IAR Journal of Entrepreneurship, Innovation & Design Thinking

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Research Article

Artificial Intelligence in Business and Future Prospect

Article History Abstract: Artificial intelligence is the ability of machines to understand the world
Received: 05.11.2020 around them, learn and make decisions, in a similar way to the human brain.
Revision: 12.12.2020 Thanks to AI, machines are getting smarter every day.
Accepted: 14.11.2020
Published: 18.12.2020 Keywords: AI, Business, Future, Prospect.
Author Details
Md. Enamul Kabir
Authors Affiliations
INTRODUCTION:
In the 21st century artificial intelligence (AI) has become an
Research Fellow Bangladesh University of
Professionals, Dhaka, Bangladesh
important area of research in virtually all fields: engineering, science,
education, medicine, business, accounting, finance, marketing,
Corresponding Author*
economics, stock market and law, among others (Halal (2003), Masnikosa
Md. Enamul Kabir
(1998), Metaxiotis et al., (2003), Raynor (2000), Stefanuk and
How to Cite the Article:
Md. Enamul Kabir ; (2020); Artificial Intelligence
Zhozhikashvili (2002), Tay and Ho (1992) and Wongpinunwatana et al.,
in Business and Future Prospect. IAR J Ent Desg (2000)). The field of AI has grown enormously to the extent that tracking
Thnk. 1(1)28-31. proliferation of studies becomes a difficult task (Ambite and Knoblock
Copyright @ 2020: This is an open-access article (2001), Balazinski et al., (2002), Cristani (1999) and Goyache (2003)).
distributed under the terms of the Creative Apart from the application of AI to the fields mentioned above, studies
Commons Attribution license which permits
unrestricted use, distribution, and reproduction
have been segregated into many areas with each of these springing up as
in any medium for non commercial use individual fields of knowledge (Eiter et al., (2003), Finkelstein et al.,
(NonCommercial, or CC-BY-NC) provided the (2003), Grunwald and Halpern (2003), Guestrin et al., (2003), Lin (2003),
original author and source are credited. Stone et al., (2003) and Wilkins et al., (2003).

LITERATURE REVIEW:
Research on artificial intelligence in the last two decades has greatly improved performance of both manufacturing and
service systems. Currently, there is a dire need for an article that presents a holistic literature survey of worldwide, theoretical
frameworks and practical experiences in the field of artificial intelligence. This paper reports the state-of-the-art on artificial
intelligence in an integrated, concise, and elegantly distilled manner to show the experiences in the field. In particular, this paper
provides a broad review of recent developments within the field of artificial intelligence (AI) and its applications. The work is targeted
at new entrants to the artificial intelligence field. It also reminds the experienced researchers about some of the issue they have known.

Examples of smart, AI-enabled products and services

 Roomba robot vacuums. You know those cute little vacuum cleaners that look like a giant hockey puck? They use AI to scan
the room, pinpoint obstacles and work out how much hoovering is needed based on the size of the room. They also learn and
remember the most efficient routes around the room.

 Twitter uses AI to identify hate speech, fake news and illegal content. In one six-month period, the platform removed nearly
300,000 terrorist accounts that had been identified by AI.

 Likewise, Instagram is using AI to fight cyber bullying and take down offensive comments.

 Betterment robo-advisors. There are lots of fintech companies offering robo-advice these days, but Betterment are the biggest
and one of the pioneers in the field. Robo- advisors are online financial advisors that use AI to deliver personalized financial
advice in an accessible, cost-effective way. This financial revolution promises to open up financial planning to the masses.

 Nest smart thermostats. If you‟ve ever railed at the cost of your energy bills, this product might be for you. The smart
thermostat monitors activity in your home and begins to understand the occupants‟ behavior patterns. Then, based on what it
knows about how you and your loved ones use the home, it dynamically adjusts the temperate to keep the home comfortable,
without wasting energy.

Examples of smarter business operations
 Predictive maintenance is helping companies repair, replace or service parts and machinery at the optimum time – before it
breaks down. Siemens AG, one of the biggest railway infrastructure providers in the world, is one example of this in action. The
company uses IOT and AI technology to improve the reliability of trains, repair assets before they break down, and provide rail

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operators with uptime guarantees.

Taking a strategic approach to AI in business enough to predict customer needs with remarkable
When you take a strategic approach like this, accuracy. It is expected that customer services chatbots
you can focus your AI efforts in the areas that will will take over and provide help 24/7, allowing you to
deliver the greatest value for the business. If you need strategize for any possible outcome way ahead of time.
help with any aspect of AI in your business then get in Extensive and complex data sets are already being
touch. I‟ve worked with some of the world‟s most analyzed within a matter of minutes, and useful
prominent companies to create their AI strategies, and insights can be churned out more easily. AI has already
I‟m here to help your business approach AI in a changed the way we do business and it is going to
strategic way. accelerate operations in more innovative ways that will
benefit entrepreneurs in the long run.
Scope of Artificial Intelligence in the Future of
Business Knowledge representation (KR):
In a nutshell, the scope of AI in business Knowledge bases are used to model application
transformation is constantly growing, and there are no domains and to facilitate access tostored information.
signs of it coming to a halt anytime soon. The future is Research on KR originally concentrated around
definitely gravitating towards automation. Artificial formalisms that are typically tuned to deal with
Intelligence will be the driving force behind eliminating relatively small knowledge base, but provide powerful
the human error factor from business operations. reasoning services, and are highly expressive.
Personalization techniques will become powerful

AI Literature and its application:

Expert system:
The next aspect of AI discussed here is expert system. An expert system is computer software that can solve a
narrowly defined set of problems using information and reasoning techniques normally associated with a human expert.
It could also be viewed as a computer system that performs at or near the level of a human expert in a particular field of
endeavor.

