Artificial Intelligence and Business Development in a Digital Economy
Keywords:
Artificial intelligence, Business, Business Development, Digital EconomyAbstract
This paper reviews Artificial Intelligence and Business Development in a Digital Economy. It is hinged on the technological determinism theory. Artificial intelligence (AI) is becoming increasingly central to the day-to-day digital world and a significant driver of transformation in the business environment. It is applied in healthcare, finance, e-commerce, transportation, and business within various functional areas and business functions. Entrepreneurs operate at a sophistication and automation previously exclusive to large corporations, ranging from personalized digital marketing to predictive customer service and algorithm pricing. It is currently transforming the competitive landscape and allowing smaller actors to differentiate themselves more effectively and scale more rapidly. The strategic integration of AI is notable in fintech, health-tech and smart manufacturing, and fraud detection in the financial sector. AI is highly scalable, resulting in phenomenal cost savings. Its consistency and rules-based programs allow enterprises to minimize their errors. AI longevity, coupled with continuous improvement and its ability to document processes, translates into business opportunities and real development.
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