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Assignment 6.1: Collaborating

Link to our brainstorming recording video on

the subject:
Nieuwe kanaalvergadering-20230329_141019-Opname van vergadering.mp4

Introduction part
In this assignment, we had to form 3 critical questions in connection with Artificial Intelligence.
More specifically we needed to formulate questions that would examine the impact and influence
of Artificial Intelligence on the business environment. Therefore, our three questions are:
1. How does Artificial Intelligence benefits businesses?
2. Is Artificial Intelligence changing the job market?
3. How can businesses ensure that the implementation of Artificial Intelligence technologies
aligns with their ethical values and standards?
The reason why we have chosen these questions is that this way we can examine the impact of
Artificial Intelligence within businesses and companies, and how they can use it to their
advantage to benefit their operations. We want to see what a company can do to make sure that
its ethical values and standards are not prejudiced by the usage of Artificial Intelligence. Last but
not least, we want to know more about the impacts of Artificial Intelligence outside of the
internal functioning of enterprises, such as impacts and changes on the labour market.

How does AI benefit businesses? (HR,

marketing, sales, operations...)
Regarding the question of benefits, we wanted to show threw specifical cases how AI helps and
facilitates a lot of businesses' steps. AI applications are used to simplify processes in businesses
and to increase operational efficiency; automation, data analytics and Natural language
processing are the three mains one.
With this question we want to know how AI can be used in businesses and for which steps
o Marketing, AI can help with desk research and answering questions
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o Faster web browsing, faster answers

o Useful for creative plans and naming, etc.
o For machine norming and increasing effectiveness

Through 7 specifics pillars of doing business, we will give examples of the benefits IA can
provide.

1) In Sales:

Using AI affects sales, in particular, by increasing leads more than 50%, reducing call time by
60-70% or having cost reductions of 40-60%. Here are three uses of AI in sales to reach those
goals.

- Outbound email campaigns allow to send thousands of mails and to track responses
automatically. In fact, emails responses are monitored, categorized and filed according to
wishes.

- Demand forecasting, although these are complex, they can be automated. Artificial
intelligence helps create automated and accurate sales forecasts based on all customer
interactions and historical sales results.‍

- Lead scoring, AI will help prioritise leads based on their conversion probability. For example, the
algorithm can rank opportunities or leads in the pipeline based on their chances of successfully
closing by compiling historical information about a customer and social media posts, as well as
the salesperson's customer interaction history

2) In marketing:
In marketing, finding a balance between operational efficiency and customer experience is
important. One of the best ways to optimize both is by implementing intelligence technology
solutions. Here are some of the best ways to do this :
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- Market research using AI allows for large-scale analysis of all data such as customer
feedback or other quantitative responses. In addition, the information will be centralised
for easy access.

- Competitor analysis using AI allows you to analyse the tweets of key competitors and categorise
them by topic or theme and then stay on top of trends.

- Image recognition, nowadays, using computer vision, computers and systems can deduce the
meaning of digital images, videos and other visual data and then act or make recommendations
accordingly. Marketers can use this technology to analyse the millions of images posted daily on
social media sites to better understand how and where products or services are used. In doing so,
market penetration and brand awareness can be measured in a new way.‍

- Search Engine Optimisation (SEO) can now be used in addition to machine learning (ML)
algorithms to better understand the intent behind the use of search terms and the content of
searches. It can also analyse competitors' SEO tactics to identify flaws that may exist in yours, or
to take advantage of keywords that competitors are not using. AI can also create SEO-friendly
marketing material for your own website.

3) Customer support
Companies depend on their customers to be successful, that is undeniable. So, the main objective
is to solve their problems, although this is not always possible. In the meantime, quick and
effective responses to customers who contact you can be enough to keep your online reviews in
the black. Devoting resources to monitoring customer messages is time-consuming and costly. In
addition, customer messages can fluctuate, and your customer support team may be swamped
one afternoon and completely free the next. This is the ideal situation that AI can solve:

- Automatically assess customer messages, with AI tools that use advanced technologies to
detect the tone and purpose of incoming customer messages. For example, AI evaluates
the entire context of the message, taking into account key words. This means that even
the longest text can be correctly classified and sent to the appropriate team. Depending on
the AI chosen, no coding knowledge is required to implement them.

- To mark urgency and trigger actions, AI models can recognize the most important words
that indicate urgency and thus sift through tons of conversations with customers and
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prospects. In the case of customer enquiries, AI can spot words or phrases that could
cause a crisis, such as "I'm leaving your company. In the case of potential customers, the
AI can recognize phrases such as "That offer sounds good" or "I'd like to buy next week",
as well as other phrases that may indicate a possible sale.

