ISO 9001:2015

ARTIFICIAL INTELLIGENCE AND THE FUTURE OF BUSINESS: ECONOMIC IMPACTS AND COMPETITIVE STRATEGIES

Preeti, Sunaina & Vanshika Mahajan

Artificial Intelligence (AI) has become a transformative force in the business world, revolutionizing customer engagement, operations, and decision-making. This paper examines and explores the integration of AI into various business processes, highlighting its applications, advantages, and challenges. While addressing implementation and ethical concerns, it looks at how AI tools might be used to improve customer experiences, streamline supply chains, and encourage creativity. This study highlights the crucial role that artificial intelligence (AI) plays in influencing contemporary corporate environments and competitive tactics by examining existing patterns and potential future developments. Moreover, the paper investigates the economic effects of AI on several industries, demonstrating how it enables businesses to gain a competitive edge through enhanced efficiency and scalability. It also emphasizes how AI has the ability to revolutionize strategic decision-making as well as fundamental operational procedures by enabling real-time analytics and foresight. As organizations continue to invest in AI, the study emphasizes the importance of responsible adoption practices to address ethical concerns, mitigate risks, and maximize societal benefits. Furthermore, the study also addresses how companies may strike a balance between automation and human-centered strategies, as well as the effects of AI on labour dynamics, including job displacement and upskilling prospects. Given the ongoing development of AI technologies, this study offers a thorough analysis of their significant impact on the global business ecosystem, guaranteeing relevance and adaptability in a world driven by digitalization. Ultimately, the incorporation of AI into business signifies a paradigm shift, allowing companies to both drive and adapt to change. Businesses may create a synergy that drives long-term innovation and growth by encouraging human-machine collaboration. This study lays the groundwork for future ethical and significant applications of AI by illuminating its strategic and revolutionary potential.


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