ETGBE

SUBMISSION DATE 24 APRIL 2023

ASSIGNMENT-ETGBE

WILL ARTIFICIAL INTELLIGENCE CHANGE THE WAY SYSTEMS OPERATE?

Introduction
The current age is the age of turmoil. Industries are evolving rapidly with the advancement in
technology. Small businesses are stabilizing their brand steadily and are grasping a share in the
market. Monopoly is curtailing slowly in businesses, and anyone with creative products and right
techniques can enjoy a good revenue earned. Though many companies are yet to understand the
buzzword Artificial Intelligence, it is an undeniable fact that Business Intelligence and Artificial
Intelligence are dependent on the vast amount of data. Research has made several predictions about
what data analytics can do, and the impact it will have on Artificial Intelligence and Machine
Learning soon. Industries are soon to witness Artificial Intelligence, and some of its glimpses
include self-driving cars, SIRI, etc. Human behaviours and characteristics stimulate the evolution
of Artificial Intelligence.

Importance of Artificial Intelligence

Companies that implement Artificial Intelligence in their business operations will become more
diverse. They will become capable of analysing data across various functionalities, high-class
customer relationship management, and fraud detection. This way, they obtain a competitive
advantage. Artificial Intelligence successfully founds solutions to complex business problems as
humans do. Machine Learning and Artificial Intelligence are applied to intelligent systems such as
consumer electronics, robots, smart cars, etc. We have also witnessed several conversational bots
and applications that are based on Artificial Intelligence. It allows business leaders to spend time
in expanding their operations, and businesses can quickly strengthen their workflow. With
Artificial Intelligence, less time is spent on standard functions. It will further help to reduce the
work hours, and human brains can be utilized for a more creative process that includes researching,
brainstorming, creating, etc.

Role of Artificial Intelligence in Business

Businesses expect to see Artificial Intelligence as an enabler rather than a disruption. It
will have a massive role in taking forward the business operations and is also believed to
take up a lot of human jobs shortly. Know some significant benefits offered by AI to
businesses.
Virtual Assistance
Some companies are already using, and some are planning to use AI for Virtual
Assistance. Chatbots are deployed for various uses. Customer Service is one of the
essential verticals where Artificial Intelligence is implemented. Businesses see potential in
machine-driven assistance more than human-driven customer service. For instance, airports can
use Artificial Intelligence applications to answer simple queries such as the status of the flight,
timings, alternative flights available, etc.
Data Unlocking
Previously, a limited amount of data was produced by businesses, and therefore, it was structured.
Insights were easily derived from the data by business leaders, and they efficiently stored them in
their database. Gradually, processes changed, data is no more structured, and unstructured data
present contains vital information for a business. Online platforms generate unstructured data in
enormous amounts. Companies will experience the impact of unstructured data for the next few
years.

Process Automation
Automation is consistently rising in technology for the last few years. Several automated tools and
applications have been developed that helps to make business operations agile. Industrial robots
are implemented to make the process easy. These robots are also working in several industries,
along with humans. Automation is expected to bring a new era in the industry by several business
leaders. AI successfully automates routine processes. A vital role is played by smart algorithms in
several sectors that include hospitality, retail, financial industry, etc.
Personalized customer experience
Businesses are providing comprehensive, personalized experiences to their customers. AI
thoroughly analyses vast data, and significant patterns related to the buying experiences of
customers are understood. Buying history includes credit scores, buying preferences, other
common threads, etc. Transactions are analysed every day to provide better-personalized customer
experiences.
Conclusion
AI has helped small businesses to implement abundant methods that are tested and successful with
which they are accomplishing higher business goals. A competitive edge through AI is
continuously provided to start-ups. Simultaneously, big corporates are working on delivering
innovative solutions. AI is slowly becoming a part of reality by serving as robots, self-driven cars,
resources that are voice-activated etc. Businesses are already witnessing a phase where AI
successfully addresses numerous challenges, and optimum growth is achieved.

QUESTION

1.Critically discuss what is meant by Artificial Intelligence as mentioned in the above case study
and investigate how human behavior’s characteristics stimulated the evolution of Artificial
Intelligence?