Analyzing the Role of Artificial Intelligence in the Business Sector

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Added on  2022/12/12

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AI Summary
This essay explores the transformative impact of Artificial Intelligence (AI) on the corporate world. It begins by defining AI and highlighting its increasing sophistication and application across various industries. The main body of the essay delves into AI's role in automating business processes, conducting data analysis to provide insights, and enhancing consumer and employee engagement. It examines specific AI technologies such as Robotic Process Automation (RPA), machine learning, and deep learning, discussing their applications and implications for businesses. The essay also addresses the challenges associated with AI implementation, including understanding sophisticated AI models, ensuring data security, and addressing biases in algorithms. The conclusion summarizes the evolving landscape of AI in business, acknowledging its potential to enhance performance while also considering the barriers to widespread adoption and the implications for the future of work. The essay references various sources to support its arguments and provide a comprehensive overview of the topic.
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ESSAY
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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
CONCLUSION................................................................................................................................6
REFRENCES...................................................................................................................................7
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INTRODUCTION
Artificial intelligence is defined as the simulation of human intelligence in machines that are
created to reason like humans and imitate actions of humans. The acronym selected for this
technology reveals the fact that unlike human intelligence, emotions and concious are not part of
this technology. There has been lot of progress a in creation of sophisticated and useful
Artificial intelligence technology. Different types of Artificial intelligence technology is being
by corporates all over the globe. This essay aims to understand changes bought by usage of
artificial intelligence in the corporate world. The present essay provides answer bout impact of
artificial intelligence on the business world.
MAIN BODY
Artificial intelligence provides opportunities to business firms to improve organisational
performance. By looking at Artificial intelligence through corporate lens, it is identified that
artificial intelligence can assistance in three areas of business. These areas are automation of
business process, conduct data analysis to provide vital insights and consumer and employee
engagement.
Robotic process automotive is one of the most common types of AI used in corporate world.
This AI technology is used for automation of digital or physical tasks which are usually part of
back office or financially activities. This technology is comparatively more capabilities normal
business process tools because it inputs and consumes data from various Information system
similar to human employee (Artificial intelligence for the real world, 2018). This has enabled
business firms to reduce increase performance by automating certain activities. RPA does not
have enough capabilities but with swift progress in AI technology it can be used by business
firms to automate jobs which are already outsourced.
Another role of AI in the corporate world is to study giant sets of data, identify patterns and
understand their meaning for a business firms. Machine learning applications are able to identify
credit fraud and insurance claims fraud in real time, find consumers purchase patterns to predict
their future our base information, automate personalized digital advertisements and curate data.
This type of AI is used by business to enhance data analysis (Akerkar, 2019). Deep learning is an
advanced AI which is able to identify images and speech. The main job threat caused by AI used
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in this area is data curation jobs which requires usage of large amount of labour. AI can act as a
replacement for this process because it is able to identify probabilistic matches from large data
sets. Apart from this machine learning is usually helps in improving performance of tasks which
can be completed by machines which reduces threat to human jobs.
AI is used for employee and consumer engagement (Boobier, 2018). This type of AI technology
is used to provide consumer service, answer consumer questions and recommend products or
service to consumers to increase personalisation and sales. Chatbots and intelligent agents are
examples of this type of AI. This is one of the least common uses of AI on the corporate world.
The reason behind hesitancy of large cooperation to use AI for human engagement is their
inability to respond to human queries properly. Business firms are using AI for limited human
interaction and consumer engagement with AI only is not usually seen in the business wod. This
is the reason why AI is not a threat to consumer engagement jobs currently.
It is determined that business firms are using AI for various purposes. AI has helped business
firms enhance performance in various areas and gain better results in machine based tasks.
Despite this negative impact of AI on job is limited. The is because AI has not developed
capabilities to replace humans in key business areas. However the future of AI looks bright and
fast progress in this field can lead to an AI dependent business world.
The current usage of AI in business despite low capabilities includes various barriers in effective
implementation. The main challenge is to understand sophisticated AI and understand its usage
in the company (Ford, 2018). RPA and other simpler AI are transparent but machine learning
technology such as deep learning is able to learn and develop from data. Understanding how this
type of AI created the models is an impossible task for current time. This creates difficulties in
implementation of deep learning technology in business firms in sectors which face high
regulation. Regulation authorities in such industries like the finance industry need to know basis
of decision making including decisions made by the AI. In addition to this there is an obstacle to
ensure that no human biases pass onto the machine learning algorithms. This could lead to
prejudice based decision making and inaccurate prediction by AI. Deep learning and machine
learning systems require large amount of computing power to work effectively. This creates an
affordability issue which makes this type of AI technology I accessible to medium sized
enterprises. The main requirements for advanced AI is large amount of data. As global
governments is focusing on implementing consumer data usage restrictions, data is becoming
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scarce resource. This is challenge to AI usage. In addition to this usage of local data to make
global business decisions increases bias in machine learning systems. Data security is another
factor which is associated with usage of AI and leakage of data is the primary concern for .any
global business firms. Machine learning systems learn from data to improve themselves. This
increases the risk of data breaches. All of these barriers are being improved with progress I. the
field of AI to create a corporate future with maximum AI usage.
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CONCLUSION
From the above report it is concluded that usage of AI is changing the business world. AI has
limited usage in the current corporate world due to low capabilities. Despite this, AI is helping
businesses gain better results across various areas. Implementation of AI has various challenges
which need to be considered by business firms during selection of particular AI for their
organisation. The current usage of I is not a severe threat to jobs but swift progress in the field of
AI created the possibility of future where business firms are using AI in every area.
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REFRENCES
Books and Journals
Akerkar, R., 2019. Artificial intelligence for business. Springer.
Boobier, T., 2018. Advanced analytics and AI: impact, implementation, and the future of work.
John Wiley & Sons.
Ford, M., 2018. Architects of Intelligence: The truth about AI from the people building it. Packt
Publishing Ltd.
Online
Artificial intelligence for the real world, 2018. [Online] Available through
<https://www.google.com/amp/s/hbr.org/amp/2018/01/artificial-intelligence-for-the-real-world>
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