1

BANGABANDHU SHEIKH MUJIBUR RAHMAN SCIENCE &

TECHNOLOGY UNIVERSITY, GOPALGANJ-8100

TERM PAPER ON
How is artificial intelligence used in business?
Course Title: Term Paper
Course code: AIS438

Submitted To
Rabiul Islam
Assistant Professor,
Department of Accounting & Information Systems
Bangabandhu Sheikh Mujibur Rahman Science & Technology University

Submitted By
Md. Raju Ahammad
Student Id: 18AIS011
BBA (4th Year, 1st Semester)
Session: 2018-2019
Department of Accounting & Information Systems
Bangabandhu Sheikh Mujibur Rahman Science & Technology University

Date of Submission: 20-06-2023

 2

Letter of Submission

Date: 20-06-20023
To,
Rabiul Islam
Assistant Professor
Department of Accounting & Information Systems
Bangabandhu Sheikh Mujibur Rahman Science & Technology University
Gopalganj-8100
Subject: Submission of Term Paper on “how is artificial intelligence used in business ".
Sir,
With due respect and humble submission I beg to inform you that I am Md. Raju Ahammad, Student
ID: 18AIS011.I have prepared my term paper on “how artificial intelligence is used in business ".I
have given my best effort to prepare the Term Paper with relevant information.
I pray and hope that the mistakes of the Term Paper may have been kindly excused. Lastly, I beg
your kind consideration for evaluating the Term Paper.
Yours Obediently

…………………….
(Md. Raju Ahammad)
Student Id: 18AIS011
BBA (4th Year, 1st Semester)
Session: 2018-2019
Department of Accounting & Information Systems
Bangabandhu Sheikh Mujibur Rahman Science & Technology University
 3

Letter of Acceptance

It's my pleasure to accept your work for preparing Term Paper on- how is artificial intelligence
used in business. I have gone through the whole report. I think the report is highly informative and
relevant. The report is seemed original to me. I appreciate you for such a good work. I wish your
every success in life.

With thanks

…………………..
(Rabiul Islam)
Assistant Professor
Department of Accounting & Information Systems
Bangabandhu Sheikh Mujibur Rahman Science & Technology University
Gopalganj-8100
 4

Declaration

I declare the term paper on "How is Artificial Intelligence in Business?" Embodies the results of
my own work, perused under the supervision of Rabiul Islam, Assistant Professor for the
fulfillment of Bachelor of Business Administration program from the Department of Accounting &
Information Systems, Faculty of Business Studies, Bangabandhu Sheikh Mujibur Rahman Science
& Technology University, Gopalganj-8100.
I further affirm that the information reported in this term paper is original and any other students or
other degree holders have not submitted whole or any part of this report for any purpose.

Yours Obediently,

Md. Raju Ahammad

Student ID: 18AIS011

BBA (4th Year, 1st Semester)
Session: 2018-2019

Department of Accounting & Information Systems

Bangabandhu Sheikh Mujibur Rahman Science & Technology University

 5

Acknowledgement

Initially, I am indebted to almighty Allah for giving me competence and power to conclude the Ter m
paper timely.
The completion of this report depends on the contribution of many people, especially those who spare
time to share their mindful art of judging of merits and faults and suggestions.
Moreover, I would like to express gratitude earnestly to my honorable Teacher Rabiul Islam,
Assistant Professor. Department of Accounting & Information Systems. Bangabandhu Sheikh
Mujibur Rahman Science & Technology University for his whole-heartedly co-operation,
supervision & assistance.
In addition, I would like to thank all who have helped me directly or indirectly by providing the
information that I sought to them. I strongly say that without their helps it would be difficult for me
to prepare this report within this short period. Without their contribution, it would not have been
possible for me to conduct this work.
Finally, my deepest gratitude and love to my parents for their support, encouragement and endless
love.
 6

Executive Summary

This term paper gives an overview of latest lookup on Artificial Intelligence in the business context
and proposes an agenda for future research. Artificial Intelligence (Al) continues to dominate the
corporate and non-corporate environment amid varying criticism for fears that Al technology
threatens the role of humans in future governance and business operations. First, by using analyzing
various relevant articles accrued via Web of Science and Scopus, this article gives the evolution of
research on Al in business over time, highlighting seminal works in the field, and the main eBook
venues. This article attempts to identify the different approaches that Al is transforming business.
Next, the use of a text-mining approach based on Latent Dirichlet Allocation, latent subjects had been
extracted from the literature and comprehensively analyzed.

