Sample Business Studies Paper on Effects of Artificial Intelligence on Contemporary Business Environment

Effects of Artificial Intelligence on Contemporary Business Environment

Artificial intelligence is the ability of computers or robots programmed to carry out tasks that are normally done by human beings. Artificial intelligence ingests large amounts of data, analyzes them to check for correlation and patterns, and makes use of the patterns to make predictions about the future. The use of artificial intelligence in the day-to-day operations of a business has both positive and negative effects on the business environment.

Artificial intelligence has aided in improving customer communications as they are used to provide simple responses to commonly asked questions from customers. Through the use of adopting this technology, companies have been able to reduce costs that would be paid off to human customer care agents. Artificial intelligence has also streamlined the hiring process in organizations, most online organizations use algorithms to choose who best fits a certain job using the data available (Dirican, .564-573).

However, despite making work easier for businesses, artificial intelligence has also its fair share of disadvantages. The use of artificial intelligence limits creativity (Townsend 23) as it does not think of other new ways to solve arising issues in an organization. There is also an increase in labor turnover in companies, therefore, increasing the rate of unemployment. The use of artificial intelligence can endanger the goodwill of the public towards the organization.

Works Cited

Dirican, C., 2015. The Impacts of Robotics, Artificial Intelligence On Business and Economics. Procedia – Social and Behavioral Sciences, 195, pp.564-573.

Townsend, David M., and Richard A. Hunt. “Entrepreneurial action, creativity, & judgment in the age of artificial intelligence.” Journal of Business Venturing Insights 11 (2019): e00126.