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How three AI technologies can sharpen a company's strategic edge

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https://www.eurekalert.org/news-releases/924152

INTRO: Using Artificial Intelligence, corporations can see new patterns in their data and maintain a competitive edge. Blending these AI technologies into business strategy and operations is the subject of a newly published book.

Deploying an Artificial Intelligence (AI) in a corporate business can be a costly endeavour. The payback period may be slightly longer. But longer term, the benefits of implementing these technologies would by far exceed the initial investment, says Prof Tankiso Moloi. He is Professor of Accountancy at the University of Johannesburg in South Africa.

Profit centre owners ask themselves how sustainable they are, and how competitive they will be in three to five years. But they also need to take a close look at how AI can help them become faster, ‘see’ better, and be more agile, he adds.

Getting ready for AI. “Artificial Intelligence technology makes machines intelligent. In some applications AIs are more intelligent than human beings," says Prof Tshilidzi Marwala. Marwala is a globally-recognised researcher in Artificial Intelligence at the University of Johannesburg. He is the author of a series of books.

"Many AI’s are now used in industry. For example, technologies producing goods and services, or working in call centres. Some call this the ‘industrialization of decision-making’”, he says. “Because of this, the very nature of a firm is changing. The very nature of markets are changing as well. AI technology makes markets much more efficient. Also, suppliers and customers have more similar information. For these reasons, AI’s impact on industry will keep on increasing,” he adds.

Companies tell us, that not using AI can mean losing competitive edge. What AI gives them is the ability to identify hidden patterns and trends in their own data, patterns they could not see before.

Moloi and Marwala wrote the book Artificial Intelligence and the changing nature of corporations: How technologies shape strategy and operations. In the book Marwala and Moloi show how firms can build AI into their strategy-making and strategy implementation.To be competitive, businesses need to prepare themselves for implementing AI, says Moloi... (MORE)
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