AI: An Analysis of Business Mediation.
Table of Contents
EXECUTIVE SUMMARY. 3
CHAPTER 1: INTRODUCTION. 4
1.2 Sources and Methods. 4
CHAPTER 2: LITERATURE FINDINGS AND RESULTS. 5
2.1 Introduction. 5
2.1.1 Culture of innovation. 5
2.1.2 Sufficient Data Quantity and Quality. 5
2.1.3 Cloud based technologies. 6
2.1.4 Internal expertise. 6
2.1.5 Well defined technology process. 7
2.1.6 Importance of Artificial Intelligence. 7
CHAPTER 3: SOCIAL SURVEY FINDINGS AND RESULTS. 8
3.1 Introduction. 8
3.1.1 Innovation. 8
3.1.2 Internal expertise. 8
3.1.3 Cloud-based technologies. 9
CHAPTER 4: DATA ANALYSIS AND DISCUSSIONS. 10
CHAPTER 5: CONCLUSION. 11
RECOMMENDATIONS. 12
REFERENCES. 13
EXECUTIVE SUMMARY.
Isn’t it interesting how nice it would be if a business would be executing all its tasks on time with the least number of possible errors or faults? If a company could reach out to its target customers with just a click or something. The purpose of this report is to provide insights on the (1) importance of artificial intelligence and the adverse improvements it would show to a business, (2) explain the factors necessary for implementation of artificial intelligence and (3) provide recommendations to a business that would allow the business experience crazy profits in a period of time that is almost impossible.
This study draws attention to the factors which companies ignore when you want to apply artificial intelligence. For the achievement of artificial intelligence there has to exist some factors: culture of innovation, quantity and quality data, cloud-based technology, internal expertise and well-defined technology processes. A company’s success in artificial intelligence largely depends on defining these factors. Further investigations reveal that many businesses fail in artificial intelligence, and it is for no other reason but the failure to take into consideration the listed factors suitable for the success of the venture. Explanations into the effects of the mentioned factors in the business are noted in the study, the benefits of artificial intelligence as per research are also noted down on this research.
This research concludes after the analysis of several organizations and consultations with various IT experts. Recommendations are given to aid in the success of artificial intelligence in the business, some of which include;
1. Taking Artificial Intelligence readiness tests.
2. Training of the staff in computer related areas.
3. Taking risks and investing artificial intelligence.
4. Hiring an Artificial Intelligence strategist to help.
5. Adopting cloud-based technologies.
CHAPTER 1: INTRODUCTION.
The evolution of technology is an advantage and at the same time a challenge to many entrepreneurs especially since we are living in a hi-tech world. These businesses should be a showcase for modern technology in order to survive. Artificial Intelligence is an important technology that has an adverse effect on daily social life and economic activities (Lu, 2018). Artificial technology has solved various social problems and contributed to the sustainable growth of Japan’s economy. Artificial intelligence encompasses machine learning which helps with the improvement of historical data. Machine learning provides the ability to learn automatically from data from the past without being programmed therefore writing a UK dissertation assignment pro papers masters thesis writing – creating room for improvement. It is evident that in the coming years there is going to be a rapid change in technology, therefore the business environment should focus on improvement and adaptation of artificial intelligence programs. Considering the important role of institutions on the encouragement of cumulative knowledge through the access to pocket-friendly access to data, research tools and materials, this research was a success (Furman and Stern 2012; Murray et al., 2015).
1.1 Purpose and Scope of the Study.
The purpose of this study is to analyze the evolution of technology and its effects especially in the business environment. Taking into account the fact that people communicate less in person as compared to the internet. Social media has developed form just connecting people for friendships and dating to advertising and boosting businesses. Business meetings and communications are conducted over the internet, a very pleasant improvement and thanks to technology. This study aims to study some proposed advancements in technology to work in favor of businesses, the scope of this research is not limited and will look at various businesses and at the same time some technological issues. The conclusions, however, may be limited considering that business and technology is a very wide area which cannot be fully covered. But nevertheless, the study covers a very key area in our environment.
