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.QUESTION
Applications of Artificilal Intelligence in Business
This piece is meant to be an introduction to a longer paper about AI in Business.
The structure of the full paper is:
Introduction – Applications of AI in Business
AI in Industries – Briefly discuss three industries where AI has had a significant positive impact and three industries where AI has had a significant negative impact and three industries where AI has had very little impact.
AI in Business Functions – Briefly discuss three business functions (ex: marketing, sales, etc) where AI has had a significant positive impact and three business functions where AI has had a significant negative impact and three business functions where AI has had very little impact.
Final recommendations and conclusion
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| Subject |
Business |
Pages |
3 |
Style |
APA |
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Answer
Artificial Intelligence
Artificial intelligence is a technological marvel whose applications opens limitless opportunities for business organizations. Today, several business organizations leverage artificial intelligence (AI) to increase their efficiency and boost their market performance. The business world has adopted artificial intelligence to execute tasks such as online customer support, perform advanced data analysis, and detect fraud in the banking industry.
Business organizations, especially those with an online presence, have adopted the use of AI to offer online customer support. Wikhamn (2019) asserts that quick turnaround time on customers' inquiries improves customer experience with a brand. Companies in their need to increase the speed of responding to customers leverage AI to address questions raised by customers on their platforms. AI offers customers instantaneous feedback, thus increasing their shopping experience.
Secondly, businesses use AI in data analysis and use the analysis results to make informed decisions. According to Skilton and Hovsepian (2017), due to technological advancements such as social media and the internet of things (IoT), business organizations have access to a lot of data from the market that they need to process to make informed business decisions. AI helps to solve the large data volumes and establish partners that enable business organizations to make decisions on how to better serve their customers. AI has also gained prominence in the banking and financial sector as it is used to detect fraud from the financial institutions' numerous financial transactions.
In conclusion, artificial intelligence is a technology that has several users in the business world. It has been adopted for online customer support mostly by online retailers. Secondly, business organizations leverage the technology for data analysis to improve their decision making. Also, financial institutions such as banks use AI to detect fraud, such as money laundering from their customers.
References
Skilton, M., & Hovsepian, F. (2017). The 4th industrial revolution: Responding to the impact of artificial intelligence on business. Springer.
Wikhamn, W. (2019). Innovation, sustainable HRM and customer satisfaction. International Journal of Hospitality Management, 76, 102-110.
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