (Vol. 31,
No. 1).
Floridi, L., 2020. What the near future of artificial intelligence could be. In The 2019 Yearbook of
the Digital Ethics Lab (pp. 127-142). Springer, Cham.
Glikson, E. and Woolley, A.W., 2020. Human trust in artificial intelligence: Review of empirical
research. Academy of Management Annals, 14(2), pp.627-660.
Hutson, M., 2018. Artificial intelligence faces reproducibility crisis.
Luckin, R., 2017. Towards artificial intelligence-based assessment systems. Nature Human
Behaviour, 1(3), pp.1-3.
Nsoesie, E.O., 2018. Evaluating artificial intelligence applications in clinical settings. JAMA
network open, 1(5), pp.e182658-e182658.
Steels, L. and Brooks, R. eds., 2018. The artificial life route to artificial intelligence: Building
embodied, situated agents. Routledge.
Tambe, P., Cappelli, P. and Yakubovich, V., 2019. Artificial intelligence in human resources
management: Challenges and a path forward. California Management Review, 61(4),
pp.15-42.
Zsarnoczky, M., 2017. How does artificial intelligence affect the tourism industry?. VADYBA,
31(2), pp.85-90.