Asian Journal of Management and Commerce
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P-ISSN: 2708-4515, E-ISSN: 2708-4523

2023, Vol. 4, Issue 2, Part B

An analysis of the impact of artificial intelligence on business

Author(s): Dr. Ashish Gupta and Jiya Wadhwa

Abstract: Artificial intelligence (AI) implementation has become a disruptive force in many industries, transforming how we view and use technology. An overview of recent developments, difficulties, and applications in the field of AI implementation is given in this abstract. The exponential rise in computer power and data availability has accelerated the development of AI. Advancements in image identification, natural language processing, and reinforcement learning have been made possible by machine learning approaches, particularly deep learning. These developments have made it possible to create AI-powered systems that are capable of independent decision-making and problem-solving. The application of AI is not without its difficulties, though. Bias, accountability, and transparency in AI decision-making are now hot topics for ethical discussion. It's still extremely important to protect the security and privacy of private information used to train AI algorithms. Furthermore, because explaining ability is crucial in some domains, the adoption of complicated AI models is hampered by their lack of interpretability. The use cases for AI implementation are numerous and varied. AI supports tailored treatment plans, drug discovery, and diagnostics in the healthcare industry. It helps with algorithmic trading, risk assessment, and fraud detection in finance. Manufacturing-related industries gain from AI-driven automation, which improves production processes and preventive maintenance. Additionally, chatbots and virtual assistants powered by AI are transforming customer service and improving user experience. Interdisciplinary cooperation between engineers, ethicists, policymakers, and domain specialists is becoming important as AI implementation moves further. It takes a team effort to address issues with bias reduction, interpretability, and data privacy. To ensure the proper and moral use of AI technologies, standards and laws must be set. In conclusion, AI implementation has developed into a key factor influencing our technological landscape. While innovations continue to push the envelope, issues with ethics, transparency, and security need to be watched carefully. Applications of AI across industries promise enhanced decision-making, increased productivity, and creativity. To maximize the benefits of AI while minimizing the hazards that come with it, a comprehensive strategy incorporating several stakeholders is necessary.

DOI: 10.22271/27084515.2023.v4.i2b.206

Pages: 151-158 | Views: 115 | Downloads: 75

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How to cite this article:
Dr. Ashish Gupta, Jiya Wadhwa. An analysis of the impact of artificial intelligence on business. Asian J Manage Commerce 2023;4(2):151-158. DOI: 10.22271/27084515.2023.v4.i2b.206
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