This article explores the impact of Al on business through a Business operations, cybersecurity,
marketing, Innovation and improvement of management decisions do. Artificial Intelligence has
several positive Impact in operations as a whole, and corporate governance and investments in Al
will strengthen resilience and market leadership

Keywords

Artificial Intelligence, Automation, Digitization, Business Strategies, Innovation, Business Contexts

 7

Table Contents
SL Title Page No
No
Executive Summary 6

Chapter One: Background of the study

1.1 Introduction of the study 9
1.2 Origin of the report 10
1.3 Research Objectives 10
1.4 Methodology of the Study: 11
1.4.1 Report Design 11
1.4.2 Sources of Data 11
1.4.3 Scope of the study 11
1.4.4 Limitations of the Study 11

Chapter Two: Conceptual overview of artificial intelligence

2.1 Concept of Artificial Intelligence 12
2.2 History of Artificial Intelligence 13
2.3 Features of Artificial Intelligence 14
2.4 Descriptive analysis of the literature 14

Chapter Three: Operating system in Artificial Intelligence

3.1 Concept of Operating system about Artificial Intelligence 16
3.2 Capabilities of Artificial Intelligence Operating System 16
3.3 Approach towards AIOS 17
3.4 Risk and Benefit of an Artificial Intelligence Operating System 17
3.5 Current progress 18
3.6 Conclusion of operating system about artificial intelligence 18

Chapter four: Artificial intelligence method in business

4.1 Expert system 19
4.2 potential Applications of Expert Systems 19
4.3 Conclusion 20
4.4 Artificial Neural Network 20
4.5 Neural Network business applications 20
 8

4.6 Conclusion 21
4.7 Hybrid System 22
4.8 Conclusion 22

Chapter Five: Artificial Intelligence Application in Business

5.1 Artificial Intelligence in Financial Services 22
5.2 Artificial Intelligence in Marketing 23
5.3 Artificial Intelligence in Human Resource 23
5.4 Artificial Intelligence in Banking Sector 23
5.5 Artificial Intelligence in CRM: “Behavior Analysis" 23
5.6 Artificial Intelligence in Global Market 24

Chapter Six: Future of Artificial Intelligence in Business

6.1 OVERVIEW 26
6.2 Enter prescriptive analysis 26
6.3 Artificial Intelligence puts facial and voice recognition on the central stage 27
6.4 Artificial Intelligence allows hyper-personalization 27
6.5 Artificial Intelligence makes it possible to make direct decisions 27
6.6 To Augment Customer Experience 27

Chapter Seven: Findings & Recommendations

7.1 Here are the top 7 key findings and recommendations from this study 28
7.2 Conclusion 28
Reference 29
 9

Chapter One
Background of the study

1.1 Introduction of the study

Artificial intelligence in business clearly involves using smart computer software program with
human-like skills to enhance revenue, enhance client experience, boom productiveness and
efficiency, and force enterprise boom and transformation. The way we live, work, and have fun is
changing thanks to emerging technologies like the internet of things (lot), statistics science, big data,
cloud computing, and block chain. This term paper can help in further development of these
technologies. Since then, studies on Al has stemmed from distinct fields of knowledge. Social
scientists had been discussing moral and felony implications of Al, laptop scientists have advanced
superior deep gaining knowledge of algorithms, whilst researchers in enterprise control have studied
the influences of Al on customers, firms, and stakeholders in a more and more computerized and
interrelated enterprise world. However, such advances in AI studies have specifically been executed
in remoted silos with few interdisciplinary exchanges. Similarly, a completely unique and consensual
definition of Al has been tough to get.
 10

Hyper automation and connectivity may also lead us to the sunrise of the Fourth Industrial
Revolution. Advances in Al are mainly what pressure the development of Industry and higher overall
performance in all regions of technology. (Schwab 2017; Bloem 2014; Klosters 2016; Park 2017).
At present day present day era, trends and innovations show up with inside the blink of an eye,
making this the maximum interesting second in human history. Artificial intelligence (AI) technical
trends encompass commercial robots, self-riding automobiles, health watches, and on-line courses.
AL has been ingrained in our everyday lives and is having a power on humans, society, and
enterprise.

Artificial intelligence has had an exquisite few years, and almost each business enterprise is now
changing their method and enterprise fashions to encompass Al into each enterprise function.
Businesses, on the opposite hand, are nonetheless ignorant of the ramifications of Al adoption, and
so it’s have an impact on calls for attention. Machine mastering (ML) is a kind of synthetic
intelligence (Al) that permits software program programmers to enhance their prediction accuracy
without being expressly designed to do so. The motive of this observe is to decide and pick out the
have an impact on of synthetic intelligence and gadget mastering on enterprise operations.

The remainder of this paper is organized as follows. The next section describes about the conceptual
overview of artificial intelligence and second chapter is about operating system of artificial
intelligence, where insights into the information revealed from the data are discussed about operating
system. The next sections are devoted to discussions on methods, application and future trends of
artificial intelligence in business and presentation of major questions for future research

1.2 Origin of the report

The Term Paper is a part of BBA program under Bangabandhu Sheikh Mujibur Rahman Science &
Technology University. The report is originated under the curriculum requirement of BBA
program. As per the consultation of my academic supervisor Rabiul Islam sir, I am preparing the
Term Paper on The Impact of Artificial Intelligence in Business.

