AI is redefining corporate success

Publish: 9:35 PM, June 27, 2022 | Update: 9:35:PM, June 27, 2022

Artificial intelligence (AI) is the simulation of human intelligence performed by computers. Neurons, the primary component of the human brain and nervous system, are the foundation of artificial intelligence. Information is contained within the synaptic gap of neurons, which are responsible for accepting input from the external environment. Likewise, AI is supposed to function similarly to humans by storing data, forecasting the future, and making judgments based on prediction. In the modern era, businesses recognise the significance of AI, enabling them to make educated decisions promptly, and more and more firms are integrating AI. Due to the power of AI, businesses may now communicate with their customers online 24/7 without needing a human to answer their questions. The invention of chatbots has enabled companies to engage their customers, which has enhanced their loyalty and retention. With AI, organisations may increase speed by making the ideal judgments on time, thereby gaining a competitive advantage in their sector. In addition, the enhanced monitoring of systems and eliminationof human error enable organisations to make the best decisions on time.
AI also improves organisations’ talent management systems. AI helps firms hire the perfect people based on their personnel records, which boosts their success. AI reduces hiring expenses and increases staff efficiency by sourcing, screening, and discovering top candidates. In the future, more organisations will migrate to AI as they realise its benefits. Initially, businesses were hesitant to embrace AI since it could cost money. Companies increasingly want to join the AI family. Before 2014, only 3% of US corporations deployed AI, but55% of organisations reported accelerating their AI strategy in 2020 because of Covid, and 67% anticipate further accelerating their AI strategy in 2022.This trend will grow.AI is being used to help Bangladesh digitalise. The concept in Bangladesh is relatively new and has only recently acquired traction. Some areas, such as services, transportation, education, agriculture, health, and the environment, have been recognised for their efficient use of AI. The widespread use of AI technologies, such as ridesharing, natural language processing (NLP) for Bangla, Chatbot, flight and hotel booking, real-time mapping, and so on, considerably improves the convenience of our daily lives. Because 34% of Bangladesh’s young people are technology-driven, successfully incorporating AI into the country’s current plan has vast promise for the country’s future development.
AI is a prevalent technology in today’s world, especially in business. AI has many benefits for enterprises. AI improves corporate efficiency and productivity. Due to AI’s tremendous speed, its tasks are faster than humans and have fewer errors. AI reduces the costs associated with humans performing monotonous jobs using less capital. AI gives firms new capabilities and expands their business strategy. As AI is fed new data, it analyses new chances for organisations to strengthen their competitive advantage.Chatbots, which have aided numerous organisations in unimaginable ways, are one of the products of artificial intelligence. The companies have won a great deal of respect and a large number of new and devoted consumers due to chatbots, which are always accessible to cater to people’s requirements and answer their questions. In the case of global corporations, chatbots have acquired many loyal consumers because there is no need for a person to respond to the questions of customers in a different country who thousands of miles are away and have a significant time difference.
With the aid of AI, the supply chain of corporate organisations is radically altered, consequently increasing the organisations’ productivity, minimising the effects of the global labour shortage, and offering safer techniques for the movement of commodities through the supply chain. In addition, organisations employ AI to analyse the market and industry trends to identify their competitors’ weak points and gain a competitive advantage. The COVID-19 pandemic is one of the most recent threats that drove and permitted businesses to build survival plans. To tackle the COVID-19 virus, businesses worldwide were forced to close and impose lockdowns. People’s requirements, such as purchasing food and other necessities, proceeded as usual. During the challenging circumstances caused by the epidemic, businesses turned to an internet-based approach. Although many firms already had websites before the outbreak, they switched to them as soon as they realised the value of the online medium. During this time, AI chatbots used to answer client enquiries were one of the most significant components developed by businesses.
While AI delivers several benefits to businesses, there are drawbacks such as job losses, data sourcing, violation of personal privacy, and lack of transparency. Nonetheless, organisations rely on AI for their day-to-day demands and judgments due to the emergence of machine-enabled AI systems.As AI is ultimately a computer that can make erroneous decisions and erroneously predict the future, it is more likely that such decisions will be made, which can severely affect the organisation. In addition, due to a higher reliance on AI technology, analysts have stopped evaluating the decisions made by AI. Therefore, every AI-recommended option is implemented because it is deemed optimal. Accordingly, even if the decisions made by the AI are erroneous and contradictory to the organisation’s objective and vision, the organisation executes these recommendations, resulting in huge losses. AI provides firms with analysis that can anticipate their future sales or growth. By giving the AI data from previous years, the AI may assist organisations in gaining a competitive edge on the market and in their respective industries by making informed decisions. In addition, AI has enabled organisations to detect business fraud in the present era.