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Transforming E-Commerce:
A number of e-retailers such as Amazon are How Businesses Use AI Today:
keen on exploring new solutions led by AI that can help Artificial intelligence is already widely used in
cut costs and overhead. Many E-commerce businesses business applications, including automation, data
are leveraging the technology to gain a better analytics, and natural language processing. Across
understanding of their customers, generate new leads, industries, these three fields of AI are streamlining
and improve customer experience. For example, AI operations and improving efficiencies. Automation
uses cookie data and offers customers highly alleviates repetitive or even dangerous tasks. Data
personalized recommendations. How is it possible for analytics provides businesses with insights never before
the platform to determine what customers really need? possible. Natural language processing allows for
This is done with the help of natural language intelligent search engines, helpful chat bots, and better
processing (NLP) features, video, image, and voice accessibility for people who are visually impaired.
recognition.
Ethics in AI:
Artificial Intelligence & Digitalization: Actually cyber security has long been a
AI has been at the forefront of the concern in the tech world; some businesses must now
digitalization of businesses. According to Dr. Amir also consider physical threats to the public. In
Hussain, founder and CEO of Spark Cognition, “AI is transportation, this is a particularly pressing concern.
kind of a second coming of the software”. By far, For instance, how autonomous vehicles should respond
Artificial Intelligence solutions have demonstrated in a scenario in which an accident is imminent is a big
enhanced decision-making abilities as compared to topic of debate. Tools like MIT‟s Moral Machine have
other traditional software. The power of making been designed to gauge public opinion on how self-
decisions on its own gives the platform an edge over driving cars should operate when human harm cannot
different technologies and solutions, allowing be avoided. But the ethics question goes well beyond
enterprises to perform increasingly complex tasks by how to mitigate damage. It leads developers to question
the day. if it‟s moral to place one human‟s life above another, to
ask whether factors like age, occupation, and criminal
Artificial Intelligence & Automation: history should determine when a person is spared in an
AI is playing an integral role in automating accident. Problems like these are why Esposito is
and improving Customer Relationship Management calling for a global response to ethics in AI. “Given the
(CRM). Usually, businesses rely on CRMs to manage need for specificity in designing decision-making
teams and employees in order to avoid algorithms, it stands to reason that an international body
micromanagement. Incorporating AI into CRMs assists will be needed to set the standards according to which
businesses with relevant updates on a regular basis, moral and ethical dilemmas are resolved,” Esposito says
minus any human intervention. This setup also in his World Economic Forum post.
generates automatic updates to the resources in charge,
ensuring that everything remains streamlined and under Artificial Intelligence is Everywhere:
control. A self- correcting system layered on top of the Traditionally, we now live in the age of “big data,”
management system takes the strain off project an age in which we have the capacity to collect huge
managers and improves the overall work lifecycle. sums of information too cumbersome for a person to
process. The application of artificial intelligence in this
Artificial Intelligence & Personalized Business regard has already been quite fruitful in several
Services: industries such as technology, banking, marketing, and
Apart from consumer interaction, one can entertainment. We‟ve seen that even if algorithms don‟t
improve personalized services with the help of AI. For improve much, big data and massive computing simply
example, a corporation could send a personalized allow artificial intelligence to learn through brute force.
message to a customer concerning an outstanding There may be evidence that Moore‟s law is slowing
payment or a new offer, once they are in close down a tad, but the increase in data certainly hasn‟t lost
proximity to one of their offices. Let‟s consider a few any momentum. Breakthroughs in computer science,
common scenarios. If you are near an insurance mathematics, or neuroscience all serve as potential outs
company, you could get an insurance-based offer. Or, if through the ceiling of Moore‟s Law.
you are searching for a specific property, you could be
suggested a few options available for purchase. As a The Future
restaurant owner, you may send a „deal of the day‟ offer So what is in store for the future? In the immediate
to individuals around your restaurant. future, AI language is looking like the next big thing. In
fact, it‟s already underway. I can‟t remember the last
time I called a company and directly spoke with a
human. These days, machines are even calling me! One

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could imagine interacting with an expert system in a 5. Edelkamp, S. (2003). Taming numbers and
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can also expect to see driverless cars on the road in the Research, 20, 195-238.
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used to seeing in movies. To me, it seems inconceivable
that this would be accomplished in the next 50 years.
7. Jensen, R. M., & Veloso, M. M. (2000). OBDD-
based universal planning for synchronized agents in
Even if the capability is there, the ethical questions
non-deterministic domains. Journal of Artificial
would serve as a strong barrier against fruition. When
Intelligence Research, 13, 189-226.
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we will need to have a serious conversation about 8. Kambhampati, S. (2000). Planning Graph as a
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