You're using the Facebook in-app browser. Please open the page in a normal browser to have the best experience.
x

How AI Will Transform the Business Landscape for Students Earning Their EMBA Degree

January 12, 2021

Using AI technology for more innovation and creativity

With the addition of smart devices in homes and businesses, artificial intelligence (AI) is becoming more relevant for consumers and business professionals alike. AI technology is constantly evolving, increasing in popularity due to its novel and efficient functions - making it an important tool for marketers and businesses to properly understand and utilize.

Notably, AI algorithms can be used to advance certain processes to improve businesses. As it enables decision-making spurred by reliable data analyses, AI can serve to facilitate or fulfill a variety of roles, with the added benefit of increasing revenues and decreasing extra costs. To better understand how AI can be used to enhance business operations, let’s take a closer look at some of its main purposes and functions.

The Use of AI Technology to Automate General Processes

AI technology’s innate ability to analyze and act on various data sources makes it the perfect tool for task automation. Many businesses rely on the completion of multiple digital and physical tasks, often requiring mundane and repetitive work. By using robotic process automation, businesses can implement AI in a way that produces quick results. In doing so, businesses can effectively cut down on costs (for example, no more need to outsource work).

This form of AI doesn’t require complex thinking processes, making it easier and more affordable to work with. As such, it can speed up back-end tasks such as transferring data, updating records, or even extracting key information from dense documents, to name a few.

pic of an emba program graduate who works with AI
AI can be relied on for more efficient data analyses and task automation.

The Reliability of AI for Cognitive Functions in Business Settings

Similarly, AI can also be used to detect and interpret data patterns, providing enhanced analytical services - typically through target advertising or live credit fraud detection, to list some examples. Unlike regular data analyses, AI technology can handle heavy data-intensive tasks more efficiently, automatically upgrading and improving over time via machine learning (ML) capabilities. Various businesses have reported saving millions of dollars using AI. For instance, General Electric has previously reported saving $80 million in just a few years’ time by managing supplier data and contracts through AI and ML software.

Students taking business courses will know that positive customer interaction is a key factor for success. AI technology has been used in businesses with this in mind, providing a larger group of clients with more immediate service. Chatbots and virtual agents are great ways to provide direct service. They are particularly popular in handling internal queries, allowing human representatives to focus on more complex customer-oriented tasks.  

Pic of an emba program graduate who is using virtual assistants
AI virtual assistants can be used to provide various services, such as qhick health insurance consultations.

Understanding AI Tech Makes an Impact for Those in an EMBA Program

As technology keeps progressing, AI and ML features will become a regular part of various businesses, helping with IT and e-commerce systems, speeding up product manufacturing, and conducting marketing or healthcare data analyses. In this way, AI can greatly improve a business, making operations more profitable and productive. It should also be noted that relying on AI services doesn’t necessarily lead to multiple layoffs. The technology is often used to conduct specific tasks instead of fulfilling a complete set of job requirements, leaving many jobs intact.

With all of the above in mind, those taking an EMBA program might be wise to implement AI technology as an informed move to develop a more resilient and adaptable business, particularly as task automation makes way for more innovation and creativity.

Ready to take your career to the next level by earning an EMBA degree?

Contact WU Executive Academy for more information!

Share this