Artificial Intellegence As A Business Assisting Tool 2 Details.docx

ARTIFICIAL INTELLEGENCE AS A BUSINESS ASSISTING TOOL INTRODUCTION Artificial intelligence (AI) is its ability to be used as a tool to allow us to do things better, faster and cheaper than other existing methods.AI has entered the consciousness of every industry. It has become part of mainstream. Businesses of all types are considering artificial intelligence to solve real time business problems. Businesses these days face the huge competition to survive in this competitive era every business need a thorough research and quick action. Sometimes research and implication be could time consuming process. Businesses can’t afford spending lot of time working on research and implication. Now a days taking decision swiftly is the key to grow for this assistance of AI is playing important role. Ai has ability to learn recognize and act. Which we expect from a manager, these essential skills of AI make it worth as business assistant. Every business has to pay attention to four approaches that are

FINANCE

OPERATIONS

BUSINESS

MARKETING

HR

This four approaches builds path to success .if you know how to manage them then sky is limit. It is not an easy task to manage them that is why we need assistance from humans or technologies. AI is at best to assist as it could do anything to everything for you. It has immense power to turn business upside down. 80% of business executives believe that AI will bring new era if used properly. (adtext) AI is already entered in businesses processes from small businesses to multibillion empires. As is processes all kind of data structured and un structured both accurately more human. Its speed and accuracy made businesses survive market.

Literature Review:

Research Methodology: The paper revolves around different disciplines taking help of AI to conquer the industry. The paper is descriptive study, where examples are sited from secondary material available & some from personal experiences. The study suggests usage of AI in businesses must be increased to survive in market and eases the processes.

Research Objective: The primary objective of research paper is analysing in what way AI could be helping hand to raise the level of businesses management. How adaption of AI will ultimately enhance the productivity? Assistance of AI is really time and cost efficient is the question for which research had started. This research may help to find out in which way managers could use AI to reduce their efforts and save energy for other important aspect. Assistance of AI in Operations: Main factor of AI growth is it is versatile it helps in every sectors , companies like Titan are using AI for product development a product development is very lengthy process in general AI made it easy. The time required for it is reduced 5 times and also cost reduction is 10 times. Logistic departments are also using it keep inventory track. Automating testing of features of product with AI has potential to do quality control procedure. AI lets the producer know if his product is going to survive or not beforehand by considering all the possible way how customer will be handling the product. Operation works in store, production and quality control. Most of the companies pay very keen attention to its operations to run the operations smoothly for which AI is assisting various renowned firms in following ways: 

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Supply chain management: In supply chain management it starts with assisting in inventory of raw material, work in progress product and finished goods, in decision making of choosing one cost and time efficient vendors and transportation from multiple option by analysing entered data in fraction of second.AI software also been used to keep track final product. This minimizes human interference in the system that leads to unbiased, accurate and précised results. Production: production contains some sub divisions like R&D, assembly processes, product development process, product design, product packaging and safety.. In all this processes software or co-bots are helping to reach maximum production from available resources which leads to profitability of firm. 1. R&D: Research and development uses AI tremendously to check the new possibilities, how customers will react to new product, how much finances will go into it, formation of prototype and testing of prototype. All this is happening 10 times faster with AI in cheap rate. CAD and CAM is widely used to design the product. FTCP that is flexible computing platform, MONOZUKURI AI framework etc. are effective AI tool in product designing. 2. Product Packaging: Product packaging operation is fetching more attention these days as it is important to attract customer, secure product from damages

and increasing shelf life. For this firms are being careful and using various advance technologies enhancing packaging and selectively eliminating damaged packed products from packaging line itself. Co-bots are working effectively in this particular field 3. Safety: Almost every company have installed fire alarms, sprinklers, damage indicators, etc. 4. Quality Control: “Quality is free” is said by Philip Crosby. But now time has changed one has to control Quality with lot more cautiousness. Here AI brings its magic by auto-testing product. ASSISTANCE OF AI IN MARKETING Whole marketing strategies changed with the introduction of AI. Digitalizations made marketing as efficient as of one have all the answers for every question. Landscaping, video influencing, usage of IoT,etc. shift of traditional marketing to digital marketing is due to its ease collecting customer data, customer opinion, market scenario analysis is just a click away. AI helped marketing in below listed approaches. 1. Comprehensive Profile Formation: Ai is helping businesses to form comprehensive profiles of customer compiling all possible data available on cloud. Even customers profiles are being sold to various companies consist of age, choices, contact details, buying behaviour, etc. this profiles are formed by collecting data from social media, online shopping apps and search engines. This helps to target to right customer effectively. 2. Digital Marketing: Digital marketing itself is product of AI. Flashing advertisements on every page you visit, Influencer marketing is new campaign came in rise due to AI. Optimum usage of digital marketing is possible as account based marketing is done. 3. Customer opinion survey: In previous time one has to go to home to home to collect customer survey but now time has changed surveys could be done sitting in office and spreading survey link on social media. Not only surveys are easy but survey analysis is also at click as you get ready made result. This is why decision making is swift. 4. Chatbots: chatbots are the key for most difficult customer as solution for their problem is always walking by their side. It interacts with customers like a human. It not possible to have 24/7 customer executive available so this chatbot does justice for problem solving. Not only existing consumers are using it but the future customers are also having real time conversation using chatbots which is influencing buying behaviour. 5. Sale Forecasting: marketers are using AI for forecasting sales by studying open data in social media, open forums and data base resulting into sale forecast.

AI IN HUMAN RESOURCES Collaboration of HR and AI is enabling superior experience. Time and physical presence is the challenge these days which is solved by AI. AI is assiting HR F