Introduction to Artificial Intelligence and Its Importance in Modern Business Management

Abstract

Artificial Intelligence (AI) has emerged as a groundbreaking technology offering unparallel opportunities to enhance business efficiency and competitiveness. Recently, AI has gained notable attention in the business world as companies have started to recognize the potential of AI to revolutionize businesses and unlock new opportunities for growth and innovation. This chapter provides an introduction to AI and its importance in modern business management. It discusses the origin, evolution, and different types of AI; and subsequently delves into the applications, benefits, challenges, and future of AI. The chapter concludes that an ethical global governance framework should be developed for frontier AI applications used in businesses to make them more reliable and trustworthy. Also, there should be government intervention in the form of ethical auditing and ethical guidelines for the use of AI by the organizations. Thus, with the right approach, AI can be a valuable asset to businesses, helping them to succeed in an increasingly competitive and turbulent business environment.