4) Operation
The use of AI in business operations is already helping companies on the road to successful
digital transformation (AIOps).

- Inventory management is one such area, with the use of machine learning, a subset of AI.
Simply upload image data to an AI tool that can detect defects or classify and label
images. It is possible to connect these applications to the existing tool stack or to the
online shop, which means that labels are automatically assigned.

5) Human resources
Human resources teams are in a radically different environment to that which prevailed prior to
the COVID-19 pandemic. Hybrid and remote working continue to grow in popularity. Virtual
recruitment, along with a greater emphasis on diversity and inclusion, has introduced new
dynamics and reinforced existing ones. New platforms and technologies are needed to remain
competitive, and AI is at the heart of this growth. Here are some current uses of AI in HR:

- Candidate profile analysis, many companies have invested in AI to facilitate the hiring
process. Using AI, HR managers can analyse a potential candidate's past work experience
and interests and match them to the best roles.‍

- Organisational network analysis, to help a business become more sustainable and

successful, AI can be used to analyse formal and informal relationships within the
business, which can help develop business strategies that increase organic information
exchange.

6) Accounting
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The field of accounting is very demanding, so it is not surprising that AI support is also growing
in this area. Here are some of the uses of AI in accounting:

- Performing repetitive tasks, repetitive actions such as recording data, categorising

transactions, reconciling accounts, entering and correlating data from scanned receipts
and invoices with transactions, evaluating employee expense reports and tracking price
changes are just some of the time-consuming tasks for accountants. AI can perform all
these tasks with far fewer errors than a human. This saves employees from mental
overload and allows them to focus on other tasks at hand.

- Semi-automating complex processes such as payroll, AI systems can analyse data, learn
from failures and solve problems strategically. The cloud-based payroll software market
was valued at $7.88 billion in 2018, and is expected to reach $13.37 billion by 2026.
Business leaders are increasingly keen to invest in advanced payroll systems supported
by AI.

7) Contact center
Effective customer service is a major objective as it can either strengthen customer loyalty or
drive them away. Contact centres hold a wealth of data, and AI can help companies better
understand their customers. Here is one of the most common uses of AI in contact centres:

- Outreach campaigns, an AI voice bot can contact hundreds or even thousands of people
to pitch and sell a product offering. It can answer simple questions and pass them on to a
salesperson if the person is interested. With the artificial intelligence tools available, all
businesses can benefit.

Is AI changing the job market?

The awakening of artificial intelligence led to a strong impact also in the job market, so the most
asked questions are about the benefits and risks concerning this new application.
- Is AI changing the job market?
o Useful in selection of candidates
o Potential risks and challenges in the job market, AI can establish them.
o AI can help with the job description and business profile to speed up to process
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MOST AFFECTED SECTORS:

Starting from the benefits, few sectors would know an incredible grow-up due to the introduction
of A.I. throw their working skills. The first sector that will be affected by this revolution is the
financial one, because it contains a lot of data which must be analysed in a short time and A.I.
could do this research in a few minutes by installing a data-driven system, instead of a human
that needs hours or days. It is also helpful to manage the risk better which is a core element of a
bank or a business that could improve their customer’s service by obtaining more information
about consumers’ behaviour, but also developing faster marketing strategies which can be built
just by asking a chatbot what is the best campaign to promote a specific product. Due to its
knowledge of all the information on Internet and its evolving capabilities, A.I. has introduced a
new way of treatment about healthcare and medicine by allowing doctors to develop new
techniques of treating illnesses and receiving an instantaneous feedback thanks to the data
analysis. The last one is the manufacturing and automotive industries that improve their business
by using A.I. embedded in machines to obtain a faster result by automating the production
process which reduces a lot the costs and increases the productivity and the quality of the goods.
As a new market it creates new job opportunities especially for those ones who are skilled in
both software and hardware engineering, but there is generally an increasing demand for the
personnel qualified in managing, repairing and working with this technology. (Asif, 2023)

ADVANTAGES OF AI:
After seeing the job’s sectors in which A.I. has the most relevant impact, we can analyse the
advantages and disadvantages of this technology. First of all, it can reduce the human error to
zero because its decision-making process acts on a set-algorithm based so the possibility of
wrongdoing is almost zero. The combination between its 24/7 availability, the digital assistance
and the daily application both in industries and everyday’s life makes the artificial intelligence a
strong resource that could improve and facilitate many aspects of our future.