Derived from prior data, fraud scores enable firms to determine if a specific transaction should be authorised, alerted, or refused. When a business is preparing to conduct an online transaction with another business, the AI can scan the other business and notify the companyof the possibility of fraud. Businesses can save millions of dollars in this manner. There are, despite this, a few challenges facing corporate organisations. Because artificial intelligence is dependent on data storage and machine learning, organisations that seek to train their AI robots will need to work or collect data. It has been demonstrated, however, that corporations get information about enterprises or customer behaviour from other organisations, putting the personal information of individuals and businesses in danger. Because the data is saved on the device, it is more likely to be hacked and sold to an unauthorised third party, which could negatively affect the organisation.Furthermore, just a few are building the AI algorithms that businesses and organisations will use in the future as a result of AI. It is more likely that multiple companies in the same industry employ the same AI algorithm. The AI’s results will be the same for both firms, leading to possible conflict and, as a result, poor outcomes generated or predicted by the AI that are incompatible with the future survival of both organisations. A specialised algorithm is required to obtain commercial results and aid organisations in a competitive market.
Insufficient expertise may cause AI algorithms to fail and organisations to make incorrect decisions. Due to comparable algorithms utilised by two businesses in a similar industry, both will get the same AI findings, on which the decision will be made in favour of one. At the same time, the other will fail as the other would have already made the decision. Changing algorithms and processes can help a company compete. Modern businesses wrangle data. Facebook and Google spend much time wrangling data to build modern data pipelines. As AI relies on data, organisations must design flexible data pipelines supportinghundreds of sources and authenticate fed data. New AI businesses save data for their AI model. High-quality data from businesses influence the business climate and market conditions. AI enables companies’ supply networks.
The rise of chatbots, which facilitated business operations and enhanced customer service and experience, is one of the most recent AI-driven advancements in the business world. One of the latest business trends for controlling the company environment and regulating acceptable market conditions is using AI to make educated business decisions. Modern organisations use decision management systems to analyse data and convert it into individualised predictive models. With the assistance of AI, decision management systems provide organisations with the most up-to-date information. The peer-to-peer network is one of the most recent developments in the commercial environment. The organisation’s peer-to-peer network consists of several geographically dispersed computers with identical processing jobs and access permissions. Organisations utilise this strategy to simplify file sharing among their many servers and reduce the costs associated with hosting data at their various subsidiaries. However, the costs and risks associated with the computer or data loss in any other country will increase if all data is stored on the network’s numerous machines. Nonetheless, with the help of an AI-enabled peer-to-peer network, the data may be stored on any central server and seen from any device in the world with the appropriate permissions. Consequently, businesses enhance customer service, productivity, and profitability.
Improving the customer experience is one of the most crucial aspects of artificial intelligence. With AI’s support, businesses can anticipate customers’ expectations and wants and develop and build products and services appropriately, earning a competitive advantage promptly. Moreover, by swiftly reacting to consumer inquiries, firms can improve the customer experience and sustain client loyalty. Thus, it can be asserted that AI gives enterprises a competitive advantage in the market.According to statistics, the AI sector will be worth $190 billion by 2025. By 2021, global spending on cognitive and AI systems will reach $57.6 billion, using AI technology in 75% of enterprise apps. Bangladesh’s youth are the agents of future transformation in the country. However, they are not yet prepared to seize the opportunities presented by the twenty-first century, particularly the fourth industrial revolution, and their potential remains grossly unrealised. Now is the moment for the Bangladesh government and businesses to invest in this industry. With the right skills and funding, these young people have the potential to change the game.

The Writer is Educator, author, and researcher and Executive Chair, Centre for Business & Economic Research, UK