AI Assignment

Camille Thiers, Chiara Jans, Jonah Reggie and Thibault

Coppens
Table of Contents
1.Introduction AI ............................................................................................................................... 3
2. What is the impact of AI on business? ............................................................................................ 4
3. Why should companies use AI in their business?............................................................................ 5
4. What are the risks of using AI in a business? .................................................................................. 6
Data availability ............................................................................................................................. 6
Job automation ............................................................................................................................. 6
Skill shortness ................................................................................................................................ 6
Costs ............................................................................................................................................. 7
Digital threat to security ................................................................................................................ 7
5. Video ............................................................................................................................................. 7
6. Conclusion ..................................................................................................................................... 7
7.Bibliography ................................................................................................................................... 8
1.Introduction AI

“AI is the ability of a machine to display human-like capabilities such as

reasoning, learning, planning and creativity. AI enables technical systems to
perceive their environment, deal with what they perceive, solve problems and
act to achieve a specific goal. The computer receives data - already prepared or
gathered through its own sensors such as a camera - processes it and
responds. AI systems are capable of adapting their behavior to a certain degree
by analyzing the effects of previous actions and working autonomously.”
(European Parliament, 2021)

“Artificial intelligence (AI), the ability of a digital computer or computer-

controlled robot to perform tasks commonly associated with intelligent beings.
The term is frequently applied to the project of developing systems endowed
with the intellectual processes characteristic of humans, such as the ability to
reason, discover meaning, generalize, or learn from past experience. Since the
development of the digital computer in the 1940s, it has been demonstrated
that computers can be programmed to carry out very complex tasks—as, for
example, discovering proofs for mathematical theorems or playing chess—with
great proficiency. Still, despite continuing advances in computer processing
speed and memory capacity, there are as yet no programs that can match
human flexibility over wider domains or in tasks requiring much everyday
knowledge. On the other hand, some programs have attained the performance
levels of human experts and professionals in performing certain specific tasks,
so that artificial intelligence in this limited sense is found in applications as
diverse as medical diagnosis, computer search engines, and voice or
handwriting recognition.” (Turing, n.d.)
2. What is the impact of AI on business?
AI is currently having an impact on business that is only growing larger has
time progresses. Currently AI is only advanced enough to assist humans with
certain tasks, but in the future, it is likely that AI will be able to totally replace
humans for these tasks. This is beneficial for businesses because less human
resources such has time and money will be spent on tasks AI can easily
complete. I will now go more in depth on the impact AI is having on business in
the present. Today AI can complete routine processes and tasks, aid decision
making, and assist with cybersecurity. Routine processes and tasks such has
data entry and processing can be easily complete by AI in the present day.
Decision making can also be enhanced by AI which will allow the business to
make decisions that will benefit both it and the customer. Cybersecurity will
also be increased which is great for businesses because less data leaks will
occur among other things. Other notable impacts of AI include increased
customer assistance. This is when AI use chatbots to interact with customers
and help them with issues they need help resolving. Also, it should be
mentioned that AI can be used as a sort of personal assistant, managing the
calendar, emails, and future meetings an employee might possibly have to
attend. AI currently can help with the hiring process by screening applicants to
see if they are certified for the job they have applied for. In the future AI will
create jobs has it is being implemented and will require more specialized jobs
once implementation is complete. In the long run one of the biggest benefits
AI will have on business is reducing operational costs. This will allow the
employees to focus on the more important tasks. Currently AI is having a
relatively small impact on business but has time goes on the business that
choose not to adopt AI and other new technologies will be surpassed by those
that do.
3. Why should companies use AI in their business?
So our next question is a follow up question to the previous one. Why should
companies use ai in their business? there are many more reasons than the
seven that are listed here.

First of all to save time and money and increase productivity, employees can
do other things when Ai takes care of things they had to do. It’s a win win
situation. The companies can make faster business decisions based on outputs
from cognitive technologies. (NI Business Info, n.d.)

Up next AI can help a company to boost their revenue. Ai is widely used in

product recommendation systems. These are systems that suggest products or
information to users based on special data analysis methods. Whether it be on
a ecommerce website, on ads or emails, a product recommendation aims to
facilitate purchase decisions by helping customers find products that meet
their needs. (Valcheva, n.d.)

Ai can also enhance customer service with chatbots. A chatbot is a software

that imitates human conversation (or a chat) with users over websites, mobile
apps, phones, etc. It’s an AI-powered digital assistant that communicates with
people. (Valcheva, n.d.)
Today, people want fast, easy, and personalized customer service anytime and
anywhere. Chatbots can provide it. (Valcheva, n.d.)
Sales forecasting is the process of predicting and estimating future sales. It is a
vital factor for defining long-term business growth. Sales forecasts allow you to
see potential problems while you still have time to avoid them. The AI-based
software analyzes CRM data, purchase history, and data about past deals. It
looks at data elements such as emails, meetings, phone calls and then
performs text miningto analyze how they relate to sales outcomes. (Valcheva,
n.d.)
After it has analyzed how each data element relates to sales performance, the
AI software evaluates the next move of a given customer, so it gives an
accurate prediction. (Valcheva, n.d.)
Last we have smart cybersecurity. Many credit card companies are relying on
AI for helping financial institutions prevent billions of dollars in fraud annually
but cybersecurity is not important only for financial companies. It’s critical for
many industries, including retail, consumer products, automotive, utilities, and
telecom. (Valcheva, n.d.)As digital businesses grow, the risk of cyberattacks
exponentially increases.
There are many types of threats a business can face: identity thefts, account
takeovers, etc. (Valcheva, n.d.)
AI software can deal with cybersecurity in many ways: vulnerability
management, phishing detection, Network Security, behavioural analytics,
prevention control, etc. (Valcheva, n.d.)