1.3 Research Objectives

 To know the Artificial Intelligence
 To know the forms of Artificial Intelligence.
 To know how “intelligent” machines and services are related to AI? Which of them are
available for commercial use?
 Recognized the knowledge of Al in business process
 To know the practical example of Al applications and Bangladesh perspective.
 To know why is it so? Why does every company want to be an Al company or want to
acquire Al companies? Are all other technologies slowly being augmented (or replaced)
with Al?
 What is behind all these real-world intelligent applications? Which AI algorithms are
making these artificial systems intelligent?
 11

 How is the growth of Al influencing all industries and sectors across the globe? Which
countries are leading this race of AI?
The answers to the above questions will help the human society to get prepared for the future
challenges and accept the rapid changes occurring with the infusion of Al in human life and
business.

1.4 Methodology of the Study

1.4.1 Report Design

My report design will be descriptive followed by partially exploratory because the entire project
will be based on the data collected from internet, reports, journals and analysis so that the detailed
and clear description will be there in the project, so there is a mix of explanation and description
design. It will cover all the major information about Artificial intelligence and will give a clearer
view to the reader how it is implemented in business.

1.4.2 Sources of Data

The main source of information in my project will be based on secondary data like facts, figures
graphs collected from internet, which will be analyzed and summarized in the form of this project
report.

1.4.3 Scope of the study

My project topic basically falls in the category of business Sector. The objective of the research
having the main aim to make people aware of artificial intelligence and its use in different sectors
especially in business.

1.4.4 Limitations of the Study

The secondary data collected might consist of manipulations, which might have given bias in the
result.
The lack of experience in preparing the project report.
Lack of time for completion of the project.
The method lacks flexibility. In case of in adequate or incomplete information the result may
deviate.
It is very difficult to check the accuracy of the information provided
Documents may lack authenticity parts of the document might be missing, and we might not even
be to verify the document, meaning we cannot check whether it’s biased or not.
 12

The way things are measured may change overtime, making historical comparisons difficult.
As a project report the area of study is vast and may be not enough for to give any limitation.

Chapter Two
Conceptual overview of artificial intelligence

2.1 Concept of Artificial Intelligence

Artificial intelligence (AI) refers to the simulation of human intelligence in machines that are
programmed to think like humans and mimic their actions. The term may also be applied to any
machine that exhibits traits associated with a human mind such as learning and problem-solving.
The perfect characteristic of synthetic intelligence is its ability to rationalize and take actions that
have the first-rate danger of reaching a unique goal. A subset of artificial talent is desktop learning
(ML), which refers to the concept that computer packages can routinely research from and adapt to
new facts without being assisted by using humans. Deep learning methods allow this computerized
gaining knowledge of through the absorption of massive amounts of unstructured information such
as text, images, or video. Artificial intelligence is based totally on the principle that human
intelligence can be described in a way that a computing device can effortlessly mimic it and
execute tasks, from the most easy to these that are even extra complex. The goals of synthetic
Genius include mimicking human cognitive activity. Researchers and developers in the field are
 13

making noticeably speedy strides in mimicking things to do such as learning, reasoning, and
perception, to the extent that these can be concretely defined. Some consider that innovators may
additionally quickly be able to develop structures that exceed the ability of people to research or
cause out any subject. But others stay skeptical due to the fact all cognitive activity is laced with
fee judgments that are challenge to human ride.

2.2 History of Artificial Intelligence

The history of artificial intelligence (Al) commenced in antiquity, with myths, tales and rumors of
artificial beings endowed with brain or attention by grasp craftsmen. The seeds of current Al had
been planted by using philosophers who tried to describe the procedure of human wondering as the
mechanical manipulation of symbols. This work culminated in the invention of the programmable
digital computer in the 1940s, a desktop based on the abstract essence of mathematical reasoning.
This gadget and the thoughts behind it inspired a handful of scientists to start significantly
discussing the opportunity of constructing an electronic brain.
The field of AI lookup was once centered at a workshop held on the campus of Dartmouth College,
USA for the duration of the summer season of 1956. Those who attended would become the leaders
of Al research for decades. Many of them estimated that a laptop as clever as a human being would
exist in no greater than a generation, and they have been given millions of bucks to make this
vision come true. Eventually, it grew to become obvious that business builders and researchers had
grossly underestimated the challenge of the project. In 1974, in response to the criticism from
James Light hill and ongoing stress from congress, the U.S and British Governments stopped
funding undirected research into synthetic intelligence, and the challenging years that accompanied
would later be recognized as an "Al winter". Seven years later, a visionary initiative by way of the
Japanese Government inspired governments and industry to provide Al with billions of dollars,
however by the late 80s the traders grew to be disappointed and withdrew funding again.
Investment and activity in Al boomed in the first many years of the 21st century when computing
device gaining knowledge of was successfully applied to many issues in academia and industry due
to new methods, the software of effective laptop hardware, and the collection of sizeable
information sets.

