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Positive Influence of AI on Business Essay

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Updated: Sep 9th, 2022

The advent of artificial intelligence (AI) became a rather important milestone in the history of technological innovations because of the increasingly high number of valuable interventions. The majority of use cases are related to business and manufacturing, making it much easier for organizations to make sure that their improvements are beneficial to business [1]. Three areas are examined: personalized customer service, unprecedented automation opportunities, and prediction capabilities.

When discussing personalized customer services, it may be safe to say that the implementation of AI earnestly appealed to the customers. The latter could easily find any product they needed with the hints from the system that guided users through all the available resources to let them purchase everything they needed plus something else [2][3]. Customer behavior has changed significantly since the implementation of AI mechanisms because consumers are willingly spending their resources on products they like (even if they do not need them now).

On the other hand, there is the concept of automation that makes it easier for businesses to computerize operations that were previously completed by human workers. For example, automated warehousing software prevents the local stores from running out of stock and ensures that consumers are going to receive personalized offers based on their previous purchases [4]. This is a perfect opportunity for businesses to provide their customer base with the required products and services promptly.

The last concept that will be discussed within the framework of the current paper is prediction capability. With an opportunity to envisage consumer behavior and foresee potential purchasing patterns, businesses gain a competitive advantage [5][6]. The latter quickly pays for the installation and setup costs of complex IT systems expected to calculate customer behavior.

Ultimately, modern business operations are practically impossible to run decently without a well-thought-out combination of AI, big data, and IT experts that know how to install and maintain even the most intricate software and hardware. From the current essay, it becomes clear that AI plays a huge role in how existing businesses work with their customers and process all the required data. Without AI, there would be almost no automated business processes, exposing businesses to human error and numerous other limitations.

References

M. Nadimpalli, “Artificial Intelligence – Consumers and Industry Impact,” International Journal of Economics & Management Sciences, vol. 06, no. 03, 2017. Web.

D. Neumann et al., “A self-taught artificial agent for multi-physics computational model personalization,” Medical Image Analysis, vol. 34, pp. 52-64, 2016. Web.

X. Quan and J. Sanderson, “Understanding the Artificial Intelligence Business Ecosystem,” IEEE Engineering Management Review, vol. 46, no. 4, pp. 22-25, 2018. Web.

S. Wright and A. Schultz, “The rising tide of artificial intelligence and business automation: Developing an ethical framework,” Business Horizons, vol. 61, no. 6, pp. 823-832, 2018. Web.

T. Hemphill, “Book review: Prediction Machines: The Simple Economics of Artificial Intelligence,” Journal of General Management, vol. 45, no. 1, pp. 50-51, 2019. Web.

A. Agrawal, J. Gans and A. Goldfarb, “Artificial Intelligence: The Ambiguous Labor Market Impact of Automating Prediction,” SSRN Electronic Journal, 2019. Web.

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1. IvyPanda. "Positive Influence of AI on Business." September 9, 2022. https://ivypanda.com/essays/positive-influence-of-ai-on-business/.


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IvyPanda. "Positive Influence of AI on Business." September 9, 2022. https://ivypanda.com/essays/positive-influence-of-ai-on-business/.

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IvyPanda. 2022. "Positive Influence of AI on Business." September 9, 2022. https://ivypanda.com/essays/positive-influence-of-ai-on-business/.

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IvyPanda. (2022) 'Positive Influence of AI on Business'. 9 September.

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