Artificial Intelligence in Business Management and Education in Emerging Economies

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Maseno University *

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Nov 24, 2024

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1 Artificial Intelligence in Business Management and Education in Emerging Economies Student’s Name Institutional Affiliation Course Date

2 Background Information Artificial intelligence is a modern technology that seeks to transform society in various ways. The application of the Al technology is seen as a new hope that will improve the business sector, especially in the emerging market economies. It is anticipated that Al technology would stimulate economic developments in the emerging economies as it seeks to increase production within business organizations. This will be achieved by using the technology to accomplish the completion of tasks that were perceived impossible to human labour. Literature on Al technology in developed countries also gives evidence that its application in the emerging economies would lead to better management of business organizations in the emerging economies. Al technology's history dates back to the 1950s when the first thinking machines were thought about. The technology has then gone several changes and modifications to the present time. Notably, modern Al technology has been made using more complex algorithms that make it perform tasks more effectively (Haenlein & Kaplan, 2019). Besides, the modern Al technologies have the ability to process and use human expertise hence providing alternative solutions to the problems facing human labour within different organizations globally. More interestingly, the incorporation of the neural network, deep learning algorithm and big data technology in Al has made it much better to meet the various business needs. For instance, the neural network enables artificial intelligence machines to identify and accomplish complicated tasks that would pose a huge challenge to human labour. Similarly, the deep learning and big data technologies of artificial intelligence have the power to process enormous data, analyze and make valid predictions. This is essential to any business organization in planning its various activities such as manufacturing, marketing and focusing on expected sales and profits every financial year in the business management.

3 Statement Problem The success of business organizations within any society is the backbone of economic growth. Business activities that involve the production, manufacturing, marketing and distribution of raw materials to the firms and finished products to consumers create employment opportunities, thus eradicating unemployment and poverty. In developed economies, several business organizations have expanded their operations after the emergence of artificial intelligence. The technology has been used extensively to perfect operations within the business sector, leading to large-scale production of various products. Contrarily, the implementation of artificial intelligence in business organizations within emerging economies has been slow. This has been attributed to several factors that include little knowledge and skills on the use of artificial intelligence, financial constraints, negative perception of artificial intelligence among employees and poor infrastructural development in many emerging economies (Kuziemsky et al., 2019). As a result, the exploration of more advanced business opportunities in emerging economies has remained lower compared to developed economies. Therefore, this study will seek to investigate whether the use of artificial intelligence in emerging economies can transform the business sector and stimulate quick economic developments. Aim of the Study Primarily, the study on artificial intelligence in the emerging market economies will aim at establishing the effects of Al implementation on business organizations in the emerging market economies. The study will involve analyzing different literature sources and data collected about Al technology in business organizations to determine its impact on emerging market economies.

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4 A better understanding of Al in business organizations could stimulate fast growth and expansion, hence contributing to rapid economic developments in emerging market economies. Objectives i. To investigate if the implementation of Al technology in business would stimulate the growth of business organizations in the emerging economies ii. To determine the roles of artificial intelligence in the business organization. iii. To find out employees' perceptions about Al technology in the emerging economy. iv. To establish bottlenecks to the implementation of Al technology in the emerging market economies Research Questions a. Do Al technology has the potential to hasten economic developments in the emerging market economies? b. What are some of the ways in which Al technology is useful in the business organization, especially in the emerging market economies? c. How do employees react to implementing Al technology in business organizations in the emerging market economies? d. What are some of the challenges facing the implementation of Al technology in emerging market economies? The Rationale for the Study Several theories and studies link stable economic development in developed economies with advanced technology. It is revealed that most of the industries in the developed economies use artificial intelligence to enhance the production of quality goods and services. As a result, most business companies in developed economies have been able to attract massive markets

5 across the globe. On the same note, good infrastructural developments in most developed market economies have also been attributed to the success within the business sector. Many developed countries have reliable and cheap sources of power, a strong internet network, availability of software and hardware machinery, and a large pool of skilled personnel. These factors are essential to the success of any business organization. Even though there are studies about the use of artificial intelligence in developed economies, there is a huge gap in the knowledge about the impact on business in the emerging market economies. Most entrepreneurs in the emerging market economies are reluctant to implement the use of artificial intelligence in their organizations due to several reasons. For instance, inadequate infrastructural resources in the emerging market economies make it a challenge to use Al technology in business. Besides, lack of knowledge and skills about Al technology has also slowed its implementation in many business organizations (Kruse, Wunderlich, & Beck, 2019). Human resource departments in many business organizations in emerging market economies have invested little resources in training their employees on Al technology. This has been caused by the high costs of acquiring Al technology and training employees on its usage. In a nutshell, this study will seek to bridge the gap between Al technology implementation and business management in emerging market economies. Overview of Key Literature Technology and Economic Developments Sultanuzzaman et al., (2019) conducted a study to establish the effects of technology on economic development, especially in the emerging market economies. The authors focused on establishing how technology influenced the exports and internationalization of trade among different countries. During the study, Sultanuzzaman et al. used the Generalized Method of

