UNIVERSITY OF LUCKNOW

INSTITUTE OF MANAGEMENT SCIENCES

Assignment

Topic: Impact of Artificial Intelligence

on Business

Subject: Artificial Intelligence

Submitted To: Dr. Talha Siddiqui

Group Members Name:

Submitted By: YASH AWASTHI

Class: MBA F&C IV Semester
Roll No.: 2210019025529

Submitted By: ANSHUMAN SINGH

Class: MBA F&C IV Semester
Roll No.: 2210019025237

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 Impact of AI on Business
Abstract
In the current technological age, innovations and advances are happening at lightning speed, making this
perhaps the most exciting time in human history. Artificial intelligence has become an integral part of
our lives, impacting people, society, and the economy. The last few years have been remarkable for
artificial intelligence, and today almost every company is reshaping their strategies and business models
to incorporate AI into all business processes. However, companies are not yet aware of the consequences
of this AI adoption, so its impact needs attention. In this paper, we aim to find out the impact of AI on
enterprises by studying decision-makers and regular employees in enterprises. For the analysis, four
different business parameters are considered, which help to find out the impact of AI on businesses. The
results of the analysis show that AI offers numerous opportunities and the potential to transform the
world of work, and it is now widely accepted. AI has been proven to positively impact all business
operations by improving sustainability and market leadership.

Keyword: Artificial intelligence, Technology, automation and impact in life.

1. Introduction
In today's technologically advanced culture, artificial intelligence has emerged as a useful new tool.
Systems that demonstrate cognitive ability are said to have artificial intelligence.
There is natural language processing in the voices of Google and Siri, the voice assistant for apple.
The facial recognition algorithms used by Facebook and Google’s self- driving cars both require image
processing.
Since a tonne of information is gathered each day in the software development industry, the term "infor
mation mining" has gained popularity.
Facebook and Google are continuously gathering a wide range of data from their communities and need a
strategy to interpret the data they receive. We developed the theoretical model of the impact of AI on the
performance of e-commerce firms, the higher-order variables. In order to analyze further hypotheses and
conceptual frameworks put forward in this research, we actually analyzed 200 valid surveys using Liker
modeling analysis. This research advances AI theory and firm performance, and it offers crucial advice
for e-commerce businesses looking to enhance productivity and gain a competitive edge.

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Rise of AI in every sector of Business (World Economic Forum)
Automation
Personalization
Decision making
Customer care:
Cost savings
Competitive advantage
Innovation

1.1

ARTIFICIAL INTELLIGENCE
Artificial intelligence (AI) is defined as "the capacity of a computer or computerized robotic system to
process data and produce results that are similar to the thought process of humans in learning, decision-
making, and problem-solving." Additionally, the aim of AI systems is to "solve challenging problems in
ways that resemble human logic and reasoning.”

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According to Hughes, Obschonka and Audretsch, and Shareef 2021, artificial intelligence has drawn a
lot of interest as a potential way to improve businesses' competitive advantages. Additionally, applied
AI's business applications seem to be of special value. We define the AIC of e-commerce organisation as
the capacity of firms to create, incorporate, and employ AI-based resources in connection with RBV.
However, effective and efficient AI implementation in businesses necessitates substantial infrastructural
resources, including funding, data hardware and software, and technical support. Since most e-
commerce businesses operate online, they have an inherent advantage in obtaining data resources.
Intangible resources should be used effectively as the organisation defines the fundamental tangible
resources. It won't benefit businesses if they don't want to use AI for planning, coordination, control, and
implementation. For employees utilize the AI in near future.