2.3 Feature of Artificial Intelligence

1. Acting humanly
When a laptop acts flawlessly like a human being, and it is hard to differentiate between two by
using technologies such as natural language processing, computerized reasoning, laptop learning
 14

and automatic reasoning. The Turing test, known as an imitation game, determines whether or not a
desktop can display human intelligence or no longer besides any bodily contact.
2. Thinking humanly
When a pc thinks simply as a human and performs duties generally performed with human brain
such as riding a car. The method to decide how people think, cognitive modeling method is used
primarily based on three techniques-Introspection, Psychological testing, and Brain imaging. This
category of questioning humanly is additionally used in psychology and healthcare to create
realistic simulations when required.
3. Thinking rationally
The normal study of how human thinks use some standards supporting in creating a tenet of human
behavior. A man or woman is considered rational (reasonable, sensible, and with a true sense of
judgment) and the pc thinks rationally as per the recorded behavior and solves troubles logically. In
other words, the solving of a specific trouble is pretty distinct from solving it in exercise and
computers take assist of that rational thinking to perform.

4. Facial Recognition
Artificial Intelligence has made it feasible to recognize individual faces the usage of biometric
mapping. This has led to route breaking developments in surveillance technologies. It compares the
information with a database of acknowledged faces to be searching for out a match. However, this
has also confronted a lot of criticism for breach of privacy.
5. Acting Rationally
The find out about of how human beings act in uncertainty or complexity depends completely on
rational agents. As with rational thought, moves depend on conditions, environmental factors, and
current statistics to maximize the anticipated cost of its performance. It normally depends on black -
box or engineering approach to efficaciously accomplish the goal.

2.4 Descriptive analysis of the literature

The literature on Al in business-related classes started in 1977 with a first paper published in
Futures journal that addresses how Al was once utilized to troubles in medicinal drug (Coles,
1977). In fact, Futures is the journal that gathers the greatest range of papers discussing the
implications of Al in business categories (20), accompanied by the Journal of Operational Research
Society (19), and Expert Systems with Applications journal (10). Coleus’s (1997) paper was once
the only one posted between 1970 and 1979 that fulfilled the query in the present day study. The
next a long time noticed an amplify in papers posted round Al implications. Between 1980 and
1989, 43 papers met the criteria, and both in the 1990's and in the first decade of the 21th Century,
70 papers were published. In the closing decade (2010-2019), the quantity of published papers
round Al in commercial enterprise categories have increased, with a whole of 220 papers protected
in the dataset (see discern 1)
 15

Figure 1: Distribution of published papers on Al over time

Articles had been also categorised in accordance to the business purposes that have received an
affect from Al. Figure two indicates the most impacted commercial enterprise applications.Most Al
lookup is impacting Governance-applications for strategic choices internal businesses or
governments (48 papers), the Manufacturing (48 papers), Society as a total (37 papers) and Finance
(33 papers). Other vital applications include Marketing and Retailing (43 papers) and Tourism and
Hospitality with a complete of 24 papers.

Figure 2: Distribution of Business Application of Al articles

 16

Chapter Three
Operating system in Artificial Intelligence

3.1 Concept of Operating system about Artificial Intelligence

An artificial intelligence operating system (AIOS) is a form of system software that manages
computer hardware and software resources and provides common services for computer programs
via general artificial intelligence. The Al operating system is a component of the system software in
a computer system.
Artificial intelligence for IT operations (AlOps) is an umbrella term for the use of big data
analytics, machine learning (ML) and other artificial intelligence (Al) technologies to automate the
identification and resolution of common IT issues. The systems, services and applications in a large
enterprise produce immense volumes of log and performance data. AlOps uses this data to monitor
assets and gain visibility into dependencies within and outside of IT systems.

3.2 Capabilities of Artificial Intelligence Operating System

An AlOps platform should bring three capabilities to the enterprise:
1. Automate routine practices
Routine practices include user requests, as well as non-critical IT system alerts. For example,
AlOps can enable a help desk system to process and fulfill a user request to provision a resource
automatically. AlOps platforms can also evaluate an alert and determine that it does not require
action because the relevant metrics and supporting data available are within normal parameters
2. Recognize serious issues faster and with greater accuracy than humans
 17

IT professionals might address a known malware event on a noncritical system, but ignore an
unusual download or process starting on a critical server because they are not watching for this
threat. AlOps addresses this scenario differently, prioritizing the event on the critical system as a
possible attack or infection because the behavior is out of the norm, and deprioritizing the known
malware event by running an antimalware function.
3. Streamline the interactions between data center groups and teams
AlOps provides each functional IT group with relevant data and perspectives. Without Al-enabled
operations, teams must share, parse and process information by meeting or manually sending
around data. AlOps should learn what analysis and monitoring data to show each group or team
from the large pool of resource metrics

