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.
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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.
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.
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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.
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.
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.