6 Moments model to determine how technology transforms different countries' economic performance. The study revealed that technology and economic development have a positive relationship. This implies that countries in which technology is heavily used to produce various business activities stand a chance to increase exports and expand their international trade. Applying the information in this article will be important in understanding how emerging market economies would benefit from implementing artificial intelligence in business activities. Similarly, Pahjola (2001) argues in his study that advancement in technology has transformed the world and contributed tremendously to the economic developments of different nations. During the study, the author used a survey method to determine the impact of IT in the micro and macro sectors of business organizations in different countries. The author states that the use of information technology in micro and macro business activities has shown great results. According to Pahjola, countries that invest in IT have managed to improve production in the micro and macro business sectors. At the same time, the author reveals that IT investment in some emerging economies has remained low hence slowing economic developments. In addition, the result of this article reveals that investment in IT has become an integral aspect of the global market upon which countries are categorized. Huge investment in technology makes a country considered rich and with a potential steadfast economic development. On the other hand, poor IT investments make a country lag behind economically. Uses of Artificial Intelligence in Business Organizations Davenport and Ronanki (2018) reveals that technology, especially artificial intelligence, is transforming business operations in great ways. A survey study of 250 executive officers from different companies confirmed that Al application cuts across different sectors such as health and business. Based on this article, a high percentage of executive officers use Al technology in

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7 numerous ways. For instance, Al technology enhances customers' satisfaction by facilitating quality services in both the business and health sectors. At the same time, Al technology helps business owners manage finances within business organizations. Al technology is accurate and helps record-keeping any business transaction and computation of various business accounts. This has provided an alternative solution to managing limited financial resources, thus minimizing the embezzlement of funds in the business. This article will provide vital information on how business stakeholders would use Al technology to manage finances in emerging market economies better. Another study by Dirican, (2015) also reveals that artificial intelligence and robotic technology use in business has become a common phenomenon in contemporary society. According to the author, artificial intelligence and robotic technology help business owners easily analyze big data about consumers, sales, and production, thus facilitating proper planning within business organizations. Results from this article also showed that the use of artificial intelligence and robotic technology supports human resources since it aids in the accomplishment of complex tasks with much ease. This saves the time taken to perform different tasks within a business organization. Therefore, the information in this article will be important in understanding the effects of artificial intelligence in business organizations in emerging market economies. Challenges Facing the Implementation of Artificial Intelligence in the Emerging Market Economies Even though artificial intelligence technology has been associated with several positive impacts on business organizations, many scholarly articles reveal its slow implementation in business organizations in emerging market economies. A study by Schlogl et al. (2019) indicates

8 that artificial intelligence applications in business organizations in emerging economies face resistance from employees who feel that the technology would render them jobless. During this study, the authors interviewed a sample of 19 employees from different companies picked randomly about their attitudes towards the implementation of Al technology in organizations where there work. Results from the study showed that many employees showed a negative attitude toward any plans to implement the use of Al for fear of losing their jobs. Information in this article will thus provide important information that can be used to educate employees about the use of Al implementation. This will give employees the confidence to embrace the Al technology as it will seek to improve their production than replace their roles. Moreover, Enholm et al., (2021) insinuate that Al technology implementation has lagged behind in many business organizations due to a lack of knowledge and skills about Al technology. Consequently, the unskilled human resource personnel negatively impacts the implementation process of Al technology in business organizations. Besides, poor understanding of Al technology makes it a challenge for employees to use it, hindering production. Therefore, information from this article will be important to business stakeholders in the emerging market economies as it will reveal the importance of training and equipping employees with Al technology before implementation in any business organization. Proposed Methodology I will adopt a mixed research methodology during this study. To successful collect appropriate data, I will use a systematic literature review and qualitative methodology approach. In the first case, the systematic literature review will enable me to find relevant information on the use of artificial intelligence in the business organization (Creswell & Hirose, 2019). Besides,