3.3 Approach towards AIOS

The AIOS consists of Artificial Intelligence: The AIOS integral part Al it must be there as in the Al
will be able to perform the task of managing and controlling devices.
Cloud Processing: The data copy must be sent to the cloud such as the data would be accessible
from any location.
Self-Learning: The data analyzed would help in the self-learning of the Al system.
AIOS Interaction: AIOS would be the future the AIOS would be able to communicate with other
AIOS. Example If a AIOS user make a list of Item to be purchased on his AIOS Shopping list and
as soon as the user enter the mall the user AIOS would communicate with the AIOS of respective
shop. The various offer of the shopping mall would be available and if certain product marked
would also be ready for pick up by the user.

3.4 Risk and Benefit of an Artificial Intelligence Operating System

There are so many sector where each sector contains different types of risks.
Risks in business sector:
 May be necessary to survive.
 Al gap is expanding rapidly.
Risks in financial sector:
 Open check book to Al hell.
 Big cap failure are common.
Risks in Operational Sector:
 Necessary for crisis prevention.
 Augmentation hard to beat.
Risks in Technical sector:
 18

 Legacy and internal battle.

 Data quality, prep and conversion.
 Talent war, BOD competency
Besides this there are also so many benefits in artificial intelligence operating system.
This benefit are:

 Far more precise governance.

 Strong competitive advantage when it able to execute well.
 Highest level of organizational optimization known.
 So many effective argumenta function:
 Discover.
 Prevented.
 Collaborate.
 Create.
 Produce.
 Learn.
 Adapt

3.5 Current progress:

AIOS based Operating system namely Cognition has been developed which helps as an intelligent
assistant, electronic advisor, Offer engines and Chabot’s. Artificial neural network based OS named
Neurons is developed. Its functions including perception, pattern learning and recognition, working
memory, imagination, prediction, context priming, attention ,abstraction, classification, associational
thinking and behavior. NeurOS applications are inherently portable, scalable, networkable,
extensible and embeddable. There are many projects under process for building an AIOS such as
Jarvis. Al is also used Amazon's Alexa, Apple's Siri, Google's Now, and Microsoft's Cortana
applications which act as an assistant. In addition, Windows metro delivered the capabilities of AIOS.
But the User Interface represented just the folders and that was not able to deliver the next-generation
experience of AIOS.

3.6 Conclusion of operating system about artificial intelligence

Al has a lot evolve, so is OS. Al based OS are being developed day by day. The Operating Systems
that doesn't have Al lack the intelligence that intelligent systems have. In other words it lacks a brain
which is artificially intelligent. We as humans would want a system which could act as our personal
assistant that keeps track of the tasks such as appointments, upcoming events, news, take notes, set
alarms etc. The goal of artificial intelligence is to create systems whose intelligence equals or
surpasses humans. If this goal is achieved then we will have an Al based OS as well. As a conclusion
there is prominent need for Al Operating system.
 19

Chapter Four
Artificial intelligence method in business

4.1 Expert system

An expert system is a computer program that uses artificial intelligence (AI) technologies to
simulate the judgment and behavior of a human or an organization that has expertise and
experience in a particular field.

4.2 potential Applications of Expert Systems

 Information management
 Hospitals and medical facilities
 Help desks management
 Employee performance evaluation
 Loan analysis
 Virus detection
 Useful for repair and maintenance projects
 Warehouse optimization
 Planning and scheduling
 The configuration of manufactured objects
 20

4.3 Conclusion
An Expert System is an interactive and dependable computer-based decision-making device which uses both
facts and heuristics to remedy complex decision-making trouble

4.4 Artificial Neural Network

An Artificial Neural Network (ANN), often simply referred to as a Neural Network (NN), is an
attempt to replicate the brain's network of neurons so that the computer may learn and make
judgments in a humanlike manner.

4.5 Neural Network business applications

1. Marketing and ecommerce
The recent improvement in data science is the use of massive protocols to train neural networks.
This science has been around for decades, but it's the added upward momentum of big data that
makes it remarkably useful for marketing.
Marketers can use these tools to find and reach customers more effectively, which benefits them in
the following ways:
 Consumer behavior predictions
 Creating and understanding the more complex buyer segments
 Automating marketing
 Creating content
 Social listening
2. Retail and Sales
Following on from the above business application of ANN, retail and sales are finding these
systems and algorithms extremely valuable, too.
By using ANNs, retail and sales-driven companies are able to engage in:

 Demand forecasting: This forecast helps to identify when consumers will need a product or
service, how to ensure continuous product availability and on-time delivery, etc.
 Sales forecasting: Use this forecast type to determine when and what a customer is most
likely to buy. This enables businesses to identify and understand the factors that contribute
to increased sales in retail stores and predict future sales.
3. Finance and Banking
Neural networks can also be applied to automate processes in banking and finance.
Among other things, NNs can be used to:
 Predict currencies
 Business failure predictions
 Assessments of debt risk
 Approval of credit
 21

