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Utilising Artificial Intelligence- Prospects And Obstacles For Modern Businesses

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  • Mubashshir Bin Mahbub

    (American International University-Bangladesh)

Abstract

The integration of Artificial Intelligence (AI) into the operations of modern businesses represents a pivotal shift in the way organizations approach innovation, efficiency, and maintaining a competitive edge in today’s rapidly evolving market landscape. This qualitative research article delves deeply into the multifaceted realm of AI adoption within businesses, aiming to uncover the extensive array of possibilities it presents as well as the formidable challenges it poses. At its core, this study seeks to comprehensively explore not only the promising horizons that AI adoption opens up but also the formidable hurdles that businesses must overcome to effectively leverage these transformative technologies. In examining the potential benefits of AI integration, this research embarks on an exploration of the vast opportunities it brings forth. Among these potential advantages are heightened levels of productivity, marked advancements in innovation capabilities, and the ability to deliver unparalleled customer experiences. Through the automation of repetitive tasks, the enhancement of decision-making processes with data-driven insights, and the facilitation of personalized interactions, AI holds the promise of revolutionizing the way businesses operate and interact with their customers, clients, and stakeholders. However, amidst these promising prospects, a complex tapestry of challenges emerges, casting a shadow over the path to AI adoption. These obstacles encompass a broad spectrum of concerns, from the intricate nuances of data privacy and security to the profound ethical considerations inherent in the deployment of AI systems. Additionally, businesses must grapple with the intricacies of regulatory compliance, navigate the daunting skills gap in AI expertise, and confront the substantial costs associated with implementation and maintenance. Through a meticulous examination of these opportunities and challenges, this study sheds light on the intricate dynamics that underpin the adoption of AI technologies by modern businesses. It underscores the critical importance of developing proactive strategies, establishing robust ethical frameworks, and embracing human-centric approaches to ensure the responsible deployment of AI solutions. By illuminating the complexities inherent in the adoption of AI, this research aims to provide valuable insights that can inform decision-making processes for businesses, policymakers, and stakeholders alike. Ultimately, it seeks to contribute to the advancement of a sustainable and inclusive future, where the transformative potential of AI is harnessed to benefit society as a whole.

Suggested Citation

  • Mubashshir Bin Mahbub, 2023. "Utilising Artificial Intelligence- Prospects And Obstacles For Modern Businesses," Malaysian E Commerce Journal (MECJ), Zibeline International Publishing, vol. 8(1), pages 23-28, January.
    • Handle: RePEc:zib:zbmecj:v:8:y:2023:i:1:p:23-28
    DOI: 10.26480/mecj.01.2023.23.28
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    References listed on IDEAS

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