Essay on The Benefits of Artificial Intelligence in Management

Artificial intelligence is a wide-ranging division of computer science that is concerned with forming smart machines that are capable of performing errands that need human intelligence. It is an interdisciplinary skill that has several approaches; nevertheless, advancements in machine erudition where deep learning are forming a paradigm shift in almost all tech industry’s sector (Rubin, 2020). The expansive artificial intelligence goal has led to several questions along with debates. The major limitation in its definition as building intelligent machines is that it fails to explain the real meaning of artificial intelligence as well as what makes the machine intelligent.

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Artificial intelligence is the simulation of individual intelligence in machines, which are programmed to think just like a human being as well as mimic their actions. The term can also be used to any machine exhibiting traits that are associated with the mind of the human-like problem-solving and learning. The ideal artificial intelligence’s characteristics are the ability to rationalize plus take actions that have the best opportunity to acquire a specific goal. When people hear about artificial intelligence, one thing that comes into their mind is robots (Rubin, 2020). Nevertheless, it is because big-budget novels and films weave stories concerning human-like contraptions that wreak chaos on earth. However, artificial intelligence is essential in management and some of them are discussed in this paper.

The first benefit is that it is useful in automating customer interactions. Currently, most interactions among customers need human interaction, including social media conversations, online chat, email, and telephone calls. However, with artificial intelligence, companies can automate several of these communications. By data analysis from previous communications, it is easy to program computers to respond to customers accurately and act to their inquiries (Rubin, 2020). Further, when machine learning is combined with artificial intelligence, the platform interrelates even better than before, hence, becoming better at collaborating with the customers.

Secondly, it enhances personalized shopping experiences. Companies enjoy the advantages of artificial intelligence because it allows customer loyalty as well as improve sales. Besides, it manages to identify trends in browsing habits of the customers and buying behavior, hence enabling corporations to craft highly precise offers to various customers (Rubin, 2020). Thirdly, it is best for data mining. Cloud-based artificial intelligence apps are advanced in a way that they are able to discover essential information as well as relevant findings as it processes big data. As a result, this gives management along with businesses insight into undiscovered data that offers them a benefit in the marketplace.

Furthermore, it is good for outcome prediction. Artificial intelligence is vital since it has the ability to predict final results that are grounded on data analysis. For example, it can detect customer data patterns that show if the products that are on sale can get customers, along with the quantity in which they will be sold (Rubin, 2020). Also, it can predict the time the demand for a particular product will increase or decrease hence making it possible for the businesses to manage those products since they will produce large volumes when they expect high demand.

Artificial intelligence is essential for various management and if the company can consider using it, then there is a high probability of having changes in the way business operates. All it requires is to have an open-minded attitude along with the willingness to encirclement new opportunities when it is possible. Business management should understand that this is an emerging technology and changes are occurring at a high rate and this may lead to unexpected challenges.

Many businesses consider using artificial intelligence technology since it reduces operational costs, grows revenue, increases efficiency, as well as improve customer experience. The businesses that are new to this technology can acquire several benefits since they use technology to predict the preferences of a customer. It leads to growing expertise through enabling analysis as well as providing intelligent support and advice.

Reference

Rubin, K. (2020, January 6). Business Benefits of Artificial Intelligence (AI): Your Complete Guide. Stratosphere Networks. https://www.stratospherenetworks.com/blog/the-business-benefits-of-artificial-intelligence-ai/