BUS 363 WEEK 4 ASSIGNMENT

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Feb 20, 2024

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Innovation, Entrepreneurship, and the Impact of AI and Robotics on Organizations Janaya Cherry Bus 363 The success and flexibility of businesses are significantly shaped by innovation and entrepreneurship in the ever-changing business environment of today. They push organizations into unexplored territory, promote growth, and stimulate change. This study examines the relationship between entrepreneurship and innovation, assesses the advantages and disadvantages of social organizations regarding innovation and change, makes predictions about the impact of robotics and artificial intelligence (AI) on organizations over the next ten years, and lists possible risks related to these cutting- edge technologies. Innovation and entrepreneurship are deeply interconnected. The process of coming up with novel concepts, goods, or services that fulfill certain demands or provide a special value is known as innovation. It may take the form of ground-breaking inventions or small-scale advancements. Contrarily, entrepreneurship is the capacity to identify chances brought about by innovation and turn them into successful ventures. Building sustainable enterprises, managing risks, and introducing innovations to the market are all critical tasks performed by entrepreneurs. Social organizations have special qualities; they are frequently connected to nonprofit and socially conscious endeavors. They have a strong sense of purpose and are dedicated to promoting constructive social change. These organizations experience

both risks and benefits regarding change and innovation. Benefits are social impact, Attracting talents, and Philanthropic Support. Social impact is social organizations have the power to significantly improve society. Their inventions are meant to address important social problems like the environment, healthcare, education, and poverty. Attracting talents is the dedication to social impact that draws volunteers and staff with a strong sense of purpose who are enthusiastic about bringing about change. Philanthropic support is when Corporate social responsibility initiatives, foundations, and charitable individuals frequently provide support to social organizations. Some risks are Resource Limitations and Change Resistance. Resource Limitations which is the capacity to innovate and scale up social solutions may be hampered by limited funding and resource availability. Change may be resisted by current stakeholders, particularly if it goes against the status quo or well-established conventions. AI and robotics are poised to revolutionize various industries in the coming years. They can significantly impact organizations Automation and Efficiency, Data-Driven Decision Making and New Business Opportunities. AI-driven automation can increase efficiency and lower operating costs by streamlining repetitive processes. Examples include robotic process automation (RPA) in data entry and chatbots for customer care. Large-scale datasets can be analyzed by AI to produce useful insights that help businesses make decisions. Applications for machine learning and predictive analytics provide one example of this. Robotics and artificial intelligence have sparked the development of new companies in sectors including self-driving cars, medical diagnostics, and smart home technology.

There are a few risks of technology. Job displacement is one this is when Automation and artificial intelligence (AI) technologies have the potential to cause social and economic issues by dislodging jobs across a range of industries. Also, Ethical concerns which is the application of AI to surveillance, facial recognition, and decision- making presents ethical questions about accountability, justice, and privacy. Innovation and entrepreneurship are closely related concepts that propel social progress, economic expansion, and change. Despite resource constraints and change opposition, social organizations play a constructive role in societal transformation. Organizations will continue to be impacted by AI and robotics because they boost productivity, facilitate data-driven decision-making, and create new commercial prospects. These innovations do, however, also carry risks, such as the possibility of employment displacement and ethical issues. A balance between encouraging innovation and entrepreneurship and addressing the possible issues associated with new technology must be established as businesses adjust to this changing world. References: 1. Chesbrough, H. (2003). The era of open innovation. MIT Sloan Management Review, 44(3), 35-41. 2. Brynjolfsson, E., & McAfee, A. (2014). The second machine age: Work, progress, and prosperity in a time of brilliant technologies. W. W. Norton & Company.

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