4. What are the risks of using AI in a business?

Data availability
For our third question we wanted to learn more about the negative impact
that AI can have on a company. Companies are eager to use and incorporate Ai
within their business. If a business decides to, they should check their data
availability. Date is known to be quite unpredictable and of inadequate quality.
Hence it is important to be aware of what a challenge this can bring if you want
to create value of using AI. Having a good strategy can be of help. (Artificial
intelligence in business, n.d.)
Job automation
A second risk is job automation. Around the globe, there are a billion people at
risk of losing their job due to the fact that their company is incorporating AI.
Between 9% and 47% of jobs will be substituted by AI in the future. This will
lead to a higher unemployment rate globally. (23+ ARTIFICIAL INTELLIGENCE
AND JOB LOSS STATISTICS [2022], 2021)

Skill shortness
Besides that, AI could replace jobs, it can also cause for employees to have to
undergo training to be capable of deploying AI. This is a result of a shortness of
skills among the employees. Training in turn will cost extra money to
implement. But keeping the employees up-to-date and trained may not be
such a bad thing. (Artificial intelligence in business, n.d.)

Costs
When talking about costs, implementing AI in your company creates more
costs besides just for your training. When a company is fairly new to AI and is
unaware of how it works, they often outsource. In turn, they must worry about
maintenance and repair. Another risk are the implementation times.
Depending on what you want to implement, it can take quite a while for it to
be finished. The longer you will have to use it, the longer you will have to pay
for maintenance. (Artificial intelligence in business, n.d.)

Digital threat to security

Like other software programs, AI needs upgrades. When failure occurs, such as
a breakdown of the software, important data can be lost in the process. This is
a general risk when it comes to software, but it is still a dangerous one when
using AI. A last risk mentioned is the malicious use of AI. When owning a
company, there is a constant threat to their digital security if not protected
well enough. It is no different when using AI, but it can lead to a bigger danger.
Hackers can manipulate the built AI into doing things such as eliminate
surveillance cameras, weaponizing drones, disinformation campaigns, etc. This
cannot just lead to a digital and data threat to the company but also a threat
on a human level. (7 Dangerous Risks of Artificial Intelligence, 2022)
These are all risks to be considered before even thinking about incorporating
AI within your business. Being aware and prepared is a useful skill as well.

5. Video
https://youtu.be/hZt-ydQlC4M

6. Conclusion
AI has been making serious inroads in recent years. It brings a host of benefits
that make companies function even better, but every benefit also has a
downside. We have also found that AI is more for the larger companies
because it takes a lot of time and money, something that smaller companies
do not have.
So it is something that makes the company function better but it is certainly
not a substitute for human work force. Even though AI will get bigger and
bigger in the coming years, we don't think it will be able to outperform human
work force.

7.Bibliography
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rce%20or%20economy.

7 Dangerous Risks of Artificial Intelligence. (2022, April 14). Retrieved from Built In:
https://builtin.com/artificial-intelligence/risks-of-artificial-intelligence

Artificial intelligence in business. (n.d.). Retrieved from nibusinessinfo:

https://www.nibusinessinfo.co.uk/content/risks-and-limitations-artificial-intelligence-
business

NI Business Info. (n.d.). Business benefits of artificial intelligence. Retrieved from nibusinessinfo:
https://www.nibusinessinfo.co.uk/content/business-benefits-artificial-
intelligence#:~:text=By%20deploying%20the%20right%20AI,on%20outputs%20from%20cog
nitive%20technologies

Valcheva, S. (n.d.). 10 ways artificial intelligence helps business: uses and examples. Retrieved from
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European Parliament. (2021, March 29). What is artificial intelligence and how is it used? |

News | European Parliament. Https://Www.Europarl.Europa.Eu.

https://www.europarl.europa.eu/news/en/headlines/society/20200827STO85804/what

-is-artificial-intelligence-and-how-is-it-used/

Turing, A. T. (n.d.). artificial intelligence | Definition, Examples, Types, Applications,

Companies, & Facts. Encyclopedia Britannica.

https://www.britannica.com/technology/artificial-intelligence/

Bullock, L. (2019, February 25). The Top 6 Ways That Artificial Intelligence Will Affect

Your Business In The Near Future. Forbes.

https://www.forbes.com/sites/lilachbullock/2019/02/25/the-top-6-ways-that-artificial-

intelligence-will-affect-your-business-in-the-near-future/
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your-business

Murphy, K. (2021, December 13). What Is The Impact Of AI On Your Business?

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