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Introduction To Functional Areas of Management Final OSA

The document discusses how artificial intelligence will transform businesses. It defines AI and describes how it is currently used to support human intelligence by processing data faster than humans. Common applications of AI discussed are machine learning, cybersecurity, customer relationship management, internet searches, and personal assistants. While the impact of AI on jobs is debated, many experts believe it will create new types of jobs and increase demand for specialized skills.

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53 views

Introduction To Functional Areas of Management Final OSA

The document discusses how artificial intelligence will transform businesses. It defines AI and describes how it is currently used to support human intelligence by processing data faster than humans. Common applications of AI discussed are machine learning, cybersecurity, customer relationship management, internet searches, and personal assistants. While the impact of AI on jobs is debated, many experts believe it will create new types of jobs and increase demand for specialized skills.

Uploaded by

Boom Squad
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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FINAL ONLINE SUMMATIVE ASSESSMENT

Bachelor of Business Administration

Bachelor of Commerce in Accounting

Bachelor of Commerce in Entrepreneurship

Bachelor of Commerce in Project Management

Bachelor of Commerce in International Business


PROGRAMME
Bachelor of Commerce in Retail Management

Bachelor of Commerce in Financial Management

Bachelor of Commerce in Marketing Management

Bachelor of Commerce in Supply Chain Management

Bachelor of Commerce in Information and Technology Management

MODULE Introduction to Functional Areas of Management


YEAR One (1)
INTAKE January 2023 Semester 2
DATE 01 November 2023
SECTION A [100 MARKS]
Read the case study below and answer the questions that follow.

How Artificial Intelligence Will Transform Businesses


What is AI?
Before examining how AI technologies are impacting the business world, it’s important to define the term. “Artificial
intelligence” is a broad term that refers to any type of computer software that engages in humanlike activities – including
learning, planning and problem-solving. Calling specific applications “artificial intelligence” is like calling a car a “vehicle”
– it’s technically correct, but it doesn’t cover any of the specifics. To understand what type of AI is predominant in
business, we have to dig deeper.

AI and business today


Rather than serving as a replacement for human intelligence and ingenuity, artificial intelligence is generally seen as a
supporting tool. Although AI currently has a difficult time completing commonsense tasks in the real world, it is adept at
processing and analysing troves of data much faster than a human brain could. Artificial intelligence software can then
return with synthesized courses of action and present them to the human user. In this way, we can use AI to help game
out possible consequences of each action and streamline the decision-making process.

“Artificial intelligence is kind of the second coming of software,” said Amir Husain, founder and CEO of machine-learning
company SparkCognition. “It’s a form of software that makes decisions on its own, that’s able to act even in situations not
foreseen by the programmers. Artificial intelligence has a wider latitude of decision-making ability as opposed to
traditional software.” Those traits make AI highly valuable throughout many industries – whether it’s simply helping
visitors and staff make their way around a corporate campus efficiently, or performing a task as complex as monitoring a
wind turbine to predict when it will need repairs.

Common uses of AI
Some of the most standard uses of AI are machine learning, cybersecurity, customer relationship management, internet
searches and personal assistants.

Machine learning
Machine learning is used often in systems that capture vast amounts of data. For example, smart energy management
systems collect data from sensors affixed to various assets. The troves of data are then contextualized by machine-
learning algorithms and delivered to your company’s decision-makers to better understand energy usage and
maintenance demands.

Cybersecurity
Artificial intelligence is even an indispensable ally when it comes to looking for holes in computer network defences,
Husain said. Believe it or not, AI systems can recognize a cyberattack, as well as other cyberthreats, by monitoring
patterns from data input. Once it detects a threat, it can backtrack through your data to find the source and help to
prevent a future threat. That extra set of eyes – one that is as diligent and continuous as AI – will serve as a great benefit
in preserving your infrastructure. “You really can’t have enough cybersecurity experts to look at these problems, because
of scale and increasing complexity,” Husain added. “Artificial intelligence is playing an increasing role here as well.”

Customer relationship management


Artificial intelligence is also changing customer relationship management (CRM) systems. Software programs like
Salesforce and Zoho require heavy human intervention to remain current and accurate. But when you apply AI to these
platforms, a normal CRM system transforms into a self-updating, auto-correcting system that stays on top of your
relationship management for you. A great example of how AI can help with customer relationships is demonstrated in the
financial sector. Dr. Hossein Rahnama, founder and CEO of AI concierge company Flybits and visiting professor at the
Massachusetts Institute of Technology, worked with TD Bank to integrate AI with regular banking operations.
“Using this technology, if you have a mortgage with the bank and it’s up for renewal in 90 days or less … if you’re walking
by a branch, you get a personalized message inviting you to go to the branch and renew purchase,” Rahnama said. “If
you’re looking at a property for sale and you spend more than 10 minutes there, it will send you a possible mortgage
offer. [Related: CRM vs. Marketing Automation: What’s the Difference?]

Internet and data research


Artificial intelligence uses a vast amount of data to identify patterns in people’s search behaviours and provide them with
more relevant information regarding their circumstances. As people use their devices more, and as the AI technology
becomes even more advanced, users will have a more customizable experience. This means the world for your small
businesses, because you will have an easier time targeting a very specific audience.

“We’re no longer expecting the user to constantly be on a search box Googling what they need,” Rahnama added. “The
paradigm is shifting as to how the right information finds the right user at the right time.”

