Print Сite this

The Impact of Modern Technology on Business

Introduction

In the twentieth century business models and firms cannot properly exist without being introduced to the present technological advancements. Advertising, human recourses, promotion, management, and so on – all spheres of business are prone to get irrelevant and rather unsuccessful quickly without constantly learning new features and accepting global computerization and mechanization. Furthermore, it is highly significant nowadays to be aware of the negative side effects of various business-related tendencies of the technological world and their impact on the planet.

Our experts can deliver a customized essay
tailored to your instructions
for only $13.00 $11.05/page
308 qualified specialists online
Learn more

Artificial Intelligence

Nowadays artificial intelligence or AI is one of the most interesting and crucial aspects of the development of business via best known technologies. Artificial intelligence is reshaping business, economy, and society by transforming experiences and relationships amongst stakeholders and citizens (Loureiro, 2020). Its initial goal is to solve many societal issues regarding lack of human resources and make human life as easy and comfortable as possible.

Successful Developments

To begin with, one of the long-standing goals of AI is the creation of programs that are capable of understanding and generating human language. Not only does the ability to use and understand natural language seem to be a fundamental aspect of human intelligence, but also its successful automation would have an incredible impact on the usability and effectiveness of computers themselves (Akerkar, 2019). Although these programs have achieved success within restricted contexts, systems that can use natural language with the flexibility and generality that characterize human speech are beyond current methodologies.

In addition, a significant part of AI’s explosive growth has been made possible with the contribution of machine learning. Technically, machine learning approaches involve using algorithms to improve learning performance on a specific task by relying on patterns generated from practice or sample data (Lee, 2019). That allows researchers to study human thought patterns using computational models and accelerate and enhance innovation, further creating new jobs.

Influence on Business

The field of marketing is one of the most developed regarding AI issues. Discussions around AI in marketing include how AI techniques can contribute to predicting whether a new customer will decrease or increase his/her future spending from initial purchase information, how AI can personalize recommendations on Internet storefronts, how gender of virtual employees matters, how AI can be associated with public relations, as well as how human-like technologies can operate without human intervention, making their own decisions and acting proactively, thus changing the relationship between firms (machines substituting frontline employees) and customers.

AI systems can develop persuasive communication with employees, capture the essentials of communication concisely to assist in promoting goods and services, formulate questions that contribute to solving problems, and stimulate curiosity to create new knowledge (Loureiro, 2020).

Moreover, modern scientists are already making agents – rather innovative computer systems that interact with employees, having properties, such as autonomy, social abilities, reactivity, and proactiveness.

On-Time Delivery! Get your 100% customized paper
done in
as little as 3 hours
Let`s start

Producing Sustainable Technology

The technology that is related to any present business models has an impact on the socio-economical state of the environment, which shows that technology and corporations can eventually damage the nature of the world. However, it can potentially become “the key solution to these problems by developing sustainable technology for sustainable businesses” (Jakšić, 2018, p. 420). Nevertheless, sustainability is supposed to be the technologies that are made to meet human needs without damaging or risking the well-being of the environment so the future generations’ needs can also be met.

Conclusion

To sum up, technologies are well-known for their ambivalence and controversy among business owners, ecologists, scientists, et cetera. Nonetheless, people agree that mechanization and robotics greatly influence business relations making them more efficient, sufficient, and significant for the community. Furthermore, technology is an always changing sphere of the modern world which makes it essential to be aware of the innovations there, especially for people who are directly connected with economics and management.

References

Akerkar, R. (2019). Artificial intelligence for business. Springer. Web.

Jakšić, M. L., Rakićević, J., & Jovanović, M. (2018). Sustainable technology and business innovation framework–A comprehensive approach. Amfiteatru Economic, 20(48), 418-436.

Lee, J., Suh, T., Roy, D., & Baucus, M. (2019). Emerging technology and business model innovation: the case of artificial intelligence. Journal of Open Innovation: Technology, Market, and Complexity, 5(3), 44. Web.

Loureiro, S. M. C., Guerreiro, J., & Tussyadiah, I. (2020). Artificial intelligence in business: State of the art and future research agenda. Journal of Business Research. Web.

Cite this paper

Select style

Reference

StudyCorgi. (2022, December 7). The Impact of Modern Technology on Business. Retrieved from https://studycorgi.com/the-impact-of-modern-technology-on-business/

Reference

StudyCorgi. (2022, December 7). The Impact of Modern Technology on Business. https://studycorgi.com/the-impact-of-modern-technology-on-business/

Work Cited

"The Impact of Modern Technology on Business." StudyCorgi, 7 Dec. 2022, studycorgi.com/the-impact-of-modern-technology-on-business/.

* Hyperlink the URL after pasting it to your document

1. StudyCorgi. "The Impact of Modern Technology on Business." December 7, 2022. https://studycorgi.com/the-impact-of-modern-technology-on-business/.


Bibliography


StudyCorgi. "The Impact of Modern Technology on Business." December 7, 2022. https://studycorgi.com/the-impact-of-modern-technology-on-business/.

References

StudyCorgi. 2022. "The Impact of Modern Technology on Business." December 7, 2022. https://studycorgi.com/the-impact-of-modern-technology-on-business/.

References

StudyCorgi. (2022) 'The Impact of Modern Technology on Business'. 7 December.

This paper was written and submitted to our database by a student to assist your with your own studies. You are free to use it to write your own assignment, however you must reference it properly.

If you are the original creator of this paper and no longer wish to have it published on StudyCorgi, request the removal.