Analyzing the Impact of AI on Business Strategy and Management

This essay delves into the significant role of Artificial Intelligence (AI) in contemporary business strategy and management. It examines how AI impacts various facets of a business, including talent acquisition, learning and development, and change management. The essay begins by highlighting the broader context of business operations and the impact of the COVID-19 pandemic, underscoring the increasing importance of technology in achieving efficiency and profitability. The core of the essay focuses on the benefits of AI, such as cost and time savings, insights generation, enhanced customer experience, and increased productivity. It explores the practical applications of AI in talent acquisition, emphasizing the importance of hiring the right candidates, and in learning and development, underscoring the need for continuous skill enhancement. Furthermore, the essay addresses change management, providing a framework for adapting to technological and strategic shifts within an organization. The conclusion synthesizes the key findings, reinforcing the value of AI in driving organizational success and adaptability in a dynamic business environment. The essay is supported by relevant references to academic journals and books.

Individual Coursework

Contents
INTRODUCTION...........................................................................................................................3
TASK...............................................................................................................................................3
Role of AI in business..................................................................................................................3
Talent acquisition.........................................................................................................................5
Learning and development..........................................................................................................5
Change management....................................................................................................................6
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................8

INTRODUCTION
The core purpose of every business organisation is to generate more profit along with rendering
better quality of products and services to society. There are various management strategies that
enables manager to manage their work while staying competitive. Technology is emerging in
every business industry and various companies have opted in order to perform work in an
effective and efficient way (Bader and Stummeyer, 2019). Due to COVID-19, many businesses
have affected adversely as there is been a sharp decline in sales because of travel restrictions. As
many companies are facing issues related to recovering fixed cost due to absence of revenue
generation. This project essay will cover brief introduction of pandemic on business and use of
AI in business. Further, it will cover competitive strategy model and Human Resource theory
along with role of AI in managing business strategy. At last, it will cover imporatnce4 of talent
acquisition, learning and development in current global competitive environment.
TASK
Due to pandemic many businesses have affected due to lockdown and absence of customer
engagement rate. There can be seen a decline of profitability and for due to unavailability df
funds many companies have to shut down their operations. It had affected almost every business
industry. With this affect, AI came into existence more strongly. It had supported business in
many aspects as it has the ability to perform task like human thus reduces complexities. It helps
in improving relationships with employees, customers and other stakeholders. After pandemic,
people understand the value of technology and it can contribute in managing business more
effectively and efficiently. In the education sector, it becomes difficult for schools to take offline
class but use of e-leaning made it easy and convenient to take online lessons. In food and
beverage industry, many small restaurants do not opt take away or online delivery but after
pandemic they feel value of technology.
Role of AI in business
 Save time and money –When it comes to working, machines can perform task more
effective than humans. They can work for 27/7 without getting bored. They have
capability to work without any break and thus saves time of company. It can perform
millions of calculation in seconds without any error. It is alsos cost effective than human

efforts and do not take any break like humans take. Thus, it makes it more cost effective
and efficient tool of managing business. Many companies have taken this technology
while formulating business.
 Generates insights to make effective strategy – Data is considered as an invaluable
resource in every business and effective usage can make company more productive and
efficient or it will be useless in case of not utilise in effective way. It enables companies
to formulate effective strategy so that it can attain objective in a time frame period. It
collects data from various sources and upon interpretation, it provides with insights that
can be used tod deliver better customer service experience by making management
strategies.
 Improving customer experience – As company gets insights that can be used in delivering
better customer experience. It has the ability to interact with many customers at a time
and can respond to their queries effectively.\
 Enhances productivity – Technology do not rely on employees and can perform their task
without any human support. They facilitate in improving overall productivity of company
by performing task more accurately. With real time assistance, it can connect with
various customer and responds to general questions effectively.
Thus, AI plays an important role in formulation of strategies. By opting this technology
company can take effective decision that will drive towards attainment of goals
(Metelskaia and et.al.,2018). It also facilitates in managing workforce and adapts
dynamic environment and based on that provides insights. It can do work more effective
than human efforts. After the pandemic, AI helps companies to remain competitive in
dynamic business environment.
AI also helps in getting right candidate in company as it automatically eliminates unfit
applicants and selects those candidates that have potential to fill vacant position in
company. Thus, hiring right candidate can enhance overall performance of company and
becomes easier to attain goals. Employees are the assets of company and it is need to opt
them wisely or it may adversely affect company’s performance. It helps in aligning in all
resources so that they can be used towards accomplishment of goals. By opting AI in
business it can understand current and historical trends, and to look forward in order to