Digital personal assistants


Artificial intelligence isn’t just available to create a more customized experience for your customers. It can also transform
the way your company operates from the inside. AI bots can be used as personal assistants to help manage your emails,
maintain your calendar and even provide recommendations for streamlining processes. You can also program these AI
assistants to answer questions for customers who call or chat online. These are all small tasks that make a huge
difference by providing you extra time to focus on implementing strategies to grow the business.

What does AI mean for the worker?


With all these new AI uses comes the daunting question of whether machines will force humans out of work. The jury is
still out: Some experts vehemently deny that AI will automate so many jobs that millions of people find themselves
unemployed, while other experts see it as a pressing problem.
“The structure of the workforce is changing, but I don’t think artificial intelligence is essentially replacing jobs,” Rahnama
said. “It allows us to really create a knowledge-based economy and leverage that to create better automation for a better
form of life. It might be a little bit theoretical, but I think if you have to worry about artificial intelligence and robots
replacing our jobs, it’s probably algorithms replacing white-collar jobs such as business analysts, hedge fund managers
and lawyers.” While there is still some debate on how, exactly, the rise of artificial intelligence will change the workforce,
experts agree there are some trends we can expect to see.

Will AI create jobs?


Some experts believe that, as AI is integrated into the workforce, it will actually create more jobs – at least in the short
term. Wilson said the shift toward AI-based systems will likely cause the economy to add jobs that facilitate the transition.
“Artificial intelligence will create more wealth than it destroys,” he said, “but it will not be equitably distributed, especially
at first. The changes will be subliminally felt and not overt. A tax accountant won’t one day receive a pink slip and meet
the robot that is now going to sit at her desk. Rather, the next time the tax accountant applies for a job, it will be a bit
harder to find one.” Wilson said he anticipates that AI in the workplace will fragment long-standing workflows, creating
many human jobs to integrate those workflows.

A shift to more specialized skills


As AI becomes a more integrated part of the workforce, it’s unlikely that all human jobs will disappear. Instead, many
experts have begun to predict that the workforce will become more specialized. These roles will require a higher amount
of that which automation can’t (yet) provide – like creativity, problem-solving and qualitative skills. Essentially, there is
likely to always be a need for people in the workforce, but their roles may shift as technology becomes more advanced.
The demand for specific skills will shift, and many of these jobs will require a more advanced, technical skill set.

AI is the future
Whether rosy or rocky, the future is coming quickly, and artificial intelligence will certainly be a part of it. As this
technology develops, the world will see new startups, numerous business applications and consumer uses, the
displacement of certain jobs and the creation of entirely new ones. Along with the Internet of Things, artificial intelligence
has the potential to dramatically remake the economy, but its exact impact remains to be seen.

Adapted from source: https://www.businessnewsdaily.com/9402-artificial-intelligence-business-trends.html:

(Date accessed: 3 September 2023)


Answer ALL the questions in this section.

QUESTION 1 (20 Marks)


The article has provided an assessment of the changes a manager will encounter in an organisation using
AI, analyse the statement below found in the heading ‘What does AI mean for the worker?’

“Some experts believe that, as AI is integrated into the workforce, it will actually create more jobs – at least
in the short term. Wilson said the shift toward AI-based systems will likely cause the economy to add jobs
that facilitate the transition. “Artificial intelligence will create more wealth than it destroys”

Evaluate how the statement above will impact each of the Human Resource Provisioning functions if
properly managed. Provide benefits for each provisioning function evaluated.

QUESTION 2 (20 Marks)


Refer to the following heading in the case study, ‘A shift to more specialized skills’.

“As AI becomes a more integrated part of the workforce, it’s unlikely that all human jobs will disappear.
Instead, many experts have begun to predict that the workforce will become more specialized. These roles
will require a higher amount of that which automation can’t (yet) provide – like creativity, problem-solving
and qualitative skills”.

With this statement in mind discuss the TEN (10) manager roles which Mintzberg identifies and provide an
example if each role can be substituted using AI.

QUESTION 3 (20 Marks)


The article has provided an assessment of how AI will change workforce management:

“Artificial intelligence isn’t just available to create a more customized experience for your customers. It can
also transform the way your company operates from the inside. AI bots can be used as personal assistants
to help manage your emails, maintain your calendar and even provide recommendations for streamlining
processes. You can also program these AI assistants to answer questions for customers who call or chat
online. These are all small tasks that make a huge difference by providing you extra time to focus on
implementing strategies to grow the business.”

Analyse ANY FIVE (5) functional areas of management (departments) in the organisation you are employed
at or an organisation of your choice and evaluate the managerial success or challenges that could arise if
you implement AI in each department analysed.

QUESTION 4 (20 Marks)


Use the FOUR (4) marketing instruments (Four P’s) to market the sale of AI to businesses and organisations
that are looking to eliminate the human element in the operations department. Provide a detailed description
with examples of how the AI product will be marketed for each P.
QUESTION 5 (20 Marks)
Refer to the heading in the case study, ‘AI is the future’.

The CEO of an organisation approaches you as a senior manager for advice. Explain to the CEO, ANY FIVE
(5) factors that affect productivity and ANY FIVE (5) ways to improve productivity in the organisation.
Provide examples of how AI may be used to improve productivity in the Operations department of
contemporary organisations.

END OF PAPER

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