Applications of Artificial Intelligence in Business

1231 words (5 pages) Business Assignment

5th Jun 2020 Business Assignment Reference this

Tags: Business AssignmentsBusinessArtificial Intelligence

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Artificial intelligence is an emerging trend that has gained attention from developed and developing nations. Specifically, businesses utilize artificial intelligence (AI) in monitoring sales progress and more so, tracking potential customers. However, some of the fields have heavily invested in artificial intelligence than others. For example, the sector of medicine, robotics, and engineering spend significantly on the AI due to the high requirement of promoting uniform output and at the same time ensuring feasible systems that can detect operation requirements, just like human beings. In its simplest terms, AI is a technological model that attempts to simulate the behaviors of a human being mostly in computing technology. The concept of IA is not new in the world since its practice started as early as 1956; when researchers realized befits that may accrue such a technological breakthrough. Human beings welcome IA due to its possibilities of lowering business operation cost and quality enhancement; however, people are opposed to IA due to incompatibility with existing systems and replacing human labor.

Artificial intelligence is a tool for saving business-related costs ranging from research cost and overall hiring and firing expenses. Critical agenda of any business is to increase revenue through enhanced operation, improving both efficiency and effectiveness. In this case, therefore, the crucial premise is for enterprises to devise ways of lowing management costs and to ensure high productivity the revolutionary role of artificial intelligence could not be overlooked amidst increased competition in market economies. It is grounded on the idea that businesses are facing an increasingly global nation that shares data timely; hence, to thrive in such an economy, one needs to devise ways of leveraging such date. Business costs are closely related to investment in research which an artificially intelligent system can complete with a short period. Hence, people welcome AI due to its ability to reduce operational expenditure in their daily businesses.

The second premise as to why people like the idea of artificial intelligence is that fact that AI is more accurate than human beings hence can promote quality. For example, the security role of AI may prove more effective than that of humans. In this role, AI recognizes faces, scan for any history, and raise the alarm in case the subject has questionable conduct. This position proves that an Ai system can perform beyond the limits of a human being and at the same time producing higher quality and accuracy. It was postulated that most manufacturing industries that rely on artificial intelligent for their production activities are rated among the best in the industry due to the possibilities that the quality of the outputs is always high. Furthermore, in the field of research, scholar significantly depends on AI in data analysis and conducting other investigation, which otherwise, would take people a long period to complete. Hence, the fact that AI is more accurate than a human being and can ensure consistent quality is one of the justifications why people welcome its implementation.

Despite numerous benefits associated with artificial intelligence, people have not fully adopted its implementation due to lack of perfect compatibility with existing technological infrastructures. System change is a critical investment for any organization, both small and large. The fact that implementing an AI is cumbersome and has high initial cost implies that business owners will not necessarily welcome its incorporation in daily operations. It has been viewed and proved that artificial intelligence is a “necessary evil” business commitment since it bears both benefits and favorable implication. Stephen Hawking, Elon Musk, there’s a Ray Kurzweil that supported a high argument on the basis that implementing AI requires a unique set of skills from staffs, which leads to additional expenditure. The idea of incompatibility with organizational stems reflect the overall; management, infrastructures, as well as the interest of shareholders, to invest in this technological advancement.

The second key reason why people fear AI is the fact it can and has potentially replaced the human resource. In many parts of the world, fresh graduates are struggling to secure employment, frequently raising a debate on whether people should be innovated to continuing replacing human labor or they should focus on defending jobs for the determines young generation. Regarding this matter, the position is that as much innovator work tirelessly to innovate system that can transform the world of business, it is vital to balance between repercussions which arise from unintended consequences such as over reduction of human resource. Therefore, people are reluctant about the whole idea of AI due to the possibility that it can replace large of employees of different parts of the country, hence increasing povert

The future of AI is coupled with great innovation through programming. In the real world, regarding problem-solving, there are times which need to for high accuracy is called for, and stakeholders do not have alternatives rather than continually innovating for better performance. Expressly, the future of problem-solving is highly envisaged in the development of blueprints of AI experts, believed that what exists so far is an essential application of the concepts of artificial intelligence. In the advanced level, AI will involve solving problems with multiple variables. Most of these developments will be aligned with the existing computing models which help people in solving mathematical models. Additionally, Kurzweil indicated that the future of artificial intelligence would entail combining AI with robotic technology to ensure support delivery to most of human computation and security challenges.

To sum up, the development of artificial intelligence can be traced back to as early as 1956 and has culminated to the technology human beings enjoy today. The key drivers of innovativeness in AI have increased competition in the business world and the high need for solving daily social problems. People are fascinated by the idea of AI since it can potentially reduce the cost of running businesses. Additionally, artificial intelligence promotes quality of output either with manufacturing sectors or even in the induction sector. Despite all these opportunities, some people feel that AI is not good since, in most cases, it is not compatible with existing organization structures hence increasing acquisition and implementation cost. Finally, people fear that it may lose their jobs. The future of AI will entail profound inclination towards programming and combining it with robotics.

Work Cited

  • Stuttard, Dafydd, and Marcus Pinto. The Web Application Hacker’s Handbook: Finding and Exploiting Security Flaws. 2nd ed., Wiley; John Wiley, 2019
  • Carolyn Mathas, 2030-Ray Kurzweil’s Predictions or Bill Joy’s Fears. 14th ed., Behrens, Laurence Behrens, 2019
  • Russell, Dewey, and Max Tegmark. Research priorities for Robust and Beneficial Artificial Intelligence. 14th ed., Behrens, Laurence Behrens, 2019

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