strengthen human decision. It makes the functions of business more intelligent and thus
leads to increment in sales and profit. Company can earn more profit by taking smart
decisions.
Talent acquisition
It may be defined as the process used by employers in order to recruit, track and
interview to opt potential candidate for filling vacant position in company (Morris,
2017). In many companies they have standalone software that allows them to automate
the repeated process of recruitment and hiring cycle. It is important to hire a right
candidate for company’s vacant position or will adversely effect on business plans and
company’s future success. If company fails to hire right candidate, then it may perform
poor productivity and becomes less efficient. Company can take bad decision and staff
may have demotivated which leads to lower performance. So, it becomes complex to
remain competitive in dynamic business environment. Hiring a right candidate can aid to
business operations and can make company more efficient by taking effective decisions.
It consists of a structures procedure for hiring a new employee. The applicant must have
all relevant skills that makes him suitable for vacant position.
Learning and development
It is important for an employee to keep enhancing his skills for self-development.
Development brings many opportunities that employees can grab in order to grow. It is
considered as a core area of human resource and training and development. It is
important for company to conduct regular training sessions in order to sharp skills of
employees. Skilled employees are kore productive and can do work in an effective and
efficient way (Rajan and Ganesan, 2017). It facilitates in gaining and retaining top talent
which makes company more productive and efficient. In today’s business world, it is
need to be aware about recent trends so that they can make or alter effective strategies
which will drive towards accomplishment of organisational goals. If the employees are
provided with proper training sessions, then it becomes easier for them to understand
their role and responsibility in order to provide better customer experience. It helps in
elevating productivity which can be beneficial for both employees and company.

Training and development sessions helps in grooming employee’s skills so that they can
be made aware about recent market trends.
Change management
This concept may be defined as a systematic approach which can be used in dealing with
transformation and transition of company’s goals, technology and processes (Rao, 2019).
The main aim for change management is to implement management strategies for effecting
change, controlling and helping people to adapt change. This included various elements such
as preparing and supporting employees along with taking essential steps for successful
change implementation. For well-structured organisation, it becomes difficult to implement
change as it has to follow a chain of change management series in order to successful
implementation of change. It is important to follow chain which makes it change transition
more successful. Change management give more control over the type of change. Following
are types of change management.
 Organisational change – This change may involve change in hierarchy and alteration in
current management strategy or integrating new software that makes work smoother.
 Project level change – This type of change focus on making changes that makes project
more effective and efficient.
 Individual level change management – In this type of change, it focuses on enhancing
individual’s performance in order to achieve personal goals.
It is important to makes changes in company’s strategies that drives it towards
accomplishment of goals. It plays an important role in defining success of any business.
CONCLUSION
From the above project essay it was concluded that the role of AI in business is valuable and
it helps companies in improving their overall performance by allowing management to take
effective decision in order to achieve organisational goals. AI helps companies in getting
insights and based on that they can formulate effective strategies. As pandemic have
affected many businesses but technology helps in fixing those gaps which lowers down
company’s performance. It is being analysed that hiring a potential candidate is a complex

process for management and it is needed to opt right candidate or it will impact on
company’s productivity and future success.

REFERENCES
Books and Journals
Bader, M.A. and Stummeyer, C., 2019. The role of innovation and IP in AI-based business
models. In Digital Entrepreneurship (pp. 23-56). Springer, Cham.
Metelskaia, I., Ignatyeva, O., Denef, S. and Samsonowa, T., 2018, June. A business model
template for AI solutions. In Proceedings of the International Conference on Intelligent Science
and Technology (pp. 35-41).
Morris, C., 2017. The changing art of talent acquisition. Diverse Issues in business, 34(20), pp.4-
4.
Rajan, R. and Ganesan, R., 2017. A critical analysis of John P. Kotter's change management
framework. Asian Journal of Research in Business Economics and Management, 7(7), pp.181-
203.
Rao, P.S., 2019. The importance of English in the modern era. Asian Journal of
Multidimensional Research (AJMR), 8(1), pp.7-19.