For my technology in business class my team will submit a report no more than 12 pages. The final deliverable will comprise of a final team project report (other attachments including reference list; annotated bibliography, copies of articles; or other key documents if necessary).
The team will prepare and deliver a managerial assessment of a specific emerging technology. An emerging technology is one that is proven, but is not yet widely used. The report will also discuss how the technology is/can be used in a business environment.
Description of the emerging technology and the industry and why you consider it so.
Its business value and competitive environment (Who is the competition? Why you think it will be successful?)
High-level analysis of its design and development.
How it came about and what is innovative about it for the business world.
Who are the targeted customers?
What will it displace?
Your predictions for its future growth and rationale.
Your recommendations.
we have submitted a progress report with this information and will need this incorporated into this report:
As discussed in our project proposal,my group decided to do our final project on Artificial Intelligence (AI). AI refers to the simulation of human intelligence processes by machines, primarily through the use of algorithms and data. It encompasses various subfields such as machine learning, natural language processing, computer vision, and robotics. AI systems are designed to perceive their environment, learn from experience, and make decisions or predictions to achieve specific goals. My group took interest in this topic as we’ve seen the development of it now that we’re in school and people take part in using AI tools such as Chat GFP, for class work, homework, etc.
Thus far our group has touched on the development of AI and how it can be traced back to the mid-20th century, with early efforts focused on symbolic reasoning and rule-based systems. We have decided to research on the following topics; AI’s impact on product design/product development, who is AI in competition with, who are AI’s targeted customers, what will it displace, and our predictions of its growth in the future. We’ve concluded that AI is in some competition with other companies due to its advanced development. According to Marco Iansiti, “today, major players like Google, Facebook, and Alibaba, as well as emerging businesses like Wayfair and Ocado, are reshaