Analyzing Contemporary Management Issues in the 21st Century: A Report

This report delves into contemporary management issues, focusing on the impact of Artificial Intelligence (AI) on business strategies and workforce management. It explores the role of AI in reducing costs, increasing efficiency, and improving customer relations through tools like chatbots. The report further emphasizes the significance of talent acquisition, highlighting the importance of identifying and attracting skilled individuals for organizational success. It also examines learning and development programs, emphasizing their role in enhancing employee skills, fostering innovation, and improving customer service. Additionally, the report discusses the critical nature of change management in adapting to both internal and external environmental shifts, such as technological advancements and market competition. The report concludes by underscoring the interconnectedness of these elements in achieving long-term organizational goals and profitability.

Contemporary
Management Issues in
the 21st Century

Table of Contents
INTRODUCTION................................................................................................................................3
MAIN BODY ......................................................................................................................................3
Role and impact of Artificial Intelligence...................................................................................3
Importance of Talent Acquisition-...............................................................................................4
Importance of Learning and Development- ...............................................................................5
Importance of Change Management- .........................................................................................5
CONCLUSION ...................................................................................................................................6
REFERENCES ....................................................................................................................................7

INTRODUCTION
Artificial Intelligence refers to the technique in which all human intelligence is visualised
with the help of machines, mainly computer system. It concentrate on collecting data and make
algorithms then selecting the best algorithm which is used by devices to complete the specific jobs,
it also concern with the customization of these algorithm into useful information, so that they can
provide the valid results(Boudreaux, 2018). There various examples of AI which are used by us in
our daily life such as google maps, games, online payments, social media, online music streaming
apps, smart home appliances and many more. It is used for making human activities easy and fast.
This report is about the role and impact of artificial intelligence on the business strategies and
management of workforce in the organisation. It also discusses about the importance of talent
acquisition, learning and development and about the change management in present global
competitive market.
MAIN BODY
Role and impact of Artificial Intelligence
In Business Strategy- Implementation of AI machines in business management helps in
reducing the time and cost, it increases the production rate and improves the efficiency in the
organisation. With the use of AI machines chances of mistakes in the organisational activities is less
in comparison of work done by the human workforces and maximum amount of data could be
gathered which helps in developing the widened customer base. Another important role of AI in
business organisation is that it helps in handling and regulating the day to day business operations.
Usually business depends on the CRMs to assist the groups but AI cuts the human interference and
works in improving the relation between the customers and management. Many institutions such as
banks, trading business can improve their customer service by adopting it for example using
chatbots for customer queries and doubts(Buschow,and Suhr,2022). It can also identify the trends in
the collected data and aid in reducing the market risks for the organisation, it helps business in
measuring the threats and frauds which could be harmful in the business process. Marketing
strategies of the business can be develop and accomplish as per the change in preferences or
behaviour of the customers. AI play a major role in the research and development in the firm
because of its potential to collect and analyse the large collection of data, company can understand
more about its competitors. It can get solution of all the problems which employees is unable to
find in the business. Many businessmen believes that there is great opportunity in future for

business in artificial intelligence as currently many AI machines in daily routine like Alexa or driver
less car Tesla has been introduced in the market which gives the indication of development in this
form of technology. Hence, Artificial Intelligence has great impact in proper management of
business activities.
In Human Resource- Various theories has been introduced in management of human
resource in an organisation such as organisational lifecycle theory. This is the very first theory of
HRM and it states that an organisation also has lifecycle just like humans have. Like humans, a
business also take birth, grow, reach at maturity, then with the passage of time it reach to maximum
age where it begins to fall, or sometime dies. At any age of life, business get affected by the internal
as well as external environment in both positive or negative way. The main aspect of this theory that
learning in managerial activities is related to the identifying and solving the problems. Artificial
intelligence has the ability to create positive change in the area of human resource in long term as
well as in short term. It is important for the acquisition of talent by identifying the skills and
knowledge of different candidates through data research and also focus on details like from which
job website the candidates has submitted their work report. Company can recruit the suitable
candidate for specific job position by checking the required skills and helps in deciding whether to
do interview or not with the adoption of this technique, this will increase the speed of recruitment
process(Hongal,and Kinange,2020). Many personal AI assistant helps in planning the meetings,
appointments, tasks and activities which reduces the wasting of time in the management. Advanced
technology can modify work like good administration, candidate previewing, interview planning,
and more, although all of these job is critical to an organisation's general execution, completing the
job needed in such activity takes time. The emphasis of these duty often means HR professionals
have less time to help their group in more purposeful manner. Combining AI into human resource
management could help the business to improve its efficiency and increasing the competitive
advantage in the long run.
Importance of Talent Acquisition-
Every company required a department for acquiring talent for the success of the business and
human resource is an essential part without which company cannot think about its growth and
improvement. Talent acquisition is important for the company as it provides you the people with
creative ideas and innovative skills who works in the betterment of the organisation against
competitors. Company which has good and effective talent acquisition opportunity increases its
chances to attract talented people with best skills. Workforce of any organisation is intrinsic part of
the company and the success of the company is wholly depends on skills and ability of the

