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

2. Md. Enamul Kabir ; IAR J Ent Desg Thnk; Vol-1, Iss- 1 (Nov-Dec, 2020): 28-31
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operators with uptime guarantees.
Taking a strategic approach to AI in business
When you take a strategic approach like this,
you can focus your AI efforts in the areas that will
deliver the greatest value for the business. If you need
help with any aspect of AI in your business then get in
touch. I‟ve worked with some of the world‟s most
prominent companies to create their AI strategies, and
I‟m here to help your business approach AI in a
strategic way.
Scope of Artificial Intelligence in the Future of
Business
In a nutshell, the scope of AI in business
transformation is constantly growing, and there are no
signs of it coming to a halt anytime soon. The future is
definitely gravitating towards automation. Artificial
Intelligence will be the driving force behind eliminating
the human error factor from business operations.
Personalization techniques will become powerful
enough to predict customer needs with remarkable
accuracy. It is expected that customer services chatbots
will take over and provide help 24/7, allowing you to
strategize for any possible outcome way ahead of time.
Extensive and complex data sets are already being
analyzed within a matter of minutes, and useful
insights can be churned out more easily. AI has already
changed the way we do business and it is going to
accelerate operations in more innovative ways that will
benefit entrepreneurs in the long run.
Knowledge representation (KR):
Knowledge bases are used to model application
domains and to facilitate access tostored information.
Research on KR originally concentrated around
formalisms that are typically tuned to deal with
relatively small knowledge base, but provide powerful
reasoning services, and are highly expressive.
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
keen on exploring new solutions led by AI that can help
cut costs and overhead. Many E-commerce businesses
are leveraging the technology to gain a better
understanding of their customers, generate new leads,
and improve customer experience. For example, AI
uses cookie data and offers customers highly
personalized recommendations. How is it possible for
the platform to determine what customers really need?
This is done with the help of natural language
processing (NLP) features, video, image, and voice
recognition.
Artificial Intelligence & Digitalization:
AI has been at the forefront of the
digitalization of businesses. According to Dr. Amir
Hussain, founder and CEO of Spark Cognition, “AI is
kind of a second coming of the software”. By far,
Artificial Intelligence solutions have demonstrated
enhanced decision-making abilities as compared to
other traditional software. The power of making
decisions on its own gives the platform an edge over
different technologies and solutions, allowing
enterprises to perform increasingly complex tasks by
the day.
Artificial Intelligence & Automation:
AI is playing an integral role in automating
and improving Customer Relationship Management
(CRM). Usually, businesses rely on CRMs to manage
teams and employees in order to avoid
micromanagement. Incorporating AI into CRMs assists
businesses with relevant updates on a regular basis,
minus any human intervention. This setup also
generates automatic updates to the resources in charge,
ensuring that everything remains streamlined and under
control. A self- correcting system layered on top of the
management system takes the strain off project
managers and improves the overall work lifecycle.
Artificial Intelligence & Personalized Business
Services:
Apart from consumer interaction, one can
improve personalized services with the help of AI. For
example, a corporation could send a personalized
message to a customer concerning an outstanding
payment or a new offer, once they are in close
proximity to one of their offices. Let‟s consider a few
common scenarios. If you are near an insurance
company, you could get an insurance-based offer. Or, if
you are searching for a specific property, you could be
suggested a few options available for purchase. As a
restaurant owner, you may send a „deal of the day‟ offer
to individuals around your restaurant.
How Businesses Use AI Today:
Artificial intelligence is already widely used in
business applications, including automation, data
analytics, and natural language processing. Across
industries, these three fields of AI are streamlining
operations and improving efficiencies. Automation
alleviates repetitive or even dangerous tasks. Data
analytics provides businesses with insights never before
possible. Natural language processing allows for
intelligent search engines, helpful chat bots, and better
accessibility for people who are visually impaired.
Ethics in AI:
Actually cyber security has long been a
concern in the tech world; some businesses must now
also consider physical threats to the public. In
transportation, this is a particularly pressing concern.
For instance, how autonomous vehicles should respond
in a scenario in which an accident is imminent is a big
topic of debate. Tools like MIT‟s Moral Machine have
been designed to gauge public opinion on how self-
driving cars should operate when human harm cannot
be avoided. But the ethics question goes well beyond
how to mitigate damage. It leads developers to question
if it‟s moral to place one human‟s life above another, to
ask whether factors like age, occupation, and criminal
history should determine when a person is spared in an
accident. Problems like these are why Esposito is
calling for a global response to ethics in AI. “Given the
need for specificity in designing decision-making
algorithms, it stands to reason that an international body
will be needed to set the standards according to which
moral and ethical dilemmas are resolved,” Esposito says
in his World Economic Forum post.
Artificial Intelligence is Everywhere:
Traditionally, we now live in the age of “big data,”
an age in which we have the capacity to collect huge
sums of information too cumbersome for a person to
process. The application of artificial intelligence in this
regard has already been quite fruitful in several
industries such as technology, banking, marketing, and
entertainment. We‟ve seen that even if algorithms don‟t
improve much, big data and massive computing simply
allow artificial intelligence to learn through brute force.
There may be evidence that Moore‟s law is slowing
down a tad, but the increase in data certainly hasn‟t lost
any momentum. Breakthroughs in computer science,
mathematics, or neuroscience all serve as potential outs
through the ceiling of Moore‟s Law.
The Future
So what is in store for the future? In the immediate
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
fluid conversation, or having a conversation in two
different languages being translated in real time. We
can also expect to see driverless cars on the road in the
next twenty years (and that is conservative). In the long
term, the goal is general intelligence, which is a
machine that surpasses human cognitive abilities in all
tasks. This is along the lines of the sentient robot we are
used to seeing in movies. To me, it seems inconceivable
that this would be accomplished in the next 50 years.
Even if the capability is there, the ethical questions
would serve as a strong barrier against fruition. When
that time comes (but better even before the time comes),
we will need to have a serious conversation about
machine policy and ethics (ironically both
fundamentally human subjects), but for now, we‟ll
allow AI to steadily improve and run amok in society.
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