1.2 Sources and Methods.
This study mainly targets the primary and secondary sources for the conclusions and recommendations. The primary sources for this research included the interviews and questionnaires while the secondary sources in favor of this study include journals and books that address artificial intelligence and business success. Sources for this study are heavily exhausted to provide sufficient evidence in support of the thesis.
CHAPTER 2: LITERATURE FINDINGS AND RESULTS.
2.1 Introduction.
Numerous researchers have analyzed the business environment and the impact of technological advancements in the same area. The researchers have confirmed that the internet is slowly becoming the primary source for almost everything. With the growth of online shopping, there is a huge traffic in online shopping because this saves customers time and money since it gives easier comparison of prices before making the order. This fact therefore raises the question what does it take for a company to be ready for artificial intelligence to be successful in a company, the secondary sources are divided into five sections: culture of innovation, quantity and quality data, cloud-based technology, internal expertise and well-defined technology processes.
2.1.1 Culture of innovation.
The enhancement of capabilities and proper use of data is heavily dependent on a company’s culture. Examples of some tech giants that have recorded great innovation include Facebook, google, amazon, Keller and Walmart. It is next to impossible for a business without innovation to embrace artificial technology. Data is very important in artificial intelligence; organizations should value data and view it as a corporate asset meaning they should invest in the collection of data. Good cultural practices in the organization will dictate the adoption of artificial intelligence (Herbig, 1998). According to Aksoy, innovation has proved to be of significant impact in the business performance, with most studies showing that innovation efficiency and firm size are a major booster to market performance (Aksoy, 2017). Privacy, explain ability and ethics fall under cultural considerations which dictate where the application of technology will occur.
2.1.2 Sufficient Data Quantity and Quality.
From the above studies, it is very clear that data is the core of artificial intelligence. There has to exist sufficient quality and quantity of data for algorithms to execute and make predictions. Most artificial intelligence projects fail because of bad data. Artificial intelligence involves the making of machines intelligent (Nilsson, 2010). Artificial intelligence solutions might never make it into production without proper strategies. Despite the fact that an organization has to value data as a corporate asset as stated above, it is important to note that the artificial intelligence program should be in line with the corporate strategy. Artificial intelligence is very important for the achievement of organization goals. According to MIT Technology Review, before the formulation of any strategy, the business must pass through a series of self-questions like; What is the business trying to solve? What is the benefit of AI in solving the problem? Where is the company’s source of data? How often does the company analyze its data for accuracy and bias? Is this problem best solved by AI or machine learning? Machine learning techniques have greatly helped in finding patterns in data (Biamonte et al., 2017).
A sample strategy from an organization is shown below;
2.1.3 Cloud based technologies.
The success of artificial intelligence depends on the computer resources of an organization. The computation and processing of data by artificial intelligence models is heavily dependent on tremendous computation power. Over the last few years, cloud computing has gained popularity as an information curation solution for businesses (SM Ho et al., 2017). For the success of a company with the need to engage in artificial intelligence, there is high need for embracing cloud technologies. Cloud is especially important since it can save a lot on the costs of owning a hardware. The cloud based open-system serves as a storage and processor for data from a 3D survey approach (Logothetis, 2018).
2.1.4 Internal expertise.
The technology sector needs trained guys with specialization in information technology. According to Haislip, internal controls weaknesses related to information technology pose very unique risks to an organization (Haislip et al., 2016).
2.1.5 Well defined technology process.
The success of the business in artificial intelligence is dependent on connection between the business strategy and the AI technology’s delivery. An operating model defining AI roles and the business responsibilities should be developed as a center of excellence. Technological management over time will soon take charge of operational management.
2.1.6 Importance of Artificial Intelligence.
More than half of the companies already practicing artificial intelligence sight making of existing products better as the key factor for engagement. After a survey on 250 companies to discover the benefits of artificial intelligence, the companies gave out their various answers. Some of the benefits of artificial intelligence as per the results of a research taken by Thomas Davenport include; enhancing the general product performance, optimizing internal business operations, better decision making, pursuing new markets, optimizing external processes, writing a UK dissertation assignment pro papers masters thesis writing – creating new products, reducing head count, capturing and applying scarce knowledge where necessary.