2. Artificial intelligence's effects on recruiting and human resources

Talent Acquisition
Compared to any other industry, talent acquisition shows the highest impact of artificial intelligence on
business. In the Talent acquisition superset, intelligent is used in a number of processes, such as
candidate sourcing, resume screening, chatbot engagement, and face recognition AI-powered software to
identify the candidate's emotions.
2.1 Employee Engagement
It is now much simpler for businesses to analyze and acquire real-time input from their staff about what
to do next thanks to NLP, chatbot technology, and sentiment analysis, while responding to the question
of how AI can be used in business.
Concerns about meeting with their reporting managers once a year to review how the work is going and
their performance are among the major ones that employees tend to express when it comes to employee
engagement. Peakon, an AI-based programme that enables all employees to perform to their full
potential, provides a solution to this issue.
2.2 Human Resource Management
To assist HRs in the administration of administrative chores, a number of AI products are currently
available on the market. Currently, human resources departments all over the world use chatbots to
respond to employee inquiries and big data to create employee schedules, which in turn aids businesses
in forecasting demand and preparing efficient staff rotas to meet it.
2.3 Managing Your Career
When discussing the use of AI in learning and development, several applications come to mind: career
pathing, personalised training recommendations, coaching via chatbots, and manager development
driven by in-the-moment team feedback.
2.4 Performance Administration
It is much simpler to note all instances of good and poor performance because AI-driven assessments are
instantaneous and real-time (with algorithms monitoring the quotas, targets, and how they are changing
for each employee on a daily basis). This makes it easier to determine the proper measure of
performance and provides an answer to the question of how AI will benefit businesses internally.
Real-time access and monitoring can aid in highlighting flaws on a daily basis, allowing firms to take
corrective action before a problem gets worse.
2.5 Research and development on marketing and sales and the effects of AI
Artificial intelligence has the capacity to gain a thorough understanding of a variety of various markets

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and clientele. Businesses can explore problems and develop previously unimagined solutions by
gathering and analyzing the enormous amount of data that circulates around a market and a firm.
2.5 Customer Service
Chatbots are the most popular response to the question of how artificial intelligence is applied in a
corporate setting. Businesses can access the layers of data from the neural networks, such as consumer
data and information, which have been accumulated over time, thanks to deep learning-powered AI
chatbots.
When equipped with real-time access to client preferences and purchase history, chatbots have an
advantage over their human counterparts.
2.6 Creation of Content
Every content marketer who is tired of creating the monthly content using spreadsheets can use a
chatbot. A programme called Wordsmith is renowned for successfully transforming a number of
structured data elements in textual documents.
There are a few firms that have employed systems like Wordsmith, however AI in content production is
only used for publications that have a strict framework.
2.7 Greater User Experience
The reason artificial intelligence is beneficial to business can be summed up in one sentence: consumers
today are much more demanding than they ever have been. They require a vast array of goods, data, and
services in one location, all delivered in real-time and at breakneck speeds. Additionally, using AI
allows you to provide all of the services in a single location and in real time, ultimately improving the
user experience.
2.8 Forecasting sales
Artificial intelligence is very good at forecasting and predicting sales. By examining past sales
performance and patterns, it is possible to make predictions about future sales figures as well as which
deals will succeed and fail. In the end, including predictive AI into the creation of apps for the sales
sector will be beneficial.

3. Impact of Artificial Intelligence on Finance

Accounts Payable
Due to the use of digital workflows, there are a variety of AI-based invoice management systems that
greatly streamline the processing of invoices. In order to do this, the machine learning algorithms are
created in a way that they can learn accounting codes that are suitable for managing and creating
invoices.
3.1 Procurement
Organizations’ purchase and procurement processes typically include a tonne of paperwork and the use
of numerous files and systems that are frequently incompatible with one another. The procurement
process will become significantly more paperless and require fewer human efforts if APIs and AI are
used to combine and process unstructured data through mobile apps that are driven by AI.
3.2 Audits
By enabling a digital audit trail that shows who viewed the file and when, the digitization of the audit
process contributes to higher security.
With the use of artificial intelligence, auditors will have immediate access to digital information,
eliminating the need to look through file cabinets for supporting documents, which is time-consuming

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and inefficient.
3.3 Management of Expenses
Any accounting team must spend a lot of time reviewing and approving expenses to ensure that they are
in accordance with the organization's policies. People can use AI to programme machines to read
receipts, audit expenses, and notify the finance team if there are any discrepancies.

