Executive Summary

The current report tends to discuss about the importance and significance of Artificial Intelligence in the contemporary business environment. This has been discussed under the broader umbrella of emerging trends in technology perspective. While discussing the topic, this report has selected five organisations who have implemented Artificial Intelligence in their respective workplaces.

Table of Contents

1.0. Introduction. 1

2.0. Emerging trends for resolving business problems. 1

3.0. Identification of five organizations who are using the technology. 2

4.0. Analysis of the way through which it is working. 3

5.0. Critical evaluation of the problem the technology has solved. 3

6.0. Conclusion. 4

Reference List 1

1.0. Introduction

In the contemporary competitive business, environment companies are actively incorporating a strategically vital factor for incorporating emerging global trends. This is to widen the overall business competitiveness and delivery of better services to the customers. Moreover, technology in the contemporary rapidly growing business environment becomes a major issue of concern and a way of life [1]. This is for its power, internet speed, database technology, and programming power. Hence, the current report has focused on the identification of business competitiveness and emerging technological advancement that companies are incorporating.

2.0. Emerging trends for resolving business problems

Today with the rapid growth of business competitiveness and performance enhancement, company strategies, businesses have actively incorporated a number of approaches and technologies. Artificial Intelligence is certainly one of the most important and efficient sets of business performance to the companies more firmly and appropriately. Artificial Intelligence or AI in this respect becomes a major factor for contemporary business competitiveness and ensures a positive set of business performance for the companies more firmly and appropriately [4]. According to the McKinsey Global Survey 2020, it has been observed that more than 50 percent of global companies have incorporated Artificial Intelligence to ensure a safer and efficient set of business performance. Moreover, leading companies are also investing 20 percent of their overall business earnings in the development and incorporation of AI technology more firmly and efficiently. The recent global lockdown has provided a significantly important and revolutionary change framework to the companies for the delivery of better services and products in a continuous manner. This, therefore, increased the significance of Artificial Intelligence to the acceleration of digitalization. Hence, companies from business, education, administration, social interactions have actively incorporated Artificial Intelligence as their main issue of concern for business growth [6]. Moreover, contemporary companies have also actively worked towards enhancing their business performance and customer engagement through the application of Artificial Intelligence for service operations, service or product design, advertisements, and sales. The application of AI through the improvement of the entire IT infrastructure is certainly helping the companies to address higher degrees of business performance and financial compatibility in a much appropriate and efficient manner.

3.0. Identification of five organizations who are using the technology

Today, all companies are incorporating higher standards of business performance and customer engagement through the inclusion of Artificial Intelligence. This is not only benefiting the company to meet the changing demands of the market but also able to satisfy the customers. Companies like Kickstarter, Indiegogo, Patreon, Chuffed, ArtistShare. Each of these companies has worked towards the advancement and achievement of business objectives by properly incorporating Artificial Intelligence into their workplaces [3]. Each of these companies is an AI trailblazer and is also actively embracing AI for providing next-level products and services for their customers. ArtistSharefor example is using AI for predicting what customers might want to buy, and through AI-generated data, it influences customer buying behaviors significantly. The company also utilizes AI to develop natural language processing, which helps it to automatically generate product descriptions for the websites. Indiegogoon the other hand is also incorporating AI in its business operations.

Figure 1: Implementing AI in organisations

(Source: [8])

Patreonis also providing a wider range of goods and services to the customers by recommending them proper buying decisions [8]. Moreover, the company is also able to predict the goods and services for its customers even before the customer needs them by using predictive analytics. Apple is also working on advancing its products and gadgets by powering AI-generated services. Particularly the features, and multiple others. Each of these frameworks is therefore helping the customers to enhance their daily work and other activities. ArtistShareis using DeepText to ensure a higher degree of business competitiveness and also uses DeepText under AI platforms, for interpreting the contents and emotional sentiments of thousands of posts. Each of these companies is, therefore, able to ensure a higher degree of business competitiveness and ensure safer engagement of business activities in recent times.

4.0. Analysis of the way through which it is working

The companies are actively working towards mitigating previously facing issues with the rapid rise of business performance using AI-powered platforms. The information age in the contemporary business environment has reached a turning point with rapidly growing data being produced by devices and sensors. In such an environment, AI is able to improve as well as automate the complicated analytical tasks, it also works towards enhancing and studying the real-time data by adjusting the behaviors using proper supervision [2]. AI is in this respect also working towards increasing accuracy and efficiency to deal with business performance and changing business demands. AI is also providing higher standards of protection from cybercrimes through enhanced cybersecurity and helps the environment clean through utilizing reduced energy as well as its costs. AI is also helping the Healthcare sector by providing proper records of huge amounts of data and shifting them from one sector to others more efficiently. Today, it allows the healthcare sectors to make better health decisions, diagnose diseases and other health-related risks. Hence, Artificial Intelligence in the modern environment is actively working to meet the changing demands of the customers and technology strategies [3]. 

5.0. Critical evaluation of the problem the technology has solved

Artificial Intelligence is actively working towards the enhancement and development of organizations and industries which are involved in ensuring proper sets of business performance. Previously facing issues like Fraud, AI is helping in handling rapid sets of digital and mobile transactions more safely and efficiently [7]. This not only ensures safer opportunities for the customers to grab sensitive personal and financial data. Moreover, with stronger consumer expectations about the transaction speeds, companies are also facing extreme pressure to meet the changing customer demands. AI is also involved in customer service delivery by offering responsive customer support throughout diversified channels without human interventions. Using human-like activities and strategic platforms, companies are able to utilize artificial intelligence as a human-like, real-time voice to ensure safer engagement. AI is also working towards the application to cyber security in a much efficient and effective manner in a preventative as well as predictive manner. Moreover, the factors associated with artificial intelligence are certainly an important and efficient way to study millions of files and data to ensure the efficiency and effectiveness of cybersecurity [5]. Again, by utilizing the comprehensive mathematical DNA, companies in contemporary times can prevent future attacks. Again, in the healthcare sector, companies are also utilizing artificial intelligence. In the healthcare sector, the utilization of Artificial Intelligence is making their entire sector more efficient and providing better scopes to the patients for making decisions.

6.0. Conclusion

In conclusion, emerging global trends like Artificial Intelligence are certainly becoming a major source of business performance and customer engagement. Artificial Intelligence is also one of the vital factors for contemporary companies to ensure enhanced service delivery and maintenance of security among the end-users. In such frameworks, Artificial Intelligence is helping companies like Chuffed, Indiegogo, etc. to widen their scope for better decision-making strategies. In such frameworks emerging global trends are certainly a major factor for global business environments to deal with changing customer requirements and business development opportunities. This report has therefore been able to discuss Artificial Intelligence as a major emerging trend in recent times that is capable enough to revolutionize the entire business environment rapidly and efficiently.