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Introduction to Artificial Intelligence and Its Importance in Modern Business Management

Introduction to Artificial Intelligence and Its Importance in Modern Business Management

Reetika Thakur (A.P. Goyal Shimla University, India)
Copyright: © 2024 |Pages: 33
DOI: 10.4018/979-8-3693-1902-4.ch009
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Abstract

Artificial Intelligence (AI) has emerged as a groundbreaking technology offering unparallel opportunities to enhance business efficiency and competitiveness. Recently, AI has gained notable attention in the business world as companies have started to recognize the potential of AI to revolutionize businesses and unlock new opportunities for growth and innovation. This chapter provides an introduction to AI and its importance in modern business management. It discusses the origin, evolution, and different types of AI; and subsequently delves into the applications, benefits, challenges, and future of AI. The chapter concludes that an ethical global governance framework should be developed for frontier AI applications used in businesses to make them more reliable and trustworthy. Also, there should be government intervention in the form of ethical auditing and ethical guidelines for the use of AI by the organizations. Thus, with the right approach, AI can be a valuable asset to businesses, helping them to succeed in an increasingly competitive and turbulent business environment.
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2. Definition And Concept Of Ai

Artificial Intelligence (AI) refers to “the simulation of human intelligence in machines that are programmed to mimic cognitive functions” such as thinking, learning, reasoning, and other such similar tasks which require human intelligence. Johnson (2023) opined that “AI is a large science that mimics human aptitudes”. It refers to “the development of intelligent machines that can imitate human intelligence and perform tasks that would typically require human cognition” (Johnson, 2023). These machines possess “the ability to perceive reason, learn, and make decisions based on data inputs”.

AI covers a broad range of techniques, such as, “machine learning, deep learning, reinforcement learning, natural language processing, computer vision, robotics, and expert systems”, among others. These technologies enable AI systems to process and analyze vast amounts of data, recognize patterns, and make predictions or decisions based on the relevant existing information.

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