Intro

I had my first iphone when I was 18 years old. Being thrilled with getting an iphone with
my own hard earn money, I came across Siri. I have always been wanting to try out Siri. So, I
shouted ‘Hey Siri” and I was extremely happy when it recognises my voice and replied Hello
back. Litle did I know, it was Apple form of creating an Artificial Intelligence of speech
recognition. Siri is an integrated, voice-controlled personal assistant available for users of the
Apple. Let say, I shouted Hey Siri Can you call Tasha”. Look it’s dialing up. Siri can receive
a lot of commands from its users or even solving a math equation. Artificial Intelligence or AI
is the replication of human intellectual processes by machines. According to Todorov in his
Artificial Intelligence statistics article, by 2030, Ai will lead to an estimated $15.7 trillion, or
26% increase in global GDP. Therefore, this a good sign that business should invest in AI as
it will reach a high profitability. Today, I would like to explain on how consumers or users
information are used for the integration of AI or machine learning, which different type of
informations will fit different type of business functions. Those three business function that
will be discuss is sales, customer experience and research and development.

Before proceeding to the first main point, let me introduce myself first. My name
is Farrah Mahmood. I am an undergraduate student, in my 2 nd year 1st semester taking
Business Management course. Being a student with a major in data analytics, we need
to know how do we analyses data or informations that we receive, and what are the
oppurtuinities that can be driven from acquiring data to alleviate the data in making
business decision. In todays world, human places a greater trust in machines to do
their jobs. AI will be the new business future because I remember once my Lecturer,
who taught me Introduction to data mining in business, said “Farrah, Do you coding, I
said no. Then he said you should learn it, because you will realise how machine
learning system impact a business a make your buying decision more easier”. From
that, I have been eager to know more and do my own research how does AI brings
fortune to a business.

Sales
Moving forward to our first main point. Sales. How does AI benefits a business sales.
Retailers are increasingly using big data, predictive analytics and machine learning to
gain insight into customer shopping and buying behaviour. With this insight, they are
able to sell more products and better meet the needs of their customers in a quickly
changing retail environment. I give you an example. Tesco. Tesco is leveraging the
power of big data, analytics and the Internet of Things to help them improve ther use
of data in order to deal with constantly changing customer buying patterns. Now, how
does tesco gain this information? One of the common ways to get an information, is
by everytime customers shops and purchased products, the system will detect the
consumer buying behaviour, for example. From this gathered data, Tesco are able to
forecast their sales in the future. Able them to know the demand and supply for
certain products, like last year the system recorded the demand for paper towel has
increased due to the outbreak of Covid-19, once it has been detected there is shortage
on it, the system will then send informations to the manufacture that they need create
more supply towards the increasing demand.

Customer Experience
Likewise, goes to the second business function which is the customer experience.
Have you heard of Netflix, or do you own one? Here is an example of what my netflix
page looks like and on the other hand is what my father’s netflix page looks like. Can
you see the difference in the reccomendations? So, monthly, hundreds of millions of
subscribers tune into Netflix to watch more than 12,500 movies or TV shows. And
without a proper system, it is impossible for users like me to effectively choose what
to watch next. Therefor, AI has been introduce in Netflix for personalizing the users
recommendations lists.  By analyzing and detecting patterns from data related to
users’ viewing habits, Netflix is able to use sophisticated algorithms to recommend
the right content tailored to each of its users. But how exactly does it work? Netflix
extracts 2 main types of user data - implicit and explicit. Explicit data is when users
directly give feedback about the content – a thumbs up if they enjoyed a movie.
Implicit data is essentially behavioral data. Users might not give a movie a thumbs up,
but if the data shows that they binged-watch the series in 2 days, then it most likely
indicates that users liked the show. And as you can see that is why my top
recommendation lists is mostly rom-com movie.

Research and Development (R&D)

For the third business function, this is similar to the Tesco example I have given in
my first point. Do you recalled when I mentioned on how does tesco uses information
from their consumers and uses for their sales forecasting, The data can also be use in
Research and Development department. Generally it’s not only Tesco, maybe it could
be other companies like aeon or other who applied AI. I be setting Tesco as an
example for you to understand it better. Now back to discussion, when customer
purchases products, their transaction will be recorded in the system. Now this
information will then be uses either to create new products, new technologies, or to
improve customer experience. Likewise, AI will not only help business to closely
monitoring buying behaviour but also predicting the possible outcome for the busines
itself, such as how many people shop in a store, how often those same people return
when product A is out of stock, and what leads up to the purchase of various products
for Brand B. If Tesco wants to introduce a new technology, machine learning will
help Tesco to better predict or make a decision wheteher will it be profitable if they
invest or will they suffer if they create new technologies or products. That is how
good and advance AI is. It does the things that human can do but within a shorter
period of time.

Conclusion
At the begining of the speech I have shared you a story on how I discovered real life
AI for the first time and Siri actually has made Apple to be among the newest
company to introduce speech recognition AI in phone devices. Until today, Siri is the
most popular virtual assistant across the world with a 35 percent market share. Other
than that, I have shared example of company who have applied AI in their business,
Tesco and Netflix. I have demonstrated how AI can boost up sales, customer
experience, and research and development with the information they gathered, the big
data can be done as a predictive analytics or machine learning for their company. AI
will be benefiting business in many business functions but I have only covered three
today. However, I encouraged you ladies and gentlemen to explore more, dig deeper
in the AI machine learning world, because the knowledge we have today on Data
Analytics, will be the reason we are successful in the future. That is all for my speech
today, and now I am opening the floor for 3 minutes of questions and answer session.
https://www.labbrand.com/brandsource/elevating-the-brand-experience-how-netflix-
uses-ai-with-a-human-touch
https://becominghuman.ai/how-netflix-uses-ai-and-machine-learning-a087614630fe
https://www.information-age.com/tesco-using-ai-gain-customer-insight-123466328/
https://www.analyticssteps.com/blogs/5-ways-tesco-uses-big-data-analytics
https://www.ideamotive.co/blog/how-can-ai-and-machine-learning-support-your-
research-and-development

The questions that I anticpate from the audience:

- How does a business management student can practice to do machine learning
before working?

-Is the information gathered are only by the transactions of purchasing products?
There are four methods of acquiring data: collecting new data; converting/transforming legacy
data; sharing/exchanging data; and purchasing data.

-How is business management relates to data analytics?

Data analytics is a discipline focused on extracting insights from data. It comprises the
processes, tools and techniques of data analysis and management, including the collection,
organization, and storage of data

- What are the other business functions that will improve with the help of AI?
Question 1