employees(Popescu, 2018). Company should adopt sound talent acquisition plan of action so that
they can find the individuals who will work in achieving the decided organisational objective. It is
not only related to hiring talented candidates for present but also stay in touch with those people
who can be beneficial in the future for the company. Availability of effective and talented work
force who can work for the company in time of need is very important as it give rise to the
productivity and decline the cost of the operation in the long run of the organisation.
Importance of Learning and Development-
Learning and development is quite similar to the concept of training and development in which the
focus is on giving the employees the particular skills to improve their performance at workplace and
help them to develop in their profession. Training can relate to conducting the workshops internally,
organising talent programs to increase the working abilities of the individuals, whereas in
development the organisational objective and employees growth go hand in hand. If a company
gives sufficient opportunity to its employee then this may help in holding the employees for the
longer period of time with the company which results in reduction of hiring cost of new employees.
This will helps in improving the image of the organisation in the market and also attracts new
individuals to join with the institution. By these types of program, employees feel positive and
motivated at their job which creates good working environment and workers get more engaged with
the company. Employees become more innovative through learning new skills and developing
knowledge in their interested field and increase their performance graph. A well trained employee
works in the direction of improving the customer services and satisfaction which derives in setting
up of loyal customer base for the firm(Sugahara,2018).
Importance of Change Management-
Change management is the process by which company introduce and apply the change in the
external and internal operational activities of the organisation. There are two types of changes
planned change which is related to the change in product and services of the company or adoption
of new techniques in the operation change in size of the organisation. Other is unplanned which is
related to the application of new government rules, competitors in the market, etc. It is necessary for
the any company to change according to the environment especially external environment like
technological advancement(Verma,and Bandi,2019). It is especially related to creating the new
business models and designs for the proper functioning in the management. Changes in the
management leads to improve the customer as well as employees experience with the company,

they get more engaged in the activities which improves their productivity and make them forward-
looking in their work. It helps in making the employees dynamic so that they can work in any kind
of situation and choosing right tools for the accomplishment of the task. If the process of change is
not applied proper and systematic manner then it will be unproductive and affect adversely on the
growth of the organisation.
CONCLUSION
The above report is the detailed discussion on the meaning and importance of Artificial Intelligence
and its impact and role in the business and workforce of the company. AI is important for the
advancement in the working of business and for the smooth working human resources in the
business. It also focus on the how talented workforce in the organisation helps in achieving the
targets and increase profitability in the long run and about the importance of learning and
development to contribute in the growth of the employees, along with importance of
implementation of change in the management.

REFERENCES
Books and journals
Boudreaux, K., 2018, March. Commonsense and Artificial Intelligence Systems. In Society for
Information Technology & Teacher Education International Conference (pp. 21-24).
Association for the Advancement of Computing in Education (AACE).
Buschow, C. and Suhr, M., 2022. Change management and new organizational forms of content
creation. In Media and change management (pp. 381-397). Springer, Cham.
Hongal, P. and Kinange, U., 2020. A study on talent management and its impact on organization
performance-an empirical review. International Journal of Engineering and Management
Research, 10.
Popescu, C.C., 2018, May. Improvements in business operations and customer experience through
data science and Artificial Intelligence. In Proceedings of the International Conference on
Business Excellence (Vol. 12, No. 1, pp. 804-815).
Sugahara, S., 2018. Motivation to adopt game-based learning (gbl) for employee training and
development: A case study. Journal of Entrepreneurship Education, 21(4), pp.1-12.
Verma, R. and Bandi, S., 2019. Artificial intelligence & human resource management in Indian IT
sector. In Proceedings of 10th International Conference on Digital Strategies for
Organizational Success.