Table of Contents
2.0 Opportunities of using AI in business.
2.1 Artificial Intelligence in Marketing.
- 2 Using AI techniques to Track Competitors.
- 3 Make light work of Big Data.
2.4 AI integrated customer support solutions.
2.5 Artificial Intelligence in CRMs.
3.0 Challenges of using AI in business.
3.1 Computing is not that Advanced.
3.2 Fewer people support
3.3 Creating Trust
3.4 One Track Minds.
3.6 Data Privacy and security.
3.7 Algorithm bias.
3.8 Data Scarcity.
The term “Artificial Intelligence” is defined as the technological base by which general life is more effective and comfortable. Artificial intelligence also disrupts human beings’ life. It is a combination of enthusiasm and skepticism. In the business sector, artificial intelligence has great importance because it improves the productivity of the business by more than 40% (Accenture, 2020). Firstly, Artificial intelligence was begun in 2000 and it had modified approximately 14 times (Columbus, 2018). Due to the presence of AI, most of the American jobs will convert automate 16% and 15% of businesses are using artificial intelligence (Forrester, 2016). In addition, 31% of businesses will make plans of using artificial intelligence for the next 12 months (Abramovich, 2018). Business organizations have gained some opportunities by using AI as well as they also face challenges in the AI business world. This paper firstly describes the opportunities and then the challenges faced by businesses.
2.0 Opportunities of using AI in business
In the business sector, artificial intelligence has great importance because it improves the productivity of the business. In addition, AI has created opportunities in the following fields of business.
2.1 Artificial Intelligence in Marketing
Business organizations have a common objective to create a strong relationship with the customers through a better marketing plan and strategies for making a profit. In addition, business firms want to deliver their product at the right time to make customers happy. The business organizations make the marketing strategies in such a way by which customers can order products, pay for the products easily. But traditional marketing channel has lots of problems. Abramovich (2018) stated that artificial intelligence plays an important role to solve marketing problems. Artificial intelligence provides the platforms like Acquisio to run the marketing function by using online and internet-based platforms such as Google, Facebook, and Linkedin. Artificial intelligence makes easy to collect & manage data and analysis algorithms to ensure effective market channel for achieving best outcomes.
2. 2 Using AI techniques to Track Competitors
In the business field, the business firm needs to consider the tasks of competitors in the market. But, it is a matter of regret that a large part of entrepreneurs can’t consider the tasks of competitors because of busy schedules. In this circumstance, artificial intelligence plays an important role to provide the platform for tracking the tasks and policies of competitors (Alpaydin, 2015). It has been found that one business can use various competitive analysis methods including Crayon for tracking the tasks and policies of competitors. The business holders track competitors from various sectors including websites, social media, and apps. In addition, the business holders can understand the process of changing marketing plans through using artificial intelligence.
2. 3 Make light work of Big Data
The amount of business data is not small because the business organization needs to collect and store a large amount of data in case of their production, distribution and marketing tasks. The amount of data is increasing with the growth of the business. Here, the traditional system is not fruitful to manage a large amount of data. In this circumstance, artificial intelligence plays an important role to provide the platform for managing big data through using AI tools and techniques including Google Sheets and CSV (Kumar, 2016).
2.4 AI integrated customer support solutions
Customer support is the main task of the business organization to ensure customers’ satisfaction. Here, artificial intelligence plays an important role to provide automated chat processes for collecting the customers’ problems and providing solutions to the problems. According to Lewis (2019), Artificial intelligence provides tools like DigitalGenius and ChattyPeople for collecting the customers’ problems and providing solutions of the problems. The solution time is also important. Therefore, small business needs to create automatic feedback of customers’ problems.
2.5 Artificial Intelligence in CRMs
Customer relationship management performs several works for the customers’ services and problems to get interactions with the current and potential customers. Lu (2013) stated that Artificial intelligence provides CRM platforms to create a profitable connection with current and potential customers.
3.0 Challenges of using AI in business
However, artificial intelligence has created challenges for business firms at the time of implementation. Some of the challenges are described below:
3.1 Computing is not that Advanced
In the computing system, machine learning, as well as deep learning, is required. From this viewpoint, it is true that artificial intelligence tools have more power to compute business data. But, it needs a large time period and small business organizations do not have adequate capacity to use the artificial intelligence tools at an advanced level (Nilsson, 2015) . Only Cloud computing is used by small business organizations but it is not suitable for complex algorithms in the business fields………………………………………….