University Report: Digital Business and New Technologies, BM562

This report explores the significance of digital technologies and Artificial Intelligence (AI) in modern business, emphasizing their role in enhancing customer satisfaction, reducing costs, and improving operational efficiency. The introduction highlights the importance of technology adoption for organizational survival and competitive advantage. The summary defines AI and its applications in business decision-making, error reduction, and achieving key goals like learning and reasoning. The conclusion reinforces the importance of customer loyalty and satisfaction, and the role of digital technologies and AI in achieving these goals, along with cost reduction and increased efficiency. The application section provides a case study of Tesco, a multinational grocery retailer, illustrating how it leverages technology to improve customer experience and maintain a competitive edge. The report also includes references to relevant academic sources.

Digital Business
and new
technlogies

Table of contents
• Introduction
• Summary
• Conclusion
• Application
• References

Introduction
Use of changing technology is important for the organisation to survive in the
market and provide high customer satisfaction resulting in reduction in cost
which helps the company to in increasing its profit margin and enjoy greater
profits. Artificial Intelligence is becoming a crucial part of the business as it
enhances perfection and maintain the organisation's brand value. It increases
the operational efficiency and productivity which helps to gain a competitive
edge in long run.

Summary
Artificial Intelligence is a wide range branch of computer science which
simulates human intelligence in a machine that thinks like humans and mimic
their actions. It has become the most popular technology used by the
businesses as it helps in saving time and cost. It makes business decisions
faster based on outputs from cognitive technologies. Also it minimises and
avoids human errors and mistakes. The main goals of artificial intelligence are
to learn, reasoning and perception.

Conclusion
From the above report it can be concluded that, customer loyalty, satisfaction
and retention is the most crucial part for any business to survive and grow in
this competitive era. Digital technologies and artificial intelligence helps a
business in engaging their customers and enhancing their experience with the
company. It not only benefits the customers but also helps businesses in cost
reduction, increase its efficiency and have higher revenues with improved
customer satisfaction. It helps the organisation identifying and maximising sales
opportunities. The processes are automated resulting to high level of efficiency.
It saves time and money and there is optimum utilisation of organisation's
resources.

Application
Discussion of the above conclusion in respect with TESCO can be understand
from the following:
Tesco is a leading multinational grocery retail organisation having its
headquarters in Welwyn Garden City, England. From the past 15 years, it is
transforming its customers experience, business model and operational model
by investing in state of art website with click and collect functions. It helps in
driving customer loyalty. Being a famous organisation it faces many difficulties
like wide range of customer base, increasing rivals, reducing cost and wastage,
etc.. Tesco is investing continuously in its technology at attain high level of
customer satisfaction and to maintain competitive edge over others.

References
Baryannis, and et.al., 2019. Supply chain risk management and artificial intelligence:
state of the art and future research directions. International Journal of Production
Research. 57(7). pp.2179-2202.
Borges, and et.al., 2020. The strategic use of artificial intelligence in the digital era:
Systematic literature review and future research directions. International Journal
of Information Management, p.102225.
Bravo, and et.al., 2014. State of the art of artificial intelligence and predictive analytics
in the E&P industry: a technology survey. Spe Journal. 19(04). pp.547-563.
Brougham, D. and Haar, J., 2018. Smart technology, artificial intelligence, robotics,
and algorithms (STARA): Employees’ perceptions of our future workplace.
Journal of Management & Organization. 24(2). pp.239-257.