CHAPTER 3: SOCIAL SURVEY FINDINGS AND RESULTS.
3.1 Introduction.
This research, apart from covering the findings from the secondary sources, also involve the collection of data from primary sources. The primary sources for this study involve the use of questionnaires and interviews from various experts in information technology and various top management officials of a few companies. This section will present its findings on the basis of: innovation, internal expertise, and cloud-based technologies.
3.1.1 Innovation.
Many researchers have addressed innovation in the organization as a factor for success, there is however, not much information on the level at which the innovation should exist. Around ten managers of different organizations participated in this research, seven of which claimed to be advanced in terms of innovation. Their organizations have a way of promoting employees that come up with brilliant development ideas. Of the seven, three have shown great interest in artificial intelligence.
This study is confirmation enough that innovation and artificial intelligence go hand in hand to boost the organization’s overall performance.
3.1.2 Internal expertise.
We have to agree that the world is changing and embracing technology, it is therefore very hard to maintain relevance in such a world if you still use outdated methods. Of the ten managers that participated in the study, eight reported to have software engineers, IT experts in the organization, when asked the reason for this, their answers were almost the same. “We have to accept the fact that we are heading to a time when machines will do most of the work for human,” was the argument from them.
The views of the managers when compiled sums up to one thing; the adoption of artificial intelligence for an organization makes communication and management easy.
3.1.3 Cloud-based technologies.
Some IT experts were in charge for expanding on this particular topic. When asked about the cloud, software engineers and IT experts explained that cloud is a system by which data is stored but not on hardware, saving on space and time. Cloud technologies promote better arrangement of work. According to computer experts, cloud security has greatly increased as it has become popular among many organizations.
CHAPTER 4: DATA ANALYSIS AND DISCUSSIONS.
In summary, this study has found artificial intelligence to be a very vital aspect in the development of the business in addition to promoting the market. This study has also found out that artificial intelligence is not just achieved over night, it is something that has to be achieved, with the help of some variables explained: innovation, sufficient data quality and quantity, cloud-based technologies, internal expertise and a well-defined technology process.
The study starts off by validating that artificial intelligence is very vital for the success of a business. The study looks at the changes the world is facing in terms of technology and the needs an organization has to meet in order to effectively practice artificial intelligence. People with knowledge of computer are at a great advantage in these times. It is hard to ignore the fact that it will reach a time whereby almost 99 % of the world population will be good at computer. Following the research that many people are good at communicating on social media rather than face to face. Technological advancements are very great but could we say that social media is turning us to ghosts? In this aspect, you can be in the same room with someone but both your attention is on the phone to the extent of even laughing while looking at the phone. The study was mainly on artificial intelligence on business development, I will therefore not focus much on the effect of social media on human beings.
Everything that has advantages is always associated with some disadvantages. However, in the case of adoption of artificial intelligence, the benefits outweigh the limitations, therefore it is highly recommendable that it is adopted for the positive growth of the business. Quality machine learning is an advantage for any company, there is robust data acquisition and smooth auditing process with highly accurate algorithms and efficient improvement plans. From the research it is evident that artificial intelligence helps the business reduce uncertainty because of its forecasts. Machines can analyze large data and give meaning to it. Artificial intelligence can clear any doubts so long as it is asked to do so.
CHAPTER 5: CONCLUSION.
Many businesses can exist but maintaining relevance and performance in the market is the challenge. Machines are there to help human and make their work easier, the fear that machines will replace humans should not be an excuse for an organization’s failure to adopt artificial intelligence. Machines are created by human therefore it is very hard for them to take control of us. The earlier organizations realize the importance of artificial intelligence in the overall performance of the business the better. Without risk there is no gain. Most companies fear the risk of investing money to try out the technological advancements. In the near future, businesses that will not have embraced technology will suffer a heavy blow in the competitive environment. According to this study, artificial intelligence is just a pot of success for any business to engage in.