9 I will use search engines such as MEDLINE, Google Scholar and Embase to search for scholarly articles about artificial intelligence in business management in the emerging economies. In the second case, I will use the quantitative approach while collecting data directly among selected business organizations in the emerging market economies. The selection of the study organizations will be random, thus preventing biased data (Cook & Garcia, 2020). At the same time, I will use an online survey method to enable me to reach my targeted audience with much ease. In addition, I will sample a total of 30 business organizations to investigate the level of artificial intelligence implementation and mechanisms different companies used to ensure their success. Research Design While conducting this research, I will use a quantitative research design to ease my understanding of the data I will collect. Using a quantitative research design will also help collect information numerically (Abutabenjeh & Jaradat, 2018). This makes it possible for data analysis using spss. Adopting a quantitative research approach will also save the time that I will use to collect data. This is because the quantitative collection of data happens more rapidly as respondents have to choose from a range of quantitative options provided or numerically indicate their responses. This is unlike a qualitative approach that requires more details that could be time-consuming. The rationale for Adopting a Quantitative Research Design The use of a quantitative research design has been used intensively by different researchers to understand the effects of social, economic and political dynamics on business organizations. At the same time, a quantitative research design and systematic literature approaches have enhanced our understanding of how artificial intelligence has transformed

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10 business operations in developed economies. However, there is inadequate information about the effect of Al on business organizations in emerging economies. Therefore, using a quantitative and systematic review approach will provide vital information about the effects of Al on business organizations in emerging economies. Ethical Considerations 1. Data collected in this study will be treated with utmost secrecy and privacy; thus, no information will land in the unauthorized person. 2. Only managers of business organizations that will give consent to the study request letter will be considered for the study. Data used in this study will not be collected from a business organization without the knowledge of its management. 3. All the samples used in this study will also be collected randomly. This will enhance the representation of the larger population, thus leading to accurate data collection.

11 Table 1: Gantt chart for a six-year period Activity 1 st Year 2 nd Year 3 rd Year 4 th Year Conducting a systematic literature review Writing of annotated bibliography Identification and seeking of study approval from business owners Choosing, testing and pre-test of data collection methods Execution of the study Data sorting and analysis Report writing and submission References

12 Abutabenjeh, S., & Jaradat, R. (2018). Clarification of research design, research methods, and research methodology: A guide for public administration researchers and practitioners. Teaching Public Administration , 36 (3), 237-258. Cook, C., & Garcia, A. N. (2020). Post-randomization bias. Journal of Manual & Manipulative Therapy , 28 (2), 69-71. Creswell, J. W., & Hirose, M. (2019). Mixed methods and survey research in family medicine and community health. Family Medicine and Community Health , 7 (2). Davenport, T. H., & Ronanki, R. (2018). Artificial intelligence for the real world. Harvard business review , 96 (1), 108-116. Enholm, I. M., Papagiannidis, E., Mikalef, P., & Krogstie, J. (2021). Artificial intelligence and business value: A literature review. Information Systems Frontiers , 1-26. Haenlein, M., & Kaplan, A. (2019). A brief history of artificial intelligence: On the past, present, and future of artificial intelligence. California management review , 61 (4), 5-14. Kruse, L., Wunderlich, N., & Beck, R. (2019, January). Artificial intelligence for the financial services industry: What challenges organizations to succeed. In Proceedings of the 52nd Hawaii International Conference on System Sciences . Kuziemsky, C., Maeder, A. J., John, O., Gogia, S. B., Basu, A., Meher, S., & Ito, M. (2019). Role of artificial intelligence within the telehealth domain. Yearbook of medical informatics , 28 (01), 035-040. Pohjola, M. (2001). Information technology, productivity, and economic growth: International evidence and implications for economic development . Oxford University Press.

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13 Schlögl, S., Postulka, C., Bernsteiner, R., & Ploder, C. (2019, July). Artificial intelligence tool penetration in business: Adoption, challenges and fears. In International Conference on Knowledge Management in Organizations (pp. 259-270). Springer, Cham. Sultanuzzaman, M. R., Fan, H., Mohamued, E. A., Hossain, M. I., & Islam, M. A. (2019). Effects of export and technology on economic growth: Selected emerging Asian economies. Economic research-Ekonomska istraživanja , 32 (1), 2515-2531.

Artificial Intelligence in Business Management and Education in Emerging Economies

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