Artificial Intelligence in Business Research Paper

Exclusively available on Available only on IvyPanda® Made by Human No AI

Introduction

The successful application of Artificial Intelligence (AI) in businesses would arguably be one the most pre-eminent innovations of all time; or the worst. AI is gradually being adopted into everyday business use, ranging from management workflow to different trend predictions. It opens up new opportunities for businesses, with research estimating its potential to increase productivity is at 40% or more (Ricard, 2020, para. 1). Further, “professional services giant PwC claims AI could add nearly $16 trillion to the world economy by 2030. The consultancy group McKinsey predicts $13 trillion in the same time frame,” (Ricard, 2020, par. 1). However, while AI may be intelligent, it remains a machine. Its emergence is paving way for a whole new different set of business models, but it is not without its inherent problems that may affect business operations.

New Problems Related to the Impact on Business

One of the main concerns with the adoption of AI is bias. AI algorithms are human-made, meaning, they could have in-built bias created either intentionally or otherwise by their makers. As a result, the AI algorithms produce biased results that may lead to unintended consequences (Chalmers et al., 2020). A biased AI system will damage a company’s reputation and credibility instantly, especially in a generation where people are aware of rights and inclusivity and are ready to ostracize companies based on related missteps (Park, 2017). A recent example was Amazon’s AI-infused hiring process in 2018 that received negative press for being biased against women. The program was trained predominantly on resumes that men submitted, it ended up being biased against female applicants.

Secondly, safety and social manipulation are a concern for businesses and their consumers. AI technology is bound to malfunction, and that would be detrimental for the businesses deploying it (Chalmers et al., 2020). Instances, where such malfunctions have occurred, include when the AI chatbots in Facebook started interacting with one another in a new language that only they could understand, also when Microsoft’s Twitter chatbots were hijacked. It would be difficult to retrieve and secure personal data if a faulty AI used an unknown language. In addition, these malfunctions raise ethical issues and legal concerns for the companies using them. Several law enforcement and private entities are known for using facial recognition technology. Google, in 2015, launched a photos app that was meant to make searches easier for its users. Instead, it implicated the company and raised ethical concerns when it tagged a black couple as gorillas.

Newest Developments in AI and their Future Projections, Problems Related, and the Solutions

AI Advancements in Wildlife Conversation

Oxford University recently developed a new AI software that has the ability to recognize and track chimpanzees in their habitat. With facial recognition, scientists project they will cut down the time and resources required to track animals in the wild by about ten times or more. For instance, the team used 50 hours of archival footage extending over 14 years to train the AI. The video of the 23 chimpanzees in the wild was taken in Bossou in Guinea, West Africa. The algorithm completed the task in 30 seconds and attained an accuracy of 81 percent (Schofield et al., 2019, p. 2). On the other hand, the already experienced researchers available used 55 minutes for the same task and achieved an average accuracy of 42 percent (Schofield et al., 2019, p. 2). These are promising figures and hold a potential to transform the industry.

Similarly, ChimpFace is another AI development that aims at reducing the number of chimpanzees being trafficked. With the emergence of social media, most incidences happen on these platforms, where a seller posts an image of a chimpanzee and finds a buyer on the same platform. Sometimes the buyer ends up posting it on their pages. The ChimpFace is able to scan and find matches of the trafficked animals. Currently, the software is only able to search publicly displayed photos; therefore, traffickers using private Facebook or Instagram profiles can seamlessly conduct their businesses. The manufacturing company has partnered with others, such as Liberia Chimpanzee Rescue and Protection (LCRP) to strengthen the use and further innovation of the software.

AI in Cyber Security

With the COVID -19 outbreak came an increase in cyber threats that wrecked cybersecurity measures and stole sensitive information. CSOs and CISOs came up with AI and machine learning-based tools that would identify anomalies in the existing systems before any breach happens, such as threatening practices and suspicious IP addresses (William, 2020). This, thus, reduces the amount of losses companies incur due to cyber-attacks. The existing problem now is that hackers are also using machine learning to launch their threats. To handle the situation, organizations are training AI to outsmart hackers.

