A Positive Influence of Artificial Intelligence on Business Environment
Artificial Intelligence (AI) has added several new dynamics in today’s business environment. Cockburn, Henderson and Stern (2018, pp.7), have argued about an increase in economic efficiency due to the continuous innovation of AU technologies, which helped business firms to build software for their data and product handling. The purpose of this essay is to evaluate whether AI technologies have a positive or negative impact on the business environment. This concerned essay discusses that AI mechanisms tend to improve market efficiencies andbusiness performance. This improvement is done by reducing the burden of analysing large amounts of data, reducing business costs with efficient technologies and faster accumulation of information. To justify this, the essay begins by discussing market improvements andincreasing company performance improved by the introduction of AI interfaces and ends with concluding remarks.
AI technologies tend to improve market dynamics for a business with the help of a reduction in competition in the market. Makridakis (2017, pp.46), suggested that AI interfaces increase the ability of firms to take strategic decisions with advanced analytics and faster delivery of information. The author evaluates, using 80 responses and data of global fortune companies,that introduction of AI technologies helped in better analysis of large data and gaining of competitive advantage by firms utilising such modernised interfaces. The responses are in favour of AI technologies, which indicates that markets are improved by removing complexities from data handling and analysing. Another research argued that the cost involved in the business is reduced with the help of AI interfaces, which enhances the market position of firms (Kłosowski&Gola, 2016, pp.729).This research uses quantitative data of global companies and proves that after the inclusion of AI technologies costs of businesses are reduced. However, AI interfaces disrupt the customer relationship with business because of the lack of human interaction(Ivanov& Webster, 2017, pp-3). In contrast to this, other researchers argued that AI technologies help faster delivery of products and information with the customers, which attracts buyers in the market (Fitriana, Eriyatno&Djatna, 2011, pp.98). Therefore, the analysis indicates that AI technologies reduce market completion, which is beneficial for firms.
The objective of this essay was to identify whether AI technologies can improve business performance or not. This essay argues that AI tends to improve market conditions and reduces competition for a firm. As a result, the essay indicated that analysis of data through AI and the inclusion of AI in production reduces costs and improves market scenario. Therefore, AI technologies improve the business environment for better performance of the company in the market.