Progress Report A.I

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SUBJECT: Artificial Intelligence

Introduction

Innovation has been the driving force that has resulted in business growth and development over the years. It is also perceived to be a way of improving profitability. Big data, data science, Internet of things (IoT) and artificial intelligence (AI) are emerging technologies that will determine the winners and losers in business and in the social sphere. Technologies such as AI were available in the past but they had not been implemented commercial. The past decades have seen a drastic change in the use of AI specifically in the business sector to create competitive advantage and increase profitability (Soni et al. 2200). Initech has been looking for new ways to boost its profitability. It can achieve this by applying AI to predict consumer trends and come up with products and services that are in line with their tastes and demands. The company should employ experts in the field to promote the successful implementation of AI.

The development of the AI field has resulted in increased application in diverse business functions such as marketing, analysis, production and in research. It has been observed that some of the businesses that apply AI and it reflects in their earnings include Facebook, Microsoft and NVIDIA. Notably, these businesses have made AI commercially available in the forms of professional and personal agents, deep learning libraries and a wide range of products (Soni et al. 2201). The business should implement AI to enhance the development of intuitive, analytical and mechanical skills in the workforce. The report will focus on how the business can successfully implement AI to boost profitability.

Research Questions

While extensive research has been conducted on AI, various questions should be addressed regarding the application of the technology to grow business profits. What are the factors that have contributed to the continued AI use in business? Does AI application have a negative effect on normal business operations? How does AI development affect the job market as well as the skills that are required in future? What is the cost of implementing AI in business? What measures should businesses should take to ensure successful AI application?

Proposed Solutions

I intend to find the above questions using various approaches. To start with, I will use the knowledge gained in class to gain an understanding of AI. I will use the research methods taught in class to study the topic and decide on the direction that my research will take. Second, I will consult books that have been published on AI and evaluate the views that different authors have given on the topic specifically on its application to business. I will evaluate the findings of studies that have been done on the topic to establish the answers that other scholars have given to the questions as well as their perspectives on the topic in question. It is evident that extensive research has been conducted on the research topic due to its growing application in different fields. Therefore, I will keep a journal to avoid repeating ideas and content shared on the topic.

Plan

The final report will be conducted in a systematic manner to ensure that I will address all the issues. I will start by establishing the key terms that will be used in the research. I will proceed to the introduction by defining artificial intelligence. Following this, I will describe how AI applies to the business world. I will delve into some of the ways that the busines can use AI to improve its performance and increase profitability. The following section will discuss how AI will shape the future of businesses and will also entail the recommendations that the business can make in implementing the technology. Based on the research that I have conducted Initech will implement AI to improve its profitability and its operations.

Works Cited

Soni, Neha, et al. "Artificial intelligence in business: from research and innovation to market deployment." Procedia Computer Science 167 (2020): 2200-2210.