Introduction
The development of modern technologies permeates all spheres of human activity. Certain discoveries in the field of machine learning allow for reaching new heights in sciences and technology development. Artificial intelligence technology is one of the most iconic innovations that dramatically change human life. It is important to note that business is one of the beneficiaries of this innovation, and its application can significantly improve its functioning. Due to the integration of artificial intelligence into the activities of the organization, the business can become not only more efficient but qualitatively perform long-term strategy.
Using AI for The Efficiency of The Company
To begin with, it will be necessary to understand what artificial intelligence means. It is important to note that this is not an entirely new technology and takes its beginning in the 1950s (Marr, 2019). According to Marr (2019), “it refers to the ability of computer systems or machines to display intelligent behavior that allows them to act and learn autonomously” (p. 28). Therefore, the computer becomes an essential component in the process of business functioning. Artificial intelligence allows companies to act more effectively in various fields, including providing quality products to customers. As Marr (2019) states, “business can develop completely new ways to interact with their customers? Offer them much more intelligent products and service experiences” (p. 28). In conclusion, it is worth noting that artificial intelligence significantly increases the company’s efficiency, providing new opportunities in the work process and creating new products for customers.
Using AI to Save Company’s Money
The use of artificial intelligence allows businesses to identify essential steps in the proper allocation of their resources. Computer calculations will enable the organization to prioritize goals and therefore save money. The primary tool for saving money that managers get through artificial intelligence is the rapid transformation of data into business information. As Chan et al. (2022) state, “they can directly translate data into information, further into knowledge, and ultimately into improved decision-making for business” (p. 21). Managers and marketers, who set themselves the task of more efficient business functioning and saving money, get a better understanding of its problems and shortcomings. The information obtained by artificial intelligence is called a knowledge base (Neapolitan, 2018). Therefore, based on artificial intelligence data, businesses are better able to save business finances.
Creating Long-Term Strategy Using AI
Due to the fact that artificial intelligence allows obtaining data on business resources, managers can correctly assess the goals necessary for the organization’s success (Neapolitan, 2018). Therefore, this approach allows the creation of a quality long-term strategy for the organization. As an example of artificial intelligence, businesses can use chatbots to communicate with customers and gather the necessary information (Neapolitan, 2018). This method allows collecting vital information about customers, their needs, and their wishes. After that, managers have the opportunity to use the received data to convert it into goals that the company needs to achieve. This process will form the basis of the long-term strategy of the organization.
Conclusion
In conclusion, it should be emphasized that artificial intelligence can significantly change the quality of business. Obtaining important data, converted into information, allows the company to form goals and create competent long-term strategies. Moreover, this approach ensures minimal errors, as it is based on machine learning and a knowledge database. Although artificial intelligence is actively developing, one can already state that it is one of the most valuable technologies for business at this stage.
References
Chan, L., Hogaboam, L., & Cao, R. (2022). Applied artificial intelligence in business: Concepts and cases. Springer Nature.
Marr, B. (2019). Artificial intelligence in practice: How 50 successful companies used ai and machine learning to solve problems. John Wiley & Sons.
Neapolitan, R. E. (2018). Artificial intelligence (2nd ed.). Boca Raton, FL: Chapman and Hall.