Trying and failing is not failure but the failure to try becomes the real problem. It will be very rare though, for any company to try and fail after considering all the above factors in this research. I find it rather odd that some businesses have doubts on whether to adopt the AI when business is all about risks. I believe that for a business to start and run, the entrepreneur has to take risks and make analysis. An entrepreneur should be someone with a positive mindset because business is all about expectations. A brief analysis of the questions the business should ask include;
What problem the business is trying to solve? This is the problem statement of the whereby the company analyzes what it’s trying to do and if it requires machine learning.
How will machine learning help tackle the problem? After gaining proper knowledge on the problem, the company should decide how the problem statement will be fed into the machine language and what data is needed into the algorithms.
Company’s Source of training data? After identification of the needed data, the company should decide on how to acquire it.
How does the company audit its data? Examination of whether the company tests its products. Test of the accuracy of its algorithms and if they are audited for bias are all performed as at this stage.
Is machine language the best way to solve this problem? No matter the situation, regardless of whether it is obvious that the problem can be solved with machine learning, it is important to question whether it is the best approach. Judgements of this manner should not be based on emotion or conscience. Do My Assignment For Me UK: Class Assignment Help Services Best Essay Writing Experts – Another thing to check out for is whether the benefits of having the machine outweigh human rights violations of emotional surveillance. And if the company is well equipped with measures to mitigate negative impact.
RECOMMENDATIONS.
Following the results and conclusions of this study, it is advisable that for the success of any business during this time of technological advancements, the company should take the following into consideration;
1. Hire an artificial intelligence strategist to advice on the procedures and way to go about shift in management and operations of the organization.
2. The company should have desire to predict trends and have better decision-making channel.
3. The business should seek new business models and endeavor to reach out to new markets.
4. The company should look for ways to settle for cloud-based technologies.
5. The business should offer training and seminars for employees to teach them on matters information technology.
6. Hold general meetings at different intervals to discuss progress and figure ways in which innovation can be achieved.
7. Carry out further research regarding artificial intelligence. Artificial intelligence is an area that is constantly developing therefore there are updates daily.
REFERENCES
Aksoy, H. (2017). How do innovation culture, marketing innovation and product innovation affect the market performance of small and medium-sized enterprises (SMEs). Technology in Society, 51(4), 133-141.
Biamonte, J., Wittek, P., Pancotti, N., Rebentrost, P., Wiebe, N., & Lloyd, S. (2017). Quantum machine learning. Nature, 549(7671), 195-202.
Furman, J. L., Murray, F., & Stern, S. (2012). Growing stem cells: the impact of federal funding policy on the US scientific frontier. Journal of Policy Analysis and Management, 31(3), 661-705.
Haislip, J. Z., Peters, G. F., & Richardson, V. J. (2016). The effect of auditor IT expertise on internal controls. International Journal of Accounting Information Systems, 20, 1-15.
Herbig, P., & Dunphy, S. (1998). Culture and innovation. Cross Cultural Management, 5(4), 13-21.
Ho, S. M., Ocasio-Velázquez, M., & Booth, C. (2017). Trust or consequences? Causal effects of perceived risk and subjective norms on cloud technology adoption. Computers & Security, 70, 581-595.
Logothetis, S., Karachaliou, E., Valari, E., & Stylianidis, E. (2018). Open source cloud-based technologies for BIM. Proceedings of the International Archives of the Photogrammetry, Remote Sensing and Spatial Information Sciences ISPRS Archives, Riva del Garda, Italy, 4-7.
Lu, H., Li, Y., Chen, M., Kim, H., & Serikawa, S. (2018). Brain intelligence: go beyond artificial intelligence. Mobile Networks and Applications, 23(2), 368-375.
Nilsson, N. (2010), The Quest for Artificial Intelligence: A History of Ideas and Achievements, Cambridge University Press.