Conclusion

AI will either be the best or worst innovation in the history of technology in equal measure. It is projected to have a massive impact on businesses by improving productivity. On the other hand, it could create massive destruction to businesses mainly as a result of being biased. As intelligent as AI may be, it is made by humans and is bound to malfunction. The malfunctions jeopardize the reputation and credibility of a business. In addition, it puts at risk the safety and privacy of customers’ both the companies and customer data. New AI developments are made often, with some of the most recent being ChimpFace, AI facial recognition for chimpanzees, and AI and machine-based tools to boost cybersecurity. These developments are projected to each improve their respective elements by a significant amount. Companies are collaborating and funding research to be able to advance AI and make them more secure for use.

References

Chalmers, D., MacKenzie, N., & Carter, S. (2020). Artificial Intelligence and entrepreneurship: Implications for venture creation in the Fourth Industrial Revolution. Entrepreneurship Theory and Practice, 45(5), 104225872093458. Web.

Park, SC, (2018). The fourth industrial revolution and implications for innovative cluster policies. AI & Society 33, 433–445. Web.

Ricard, S. (2020). Council Post: AI’s effect on productivity now and in the future. Forbes. Web.

Schofield, D., Nagrani, A., Zisserman, A., Hayashi, M., Matsuzawa, T., Biro, D., & Carvalho, S. (2019). . Science Advances, 5(9) 1-9. Web.

William, J. (2020). Council Post: major advances AI that businesses should keep an eye on. Forbes. Web.

More related papers Related Essay Examples
Cite This paper
You're welcome to use this sample in your assignment. Be sure to cite it correctly

Reference

IvyPanda. (2022, December 1). Artificial Intelligence in Business. https://ivypanda.com/essays/artificial-intelligence-in-business/

Work Cited

"Artificial Intelligence in Business." IvyPanda, 1 Dec. 2022, ivypanda.com/essays/artificial-intelligence-in-business/.

References

IvyPanda. (2022) 'Artificial Intelligence in Business'. 1 December.

References

IvyPanda. 2022. "Artificial Intelligence in Business." December 1, 2022. https://ivypanda.com/essays/artificial-intelligence-in-business/.

1. IvyPanda. "Artificial Intelligence in Business." December 1, 2022. https://ivypanda.com/essays/artificial-intelligence-in-business/.


Bibliography


IvyPanda. "Artificial Intelligence in Business." December 1, 2022. https://ivypanda.com/essays/artificial-intelligence-in-business/.

If, for any reason, you believe that this content should not be published on our website, please request its removal.
Updated:
This academic paper example has been carefully picked, checked and refined by our editorial team.
No AI was involved: only quilified experts contributed.
You are free to use it for the following purposes:
  • To find inspiration for your paper and overcome writer’s block
  • As a source of information (ensure proper referencing)
  • As a template for you assignment
Privacy Settings

IvyPanda uses cookies and similar technologies to enhance your experience, enabling functionalities such as:

  • Basic site functions
  • Ensuring secure, safe transactions
  • Secure account login
  • Remembering account, browser, and regional preferences
  • Remembering privacy and security settings
  • Analyzing site traffic and usage
  • Personalized search, content, and recommendations
  • Displaying relevant, targeted ads on and off IvyPanda

Please refer to IvyPanda's Cookies Policy and Privacy Policy for detailed information.

Required Cookies & Technologies
Always active

Certain technologies we use are essential for critical functions such as security and site integrity, account authentication, security and privacy preferences, internal site usage and maintenance data, and ensuring the site operates correctly for browsing and transactions.

Site Customization

Cookies and similar technologies are used to enhance your experience by:

  • Remembering general and regional preferences
  • Personalizing content, search, recommendations, and offers

Some functions, such as personalized recommendations, account preferences, or localization, may not work correctly without these technologies. For more details, please refer to IvyPanda's Cookies Policy.

Personalized Advertising

To enable personalized advertising (such as interest-based ads), we may share your data with our marketing and advertising partners using cookies and other technologies. These partners may have their own information collected about you. Turning off the personalized advertising setting won't stop you from seeing IvyPanda ads, but it may make the ads you see less relevant or more repetitive.

Personalized advertising may be considered a "sale" or "sharing" of the information under California and other state privacy laws, and you may have the right to opt out. Turning off personalized advertising allows you to exercise your right to opt out. Learn more in IvyPanda's Cookies Policy and Privacy Policy.

1 / 1