Harnessing AI for Business Success: Key Strategies and Benefits

Artificial Intelligence in Business Thejasvi Narayana Pasupulety Campbellsville University Current and Emerging Technology (BA63471H123)

Artificial Intelligence in Business  Introduction  Business AI isn't new.  AI lets robots evaluate.  Data collection and AI help firms compete (Lee, 2019).  AI aids business decisions.  AI can swiftly examine massive datasets and provide insights humans cannot.  AI can predict and retain customers.  AI boosts marketing.  AI can analyze client data to find target audiences and enhance marketing.  AI-analyzed customer data enhances marketing.  AI automates tough business tasks.  AI-automated customer assistance may save time and money (Lee et al., 2019).  AI can streamline production and quality control.AI can analyze financial data and predict market trends to help organizations invest.  Avoid financial losses with AI fraud detection, loan approval, and risk assessments.  AI changes business strategy. AI streamlines operations and discovers growth opportunities.  AI finds supply chain and operational inefficiencies, saving money and improving performance.  Business AI struggles. AI ethics provide major challenges.  AI algorithms must be neutral, fair, and not aggravate social or economic inequality.  Businesses must use AI transparently and protect customer privacy. (Lee et al., 2019).  Even as AI technology becomes more mainstream, enterprises need the competence to design and manage trustworthy AI systems.

Why Should Businesses Adopt the Use of AI in Their Practice  Organizational decision-making may benefit from AI.  AI's ability to quickly and adequately analyze vast data is a significant benefit.  AI may help businesses improve customer service, minimize customer unhappiness, and increase revenue by identifying trends and patterns in consumer data.  AI may also cut costs.AI works faster and more accurately than humans.  By automating its supply chain using AI, a company may save labor and inventory expenses.  AI may boost business productivity.  AI can automate data input, recordkeeping, and customer assistance.  Employees may focus on decision-making, problem- solving, and creative thinking (Jöhnk, Weißert, and Wyrtki 2021).  .  This may boost productivity and employee happiness.  AI can improve customer service.AI may analyze client data to customize suggestions and enhance user experience.  A company that analyzes consumer data may propose products and services that meet customer needs.AI keeps firms competitive.  AI-less companies risk falling behind.AI may provide organizations an advantage by helping them make better choices, boost production and efficiency, save costs, and improve customer experience.  AI-automated firms may respond quicker to market dynamics than those that don't

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What Benefits Do the Use of AI Give to The Business Organizations?  AI-using companies are ahead.  AI enhances company productivity.  AI may automate repetitive activities so businesses may concentrate on more creative work.  Personifying bots can answer user questions, relieving customer service professionals for more complex concerns.  Automating data entry, scheduling, and other administrative duties relieves personnel.  AI enhances customer service.  4/7 bots answer queries and recommend items.  Based on browsing history, preferences, and purchases, AI-powered recommendation engines may promote items and services.  Customer loyalty and firm-client relationships increase.  AI algorithms can find insights in enormous data sets.  Data-driven decision-making benefits enterprises.  AI-driven predictive analytics can estimate demand, detect trends, and establish inventory and pricing.  AI's new potential and consumer involvement may boost revenues.  Marketing may target client groups most likely to convert with AI-enabled predictive data.

Challenges Faced in Implementing the Use of AI in Business Organizations  Data quality and accessibility hinder AI usage, according to Shaw et al. (2019).  AI applications in businesses require high-quality, relevant data.  In business enterprises, incorporating AI into existing systems may be problematic.  consider ROI before investing in AI technology.  AI systems can be hacked.  Businesses must protect their AI systems from outside threats.  Other challenges are:  data quality and availability,  bridging the skills gap and skill deficit,  ethical concerns, integrating AI with current systems,  cost, overcoming change resistance, and security.

Business Organizations That Have Implemented the Use of AI into Their Organizational Practice  Facebook  has been able to integrate AI into its commercial operations and day-to-day practices.  Facebook has been able to employ AI to personalize user experiences, identify and stop fraud, examine user behavior and preferences, and create new goods and services that meet its users' changing demands (Sadiku et al., 2021)  Facebook's News Feed algorithm has allowed it to deploy the uses of AI.  The News Feed algorithm uses machine learning to customize the content in a user's news feed.  Facebook has also used AI to identify and stop fraud on its network.  Facebook's facial recognition technology demonstrates how AI has been applied.  Facebook can automatically identify and tag users in images because of this technology.  AliBaba  Alibaba has expanded its logistics system by incorporating AI into its search and recommendation engines.  Alibaba has also utilized AI in their chatbot customer support system.  Alibaba has also made investments in several companies and AI-related technologies to remain a leader in the sector.  Alibaba has been investigating the application of AI in actual retail settings.

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Conclusion  Businesses need to adopt the use of technological advancements like AI in order to stay afloat in a competitive business world.AI will aid them to maintain their competitiveness.  However, just like any good thing that has its flaws, AI also comes with a fair share of challenges that businesses must be willing to come to terms with.  Notwithstanding, AI is a better technological advancement that needs to be adopted by businesses so that they may maintain a competitive edge.

References  Lee, J., Suh, T., Roy, D., & Baucus, M. (2019). Emerging technology and business model innovation: the case of artificial intelligence. Journal of Open Innovation: Technology, Market, and Complexity , 5 (3), 44.  Jöhnk, J., Weißert, M., & Wyrtki, K. (2021). Ready or not, AI comes—an interview study of organizational AI readiness factors. Business & Information Systems Engineering , 63 , 5-20.  Shaw, J., Rudzicz, F., Jamieson, T., & Goldfarb, A. (2019). Artificial intelligence and the implementation challenge. Journal of medical Internet research , 21 (7), e13659.  Jia, K., Kenney, M., Mattila, J., & Seppala, T. (2018). The application of artificial intelligence at Chinese digital platform giants: Baidu, Alibaba and Tencent. ETLA reports , (81).  Sadiku, M., Ashaolu, T. J., Ajayi-Majebi, A., & Musa, S. M. (2021). Artificial Intelligence in Social Media. International Journal of Scientific Advances , 2 (1), 15-20.

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