Artificial intelligence capabilities in business management

Abstract

In a period of swift technological progress, the infusion of artificial intelligence (AI) into business management stands out as a transformative influence. However, the complete potential of AI in business management comes with its set of challenges. Objectives - the implementation of AI demands thorough planning, substantial investment, and a steadfast commitment to ethical and responsible AI practices. Organizations need to devise strategies to ensure that AI goes beyond being just a tool and seamlessly integrates into their operations. Data and methods - with a focus on enriching the collective understanding of AI's transformative impact on the business environment, the initiative aims to: 1) data assessment and strategy alignment – Organizations should conduct a thorough assessment of their existing data assets, evaluating the quality and volume of data for AI applications, 2) AI readiness audit – organizations can execute an AI readiness audit, scrutinizing their technological infrastructure and data management practices. Results - the utilization of strategic AI integration enables organizations to systematically incorporate AI into their business management practices aligned with overarching goals and strategies. The application of AI-driven insights and data analysis holds the potential to elevate decision-making processes, empowering organizations to make well-informed and data-supported decisions. Conclusion - the assimilation of artificial intelligence into business management is not a one-time endeavor but an ongoing process of transformation and adaptation. Organizations that strategically embrace AI, give precedence to ethical practices, and foster a culture of innovation position themselves for sustained success and growth in the digital age