 Approval of mortgages
 Fraud detection

4. Security
They can be used to:
 Detect fraud
 Malware and viruses can be detected and prevented
 Prioritize alerts to send to the relevant people
 Spam detection
 Content moderation
 Detecting Dodos attacks
5. Insurance
Another industry that is taking advantage of NN is insurance. Insurance companies use neural
networks to forecast future loss rates and adjust premiums. This in turn increases your profit margin
Some uses of neural networks in insurance include:
 Forecast future loss ratios and premiums
 Adjust future premiums
 Detect fraudulent claims

4.6 Conclusion
As a subset of machine learning, artificial neural networks are fundamental to deep learning. They
work in a similar way to biological neural networks, connecting different types of neurons and data
together. These networks make very accurate predictions based on training data.

4.7 Hybrid System

Hybrid Al is associate approach for businesses that mixes human insight with machine learning and
deep learning networks. Despite bound challenges, consultants believe it shows promise.
4.3.1 Fuzzy logic
Fuzzy logic is an approach to computing based on "degrees of truth" rather than the usual "true or
false" (1 or 0) Boolean logic on which the modern computer is based.
Fuzzy logic applications
Various types of Al systems and technologies use fuzzy logic. This includes vehicle intelligence,
consumer electronics, medicine, software, chemicals and aerospace.
In a business rules engine, fuzzy logic may be used to streamline decision-making according to
predetermined criteria.
 22

In automobiles, fuzzy logic is used for gear selection and is based on factors such as engine load,
road conditions and style of driving.
In dishwashers, fuzzy logic is used to determine the washing strategy and power needed, which is
based on factors such as the number of dishes and the level of food residue on the dishes.
In copy machines, fuzzy logic is used to adjust drum voltage based on factors such as humidity,
picture density and temperature.

4.8 Conclusion
In artificial intelligence (AI) systems, fuzzy logic is used to imitate human reasoning and cognition.
Rather than strictly binary cases of truth, fuzzy logic includes 0 and 1 as extreme cases of truth but
with various intermediate degrees of truth

Chapter Five
Artificial Intelligence Application in Business

5.1 Artificial Intelligence in Financial Services

In the field of finance, artificial intelligence has long been used. Some applications of artifical
intelligence are
 Credit authorized screening
 Mortgage risk assessment
 Project management and bidding strategy
 23

 Financial and economic forecasting

 Risk rating of exchange-traded, fixed income investments
 Detection of regularities in security price movements
 Prediction of default and bankruptcy
 Security/and or Asset Portfolio Management

5.2 Artificial Intelligence in Marketing

In Marketing, Some applications of artificial intelligence are:
 Computerized neural networks
 Customer relationship management
 High tech data mining can give companies precise view of how particular segments of the
customer base react to a product or service
 Buying patterns, analytics could help companies react much more quickly to the
marketplace.

5.3 Artificial Intelligence in Human Resource

Some applications of Al in HR are
 Use of neural networks and fuzzy logic in human resource information system(HRIS)
 Fuzzy neural network, to construct a new model for evaluation of managerial talent, and
accordingly to develop a decision support system in human resource selection.

5.4 Artificial Intelligence in Banking Sector

 Bank business intelligence (BI) is the collection of information concerning a bank's
operations to help it address issues, develop strategies, and improve services to customers.

 Banks can rely on an internal department to collect, analyze, and contextualize information,
or they can hire consultants to provide this service. Firms across the financial industry use
Bl to be more flexible and powerful in the market, and numerous seminars provide
instruction in how to gather and use information effectively.

 One aspect of bank business intelligence involves the collection of data on customers and
customer relations. This includes raw statistics on numbers of customers, types of accounts,
and assets held with a given financial institution. It can also involve surveys, demographic
analysis, and other measures to learn who banks with a given company and why. The bank
may also perform analysis of competing institutions to find areas of similarity and
difference, to learn more about the industry as a whole and its role in it.

5.5 Artificial Intelligence in CRM: “Behavior Analysis”

 Internet bookstore Amazon.com uses Al to learn about its customers' tastes in books. When
someone signs on to Amazon, the software greets the customer by his or her name, and
gives him or her recommendations on books. The recommendations, which are based on the
customer's previous buying patterns, suggest similar reading material.
 24

 Federal Express Corporation (FedEx), the world's largest express transportation company,
discovered, through an internal analysis, that picking up customers' packages from them
cost significantly more than servicing customers who dropped off their own packages.

