Introduction
Technology plays a crucial role in modern-day businesses, and it has revolutionized how organizations operate, interact with customers and stakeholders, and make informed decisions. Technology in business creates certain strategies that fasten and enhance processes with the aim of improving communication, teamwork, productivity, customer engagement, and decision-making (Dahiya et al., 2022).
Discussion
An example of technology used in a business is artificial intelligence (AI), which comprises machine learning, natural language processing, and cognitive computing (Shah, 2022). One of the illustrations of AI in business is IBM’s Watson which is capable of reading and comprehending natural language, handling large quantities of data, and solving complex problems accurately. IBM Watson is used in various industries, including medicine, customer service, and retail, to improve processes, make informed decisions, and provide personalized services to customers.
Some strategic advantages AI technologies, such as IBM’s Watson, can provide businesses include improved accuracy, faster decision-making, and increased efficiency. IBM Watson can analyze vast amounts of data and provide insights that humans may not have noticed, thereby giving businesses a competitive advantage (Niu et al., 2021). Companies that use AI technologies like IBM Watson include Memorial Sloan Kettering, MD Anderson Cancer Center, the Mayo Clinic, Pathway Genomics, USAA, Genesys, DBS Bank of Singapore, RedAnt, and MD Buyline, among others. These organizations use AI technologies to enhance customer experience, improve healthcare outcomes, transform how consumers shop, and optimize hospital operations.
Conclusion
In addition to its applications in medicine and customer service, Watson has also been utilized in finance and business. For example, Watson can analyze vast amounts of financial data and provide insights for investment decisions, risk management, and fraud detection (Zhang et al., 2020). In 2016, the Royal Bank of Scotland became the first European bank to adopt Watson for its customer service, using the system to provide real-time customer assistance (Zhang et al., 2020). Watson has also been used by H&R Block, a tax preparation company, to assist tax professionals in finding deductions and credits for their clients. By leveraging Watson’s ability to analyze complex tax codes and regulations, H&R Block can provide more accurate and efficient tax services.
References
Dahiya, R., Le, S., Ring, J. K., & Watson, K. (2022). Big data analytics and competitive advantage: The strategic role of firm-specific knowledge. Journal of Strategy and Management, 15(2), 175-193. Web.
Niu, Y., Ying, L., Yang, J., Bao, M., & Sivaparthipan, C. B. (2021). Organizational business intelligence and decision making using big data analytics. Information Processing & Management, 58(6), 102725. Web.
Shah, T. R. (2022). Can big data analytics help organizations achieve sustainable competitive advantage? A developmental enquiry. Technology in Society, 68, 101801. Web.
Zhang, Y., Xiong, F., Xie, Y., Fan, X., & Gu, H. (2020). The impact of artificial intelligence and blockchain on the accounting profession. Ieee Access, 8, 110461-110477. Web.