MAIN RISKS AND CHALLENGES:

However, despite of all the benefits and facilities that A.I. could give to us there are also some
risks and challenges related to the use of artificial intelligence in businesses. The main ones are
bias and discrimination (because the A.I. operates with the data it has been trained on so
sometimes the answers could be a little bit discriminatory), lack of transparency (because it does
not provide to the user the sources where the answer comes from), security vulnerabilities
(becoming more famous could be a positive thing because it will be updated as well, but it will
be a target for attacks by hackers), job displacement (this is the most common risk because A.I.
can solve tasks so fast and in an automated way so it could lead to unemployment and to a
Székely Gabriella IBM 2_07 – Groupe 9
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discrepancy in the incomes) and the last one is legal liability (due to the impact the A.I. is having
on the businesses maybe some laws will be introduced and every business has to introduce some
regulations related to the use of A.I. to guarantee that it has been used in a legal and ethical way).
As you can see behind a raising technology there are also a lot of risk, but by having a strong
plan and put attention to these aspects, businesses can succeed and the use of A.I. will worth the
effort. (Gopalakrishnan, 2023)

How can businesses ensure that the

implementation of AI technologies aligns with
their ethical values and standards?
When using AI, companies must stay wary of the fact that it might bring disadvantages next to the
obvious advantages AI tools have. The main questions about those disadvantages might be:

- Will employees be satisfied too quickly with an AI answer and not maintain a level of criticality?
- Can we ensure that the implementation of AI does not lead to job loss?
- Are AI algorithms free of bias and discrimination?
- Can we protect our customers' privacy?
- Does the usage of AI bring environmental impacts with it?

1) AI ethics policy
The first thing any company that wants to use AI should do is make an AI ethics policy. When a policy is
created, understood and signed by the employees, management and everyone else who works at the
company, we get a degree of compliance, understanding and accountability. The policy should then be
closely followed during all development, deployment and use.

2) Employee training on AI
It is adamant that the employees are given the proper training on AI advantages and disadvantages, AI
tools, AI technology, and more. Every one of the employees that encounters AI in the workplace should
have the proper training. This goes together with training on the newly implemented AI ethics policy to
ensure that the available tools are used ethically.

3) AI assessment
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Assessing the AI tools, technology and general outcomes of the employees that use them is very
important to the business. This helps the company stay informed on how they can use the AI more
effectively and efficiently and see any potential risks down the line.

Conclusion
In this assignment, we explored the impact and influence of Artificial Intelligence (AI) on the business
environment. We formulated three critical questions to examine this topic:

- How does Artificial Intelligence benefit businesses?

- Is Artificial Intelligence changing the job market?
- How can businesses ensure that the implementation of AI technologies aligns with their ethical
values and standards?

We discussed the benefits of AI in various business functions such as sales, marketing, customer
support, operations, human resources, accounting, and contact centers. AI can improve efficiency,
automate processes, provide data analysis, enhance decision-making, and personalize customer
experiences.

Regarding the job market, AI is transforming the way companies select candidates, analyze job
descriptions, and manage business profiles. While AI brings advantages such as streamlining processes,
it also presents challenges and potential risks, including job displacement and bias in decision-making.

To ensure that the implementation of AI aligns with ethical values and standards, businesses should
develop an AI ethics policy and provide training to employees. The policy should address critical aspects
such as maintaining critical thinking, preventing job loss, eliminating bias and discrimination, protecting
customer privacy, and considering environmental impacts. Regular assessment of AI tools and outcomes
is also crucial to optimize their usage and identify any potential risks.

By considering these factors, businesses can leverage the benefits of AI while mitigating risks and
ensuring ethical and responsible implementation.

Link to our Prezi Presentation

https://prezi.com/view/FZOtLAbKxVZ7TDAs8pOZ/
Székely Gabriella IBM 2_07 – Groupe 9
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Bibliography
Dolatowska, K., & Dolatowska, K. (2019). Artificial Intelligence – 10 Questions Business

Leaders Should be Asking | Fast Future Publishing. Fast Future Publishing.

https://fastfuture.com/artificial-intelligence-10-questions-business-leaders-should-be-

asking/

Duggal, N. (2023). Advantages and Disadvantages of Artificial Intelligence. Simplilearn.com.

https://www.simplilearn.com/advantages-and-disadvantages-of-artificial-intelligence-

article

Uzialko, A. (2023). How Artificial Intelligence Will Transform Businesses. Business News

Daily. https://www.businessnewsdaily.com/9402-artificial-intelligence-business-

trends.html

How to Get the Most out of AI in 2023: 7 Applications of Artificial Intelligence in Business.

(n.d.). https://levity.ai/blog/8-uses-ai-business