SECTION A Read the case study below and answer the questions that follow. How Artificial Intelligence Will Transform Businesses What is Al? [100 MARKS] Before examining how Al technologies are impacting the business world, it's important to define the term. "Artificial intelligence" is a broad term that refers to any type of computer software that engages in humanlike activities - including leaming, planning and problem-solving. Calling specific applications "artificial inteligence" is like caling a car a "vehicle" - it's technically correct, but it doesn't cover any of the specifics. To understand what type of Al is predominant in business, we have to dig deeper. Al and business today Rather than serving as a replacement for human intelligence and ingenuity, artificial intelligence is generally seen as a supporting tool. Although Al currently has a difficult time completing commonsense tasks in the real world, it is adept at processing and analysing troves of data much faster than a human brain could. Artificial intelligence software can then return with synthesized courses of action and present them to the human user. In this way, we can use Al to help game out possible consequences of each action and streamline the decision-making process. "Artificial intelligence is kind of the second coming of software," said Amir Husain, founder and CEO of machine-learning company SparkCognition. "It's a form of software that makes decisions on its own, that's able to act even in situations not foreseen by the programmers. Artificial intelligence has a wider latitude of decision-making ability as opposed to traditional software." Those traits make Al highly valuable throughout many industries - whether it's simply helping visitors and staff make their way around a corporate campus efficiently, or performing a task as complex as monitoring a wind turbine to predict when it will need repairs. Common uses of Al Some of the most standard uses of Al are machine learning, cybersecurity, customer relationship management, internet searches and personal assistants. Machine learning Machine learning is used often in systems that capture vast amounts of data. For example, smart energy management systems collect data from sensors affixed to various assets. The troves of data are then contextualized by machine- learning algorithms and delivered to your company's decision-makers to better understand energy usage and maintenance demands. Cybersecurity Artificial intelligence is even an indispensable ally when it comes to looking for holes in computer network defences, Husain said. Believe it or not, Al systems can recognize a cyberattack, as well as other cyberthreats, by monitoring patterns from data input. Once it detects a threat, it can backtrack through your data to find the source and help to prevent a future threat. That extra set of eyes - one that is as diligent and continuous as Al - will serve as a great benefit in preserving your infrastructure. "You really can't have enough cybersecurity experts to look at these problems, because of scale and increasing complexity," Husain added. "Artificial intelligence is playing an increasing role here as well." Customer relationship management Artificial intelligence is also changing customer relationship management (CRM) systems. Software programs like Salesforce and Zoho require heavy human intervention to remain current and accurate. But when you apply Al to these platforms, a normal CRM system transforms into a self-updating, auto-correcting system that stays on top of your relationship management for you. A great example of how Al can help with customer relationships is demonstrated in the financial sector. Dr. Hossein Rahnama, founder and CEO of Al concierge company Flybits and visiting professor at the Massachusetts Institute of Technology, worked with TD Bank to integrate Al with regular banking operations. "Using this technology, if you have a mortgage with the bank and it's up for renewal in 90 days or less... if you're walking by a branch, you get a personalized message inviting you to go to the branch and renew purchase," Rahnama said. "If 2/5 QUESTION 4 Use the FOUR (4) marketing instruments (Four P's) to market the sale of Al to businesses and organisations that are looking to eliminate the human element in the operations department. Provide a detailed description with examples of how the Al product will be marketed for each P. QUESTION 5 Refer to the heading in the case study, 'Al is the future'. The CEO of an organisation approaches you as a senior manager for advice. Explain to the CEO, ANY FIVE (5) factors that affect productivity and ANY FIVE (5) ways to improve productivity in the organisation. Provide examples of how Al may be used to improve productivity in the Operations department of contemporary organisations. (20 Marks) (20 Marks)

SECTION A Read the case study below and answer the questions that follow. How Artificial Intelligence Will Transform Businesses What is Al? [100 MARKS] Before examining how Al technologies are impacting the business world, it's important to define the term. "Artificial intelligence" is a broad term that refers to any type of computer software that engages in humanlike activities - including leaming, planning and problem-solving. Calling specific applications "artificial inteligence" is like caling a car a "vehicle" - it's technically correct, but it doesn't cover any of the specifics. To understand what type of Al is predominant in business, we have to dig deeper. Al and business today Rather than serving as a replacement for human intelligence and ingenuity, artificial intelligence is generally seen as a supporting tool. Although Al currently has a difficult time completing commonsense tasks in the real world, it is adept at processing and analysing troves of data much faster than a human brain could. Artificial intelligence software can then return with synthesized courses of action and present them to the human user. In this way, we can use Al to help game out possible consequences of each action and streamline the decision-making process. "Artificial intelligence is kind of the second coming of software," said Amir Husain, founder and CEO of machine-learning company SparkCognition. "It's a form of software that makes decisions on its own, that's able to act even in situations not foreseen by the programmers. Artificial intelligence has a wider latitude of decision-making ability as opposed to traditional software." Those traits make Al highly valuable throughout many industries - whether it's simply helping visitors and staff make their way around a corporate campus efficiently, or performing a task as complex as monitoring a wind turbine to predict when it will need repairs. Common uses of Al Some of the most standard uses of Al are machine learning, cybersecurity, customer relationship management, internet searches and personal assistants. Machine learning Machine learning is used often in systems that capture vast amounts of data. For example, smart energy management systems collect data from sensors affixed to various assets. The troves of data are then contextualized by machine- learning algorithms and delivered to your company's decision-makers to better understand energy usage and maintenance demands. Cybersecurity Artificial intelligence is even an indispensable ally when it comes to looking for holes in computer network defences, Husain said. Believe it or not, Al systems can recognize a cyberattack, as well as other cyberthreats, by monitoring patterns from data input. Once it detects a threat, it can backtrack through your data to find the source and help to prevent a future threat. That extra set of eyes - one that is as diligent and continuous as Al - will serve as a great benefit in preserving your infrastructure. "You really can't have enough cybersecurity experts to look at these problems, because of scale and increasing complexity," Husain added. "Artificial intelligence is playing an increasing role here as well." Customer relationship management Artificial intelligence is also changing customer relationship management (CRM) systems. Software programs like Salesforce and Zoho require heavy human intervention to remain current and accurate. But when you apply Al to these platforms, a normal CRM system transforms into a self-updating, auto-correcting system that stays on top of your relationship management for you. A great example of how Al can help with customer relationships is demonstrated in the financial sector. Dr. Hossein Rahnama, founder and CEO of Al concierge company Flybits and visiting professor at the Massachusetts Institute of Technology, worked with TD Bank to integrate Al with regular banking operations. "Using this technology, if you have a mortgage with the bank and it's up for renewal in 90 days or less... if you're walking by a branch, you get a personalized message inviting you to go to the branch and renew purchase," Rahnama said. "If 2/5 QUESTION 4 Use the FOUR (4) marketing instruments (Four P's) to market the sale of Al to businesses and organisations that are looking to eliminate the human element in the operations department. Provide a detailed description with examples of how the Al product will be marketed for each P. QUESTION 5 Refer to the heading in the case study, 'Al is the future'. The CEO of an organisation approaches you as a senior manager for advice. Explain to the CEO, ANY FIVE (5) factors that affect productivity and ANY FIVE (5) ways to improve productivity in the organisation. Provide examples of how Al may be used to improve productivity in the Operations department of contemporary organisations. (20 Marks) (20 Marks)

Foundations of Business (MindTap Course List)

6th Edition

ISBN:9781337386920

Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Publisher:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Chapter4: Choosing A Form Of Business Ownership

Section: Chapter Questions

Problem 6DQ

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