5.6 Artificial Intelligence in Global Market:

In this section, first, we discover the pinnacle Al corporations after which carry out their
monetary evaluation to evaluate the effect of automation and Al on the worldwide market.
We diagnosed the pinnacle 5 Al corporations from a listing of 119+ company organizations
which participated in NIPS 2018. The criterion followed for assessment is the variety of
acquisitions of AI start-ups within side the ultimate nine years (January 2010-January
2019). Fig. three indicates the variety of Al start-up acquisitions through the pinnacle 5 Al
corporations viz. Google, Apple, Amazon, Microsoft, and IBM. Table 2 summarizes the
info of the acquisitions and NIPS sponsorship degree of the pinnacle 5 Al corporations. In
the subsequent section, we carry out the monetary evaluation of the pinnacle 5 Al
companies. In the next section, we conduct the financial analysis of the five leading Al
companies, i.e. H. Google, Apple, Amazon, Microsoft and IBM.

Figure-3, the number of Al start-up acquisitions by the top five Al companies

Figure-3, the details of the acquisitions and NIPS sponsorship level of the top five Al
companies. We performed the financial analysis of the top Al companies by analyzing their
financial worth in the last decade. Our analysis shows an increasing trend in the share
prices, EPS (earning per share), investment in Al, and the net sales of all the top companies
for the last decade (2009-2018). Figure-4 shows the trend of normalized net sales of the top
five Al companies for the last 10 years (2009-2018). Apart from Apple and IBM, all other
companies show a continual increase over the years. The investment done in Al must have
played some role in the financial growth of these companies, but it was not possible to
conclusively find a direct correspondence between the two because there can be various
factors behind the growth.
 25

Figure-4 Net Sales of top Al acquirers in the last 10 Years (2009-2018)

Since start-ups are considered as innovation and growth drivers of the economy, we believe
that their analysis would result in important conclusions, relevant to the detection of the
impact of automation and Al on business models. Therefore, we procured the list of
preeminent Al start-ups for the year 2017 and 2018 with the help of the CB Insights' Mosaic
algorithm2. The algorithm identifies the top Al start-ups by evaluating the factors like
profile, financing history, tech innovation, patent activity, team strength, investor quality,
business model, mosaic score, funding history etc. The two lists were made available by
analyzing, 1650+ and 2000+global start-ups respectively, using the Mosaic algorithm. In
the rest of the paper, we will refer to the Al start-ups list for 2017 and 2018 as Al17 and
Al18 respectively. We further analyzed the start-ups listed in Al17 and Al18 to investigate
the impact of Al on businesses. The following section lists the investigations and results
obtained from the data of Al17 and Al18. First, we identified the different sectors in which
these 200 newborn companies have managed to prove themselves as top Al starts-ups.
Second, we evaluated the total funding received by these sectors. Third, we
Determined the geographical distribution of the top Al start-ups; the results guide us
towards the exploration of the “Dark side" to Al. A part of these results has been presented
at an international conference DIGITS 2018 (Sony 2018a) jointly organized by University
of Maryland and Birla Institute of Management and Technology.
 26

Chapter Six
Future of Artificial Intelligence in Business

6.1 OVERVIEW
After years of promise, increasingly organizations are figuring out the blessings of synthetic
intelligence (AI) and gadget learning. A 2018 survey confirmed that forty seven percentage
of corporations have incorporated at the least one Al functionality into their commercial
enterprise process-up from 20 percentage in 2017- and seventy one percentage plan to
growth their Al investments with inside the coming years
Change is coming, however that doesn't mean an increase of the machines. Yes, it'll mean
job changes for a few employees: a hundred and twenty million employees within the
world's twelve largest economies might need to be retrained over consequent 3 years (2019-
2021), but Al won't replace humans. Instead, trade specialists say, Al will facilitate humans
create additional economical and clear decisions.

6.2 Enter prescriptive analysis

Prescriptive analytics: a form of advanced analytics which examines data or content to
identify what should be done.
The destiny of commercial enterprise intelligence will see prescriptive analytics taking over.
Here, prescriptive evaluation equipment primarily based totally on synthetic intelligence
might have a take observe sizable quantities of data. Then, they'd permit customers to
prescribe numerous feasible moves and recommend practical solutions.
 27

But the prescriptive analysis will over a prediction; it conjointly provides sound
recommendation and explains the explanation why things can proceed within the same way.

6.3 Artificial Intelligence puts facial and voice recognition on the central
stage
Elsewhere with inside the destiny of enterprise intelligence, facial and voice popularity will
start coming into the fray. Voice activated private virtual assistants-primarily based totally
on Al-have already given millennials a kick start. The significant recognition of virtual
voice assistants like Amazon Alexa, Apple Siri, and Google Assistant is an indication of
factors to come. The voice replaces the keyboard and tactile interfaces because the default
standard.