4. AI's effects on operations management

Analysis of logs
The largest application for AI-powered Operations is log analysis. Operating system, server, hardware,
and application layers all leave behind data streams that can be collected, saved, processed, and then
analysed by machine learning algorithms. The data is then used to conduct an event's root cause analysis.
By utilising AI's power in log analysis.
4.1 Capacity Management
The resource requirements of the apps are carefully planned by IT architects, multi-tier, sophisticated
application might be very difficult for them. Every application's physical layer needs to be matched with
the appropriate number of CPU cores, storage space, ROM, and network bandwidth. Artificial
intelligence is helpful in this situation of proper hardware specifications or choosing the appropriate
instance type in the public cloud.
4.2 Scaling Infrastructure
Both proactive and reactive auto scaling configurations are available. The monitoring infrastructure will
be able to track events in the reactive mode.
4.3 Construction Maintenance
The assistance it provides with building upkeep is the final benefit on our list of how AI may improve
corporate operations. Facilities managers can employ technology to more efficiently use energy while
taking their inhabitants' comfort into account.
4.4 Future use of AI in marketing
The majority of the potential uses of AI in marketing in the future are only limited by the imagination.
The concept of who we are and how marketers interact with humans and their technological extensions
may change as a result of advances in artificial intelligence . Marketing strategies must not only
comprehend the consumer but also the software that person uses to make decisions. Artificial
intelligence is not going anywhere, and its capabilities will keep expanding.
4.5 Future sales applications of AI.
Currently, artificial intelligence handles a variety of sales tasks, including customer retention and sales
forecasting. "Mining of customer actions, sales transactions, regional sales distribution, sales executive
involvement. Although AI can already complete the aforementioned tasks, it cannot take the place of the
human interaction between the salesperson and the client. The link between men Today.

5. OBJECTIVE OF THE STUDY

Role and impact of AI on business models and strategies
Level of the comfort of individuals with AI technologies
To analyze the change in business operations after various applications of artificial intelligence.
To study the opportunities and challenges which comes during the use of artificial intelligence in
business operations.

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Research methodology
In my topic I prefer to collect data from the secondary source and qualitative source on the base of
survey those who has been working in the industry for long and they see the gradually increasing
influencing in daily working life and it is ruling in the every sector of the business model and make work
efficiency and give more accuracy.
Secondary go through the different article and published journal and analyzed the impact and increasing
influencing in different sector of the business.
For the purpose of data collection online survey is used to explore the perception and awareness of
respondents towards AI and its current and future implications on society. To understand the impact of
AI, a survey was conducted to understand consumer and business perceptions on the importance and
anticipated impact of AI across sectors and our daily lifes. A wide range of sectors such as financial
services, technology, and manufacturing via an online survey to explore attitudes toward AI and its
current and future implications on society. The survey was conducted among adults employed in full-
time/part-time or self-service roles in organizations under consideration. To visit in some of the houses
in the locality and ratlative for their views and thought about the AI in different field of the day to day
activities.
That is called personal open on about any things from user and how they comfort for this. Last one liker
process in we survey on the basis on like and different person perception on the Ai use in every sector of
the Businesses and other activities of life.

7. Result and discussion

The study the secondary from the different sources we find the in the every sector of the business and
other curriculums AI Is ruling. The usage of AI has permeated every aspect of our everyday lives, from
the services we depend on to the products we consume. While AI may have some drawbacks, such as the
possibility of bias or privacy issues, its advantages have made it an essential and transformative
technology in today's society.
8. Opportunities
There is an opportunity where we can replace the traditional technology system by the futuristic artificial
and machine learning alternatives.

And saying about the opportunities for machine leaning and artificial intelligence in business, it can
enable and develop the new products and services by which the future of the world will change

It will take every part of work in society without putting outer force by the help of AI in the business and
other field.

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Challenge
The first challenge is that advancement in technology as we require very good computer systems to
adopt such artificial intelligence and machine learning technologies.
Lack of knowledge about both technologies to the people is another biggest challenge so that it is
difficult to create the trust among individuals to adopt such change.
To make aware about technology in every section of society and illitare people.

8. CONCLUSION
AI means many things to different people. Currently, AI is used for information and automation and has
minimal learning capabilities. We are many years away from a fully self-aware AI program. All levels of
AI carry risk. The primary AI programs are mainly a risk to skilled labor. Higher-level AI could post
real dangers to humanity. The benefits of AI continue to grow, which will ensure that the technology is
here to stay. Businesses and society as a whole will need to learn to use the new technology and make
adjustments. Companies will need to incorporate AI to remain competitive, and workers may need to
change their skill set to retain employment. As AI technology continues to evolve, questions concerning
issues such as legal liabilities will continue to surface.

9. Acknowledgement
Word cannot express my gratitude to my professor and chair of my committee for her invaluable
patience and feedback. I also could not have undertaken this journey without my class mate , professor
who generously provide knowledge and expertise. Additionally, this endeavor would not have been
possible without generous support from Family and friends.
I am also grateful to me to classmate and cohort member, especially my friend those who guided me for
this, late night feedback session And moral support. The thanks should also go to library for the articles
and study participant, who impact and inspired me.
Lastly my family member in whole process of research. Their belief in me has kept my spirit and
motivation high during this process. I would also thank to my other activities in day-to-life to maintain
my enthusiastic and emotional support.