Just as the internet revolutionized our lives starting in the 1990s, artificial intelligence (AI) is transforming the way we interact with others, run businesses, and conduct many other aspects of our lives in the 2020s. While AI is by no means a new concept (depending on which source you consult, it was conceived sometime during the 1940s to 1960s), you’re hearing so much about it now for good reason. 

There’s an analog to the journey of the computer in the recent emergence of AI. Computing once required a large room filled with banks of giant tape-driven machines with limited speed and storage capacity and a hefty price tag. Then came the personal computer, which put computing literally at the average person’s fingertips.  

At one time we only saw AI applications in business, the military, and scientific sectors. Now AI is available to the masses in a robust, user-friendly form thanks to applications such as ChatGPT, Jasper, and Midjourney. Average people are now more aware of its power and potential, though many of us have long been using AI, even if we didn’t know it. Interactive, automated phone menus are one everyday example.  

Like computers and the internet, AI has the potential to be another game-changer for business and society in general. 

Increasingly Commonplace AI Applications in Business 

The business applications of AI are many—and growing. This technology is being broadly adapted, and an increasing number of businesses rely on AI to complete tasks faster, more accurately, and more affordably than was previously possible. Here are some of the ways AI is currently being harnessed in the business world: 

  • Automating routine and repetitive tasks such as reviewing candidate resumes, scheduling meetings, and debugging software, allowing human employees to focus on more complex duties. 
  • Assessing and improving workflows by identifying problems and wasteful steps, thereby increasing efficiency and lowering costs. 
  • Analyzing massive amounts of data to determine past and present performance of a product, service, or organization and predicting future performance, enabling fact-based decision making.  
  • Securing data networks and equipment by detecting fraud, cyber breaches, or any out-of-the-ordinary activities that may compromise these systems. 
  • Personalizing the customer experience by delivering recommendations that align with their previous preferences, whether it’s a book genre or their favorite pizza. 
  • Connecting consumers with the content or information they want in mere seconds via voice recognition applications like Alexa and Siri and virtual customer service representatives.  
  • Jump-starting the ideation and product development process by suggesting ideas and providing simulations that help to determine their viability. 

Considering the Risks of AI Implementation Versus Non-Implementation 

An organization that uses AI for any combination of the tasks outlined above can certainly establish a competitive edge. Still, there are increasing concerns that AI will put many people out of work. And unlike those of us who must “cite our sources,” AI draws liberally from existing works without identifying them, potentially violating all manner of copyrights, trademarks, and intellectual property rights.  

With consumer-oriented AI still in its infancy, society will have to work out these concerns and determine a new normal amidst a dynamic and contentious landscape. Calls to regulate the technology are already coming from all corners, including major think tanks, nervous lawmakers of all political stripes, AI entrepreneurs, and Hollywood scriptwriters. 

Credentials That Prepare You for Whatever’s to Come in Business 

No matter what the prevailing technology is, the fundamentals of business remain the same. That means that you still need recognized business credentials to flourish in the field, no matter what kind of high-tech help you may be getting. The University of Texas Permian Basin’s AACSB-accredited College of Business offers online programs that enable you to acquire those qualifications. Choose the degree that corresponds to your education level: 

Bachelor of Business Administration in Management  

Build the foundation for a leadership role in a variety of business disciplines. This undergraduate degree program allows you to add a concentration in operations management, a highly lucrative career field. As you complete your degree, you’ll gain a deep understanding of practical and theoretical business fundamentals.  

Master of Business Administration 

Aim for the highest levels of business management with an MBA, the degree the U.S. Bureau of Labor Statistics says is closely associated with top executives of large corporations. Our in-demand graduate program comprises all the business disciplines, including management, marketing, finance, and accounting, giving you the broad perspective essential to leading a business of any size. “MBA” is a title you’ll be proud to wear and a designation hiring managers look for in their candidates. Some companies may require a master’s degree for new hires or those seeking advancement within their organization. 

UTPB Online’s Technological Edge 

The introduction of any new technology to a field brings the potential to transform that field for the better. Just consider the unequaled benefits of getting an education through our 100% online degree programs: 

  • Access your program from anywhere in the world, at any time of day—no campus visits required. 
  • Enjoy the flexibility to complete assignments and exams on a schedule that makes room for your professional and personal commitments. 

Build the expertise to succeed in business no matter what technology is leading it. UTPB has the online programs you need. Apply today! 

Sources: 
https://www.npr.org/2023/05/25/1177700852/ai-future-dangers-benefits