6.4 Artificial Intelligence allows hyper-personalization

Artificial intelligence takes lessons from expertise and improves with every transaction.
That is, succeeding call mechanically prescribed is best than the previous one. And this is
often key for bismuth platforms and also the means within which they influence
organizational operations.
The way forward for business intelligence combined with Al can see the analysis of giant
quantities of discourse knowledge in real-time. So, the tool will quickly capture client wants
and priorities and do what's needed. Additionally as hyper-personalized recommendations,
this BI/AI of the longer term could automatically decipher the emotions of the user.

6.5 Artificial Intelligence makes it possible to make direct decisions

Due to the proliferation of facts, many groups are liable to being overburdened with facts.
The specific upward thrust of 'huge facts'-and the obsession with its analysis- can
effortlessly silence the middle commercial enterprise of the company.
Enter commercial enterprise intelligence and Artificial Intelligence. Business intelligence
software program primarily based totally on Al permits groups to interrupt down facts into
plausible insights and recognize huge facts.

6.6 To Augment Customer Experience

Dynamic and aggressive commercial enterprise surroundings coupled with consumer
engagement is using the adoption of Al generation, so that it will offer customized offerings
in real-time. Businesses together with e-commerce, monetary offerings, healthcare, and
different industries are transferring closer to Al to construct consumer enjoy.
For instance, in December 2021, TPG Inc., a consumer enjoy company platform declared
the release of Anna-an Al-powered consumer enjoy platform this is able to comparing extra
than 15,000 percentage interactions. This generation can provide perspectives on each chat
and speak to communications with the customers.
 28

Chapter Seven

Findings & Recommendations

7.1 Here are the top 7 key findings and recommendations from this study:
 Speed is the most significant benefit of AI: In business, AL does a lot of different
things very fast. This is why artificial intelligence is creating a different dimension
to business
 Al-Based technologies provide deeper security: The use of artificial intelligence
ensures the security of various important business information. As a result, the
possibility of leaking important business information is reduced
 Al supports identification and authentication technologies: This can very quickly
identify anything and he can preserve the evidence.
 Al may minimize data breaches: Al protects the trader from data breaches. It can be
easily said that Al acts as the security of the business. This is a good aspect of Al.
 Al may improve productivity: Al increases the amount of production compared to
humans. It has a much higher production capacity as it works at a much faster speed
than comparatively human.
 Al could help cut costs: It reduces production hassle by doing a lot of work in a
quick time. It is another good aspect of my study.
 Human supervision is still required: Despite the existence of artificial intelligence,
human supervision still needs to exist. Because artificial intelligence can't do
everything in the right way. As a result, human supervision is still needed.

7.2 Conclusion
In the long term, artificial intelligence is going to be something that proves to be a
technology that is as interesting as it is frightful. We can see that Al is not hype but
has the capability of transforming the global economy via technological innovations,
scientific knowledge and entrepreneurial activities. It is frightening in the sense that
it might trick us humans and all that we can imagine-might as well someday become
a reality. The progressive growth of automation and Al in the last decade is
attributed to two major factors: the increasing availability of big data and hardware
accelerators (GPUs and TPUs). These factors are making Al the core technology
responsible for extreme automation and connectivity and thus, taking the world
towards the dawn of the fourth industrial revolution.
But at the same time, it also will enhance the capabilities and creativity of
humankind. We have to make sure that we use Al to push forward sustainable
processes and contribute for a better and longer future.
 29

Reference

Books and Journals:

1. Sony, N., Sharma, E. K., Singh, N., & Kapoor, A. (2019). Impact of artificial
intelligence on businesses: from research, innovation, market deployment to
future shifts in business models. ArXiv preprint arXiv: 1905.02092.

2. Dirican, C. (2015). The impacts of robotics, artificial intelligence on business

and economics. Procedia-Social and Behavioral Sciences, 195, 564-573.

3. Harmon, P., & King, D. (1985). Expert systems: Artificial intelligence in

business. John Wiley & Sons, Inc...

4. Bahrammirzaee, A. (2010).A comparative survey of artificial intelligence

applications in finance: artificial neural networks, expert system and hybrid
intelligent systems. Neural Computing and Applications, 19(8), 1165-1195.

5. Banica, L., Polychronidou, P., Stefan, C., & Hagiu, A. (2020).Empowering IT

operations through artificial intelligence-a new business perspective. KnE Social
Sciences, 412-425.

6. Scherer, M. U. (2015). Regulating artificial intelligence systems: Risks,

challenges, competencies, and strategies.Harv. JL & Tech., 29,353.

7. Loureiro, S.M.C., Guerreiro, J., & Tussyadiah, I. (2021).Artificial intelligence in

business: state of the art and future research agenda. Journal of business
research, 129,911-926.

Publications in Newspaper:
1. How Artificial Intelligence Can Improve Organizational Decision Making in the
forbes.com on Aug 23, 2022.

2. How Artificial Intelligence enhance a business organization in the Cofounder

Magazine on 16 September 2022.

Website:
1. http://www.ijtrd.com
2. https://www.businessworldit.com
3. https://en.m.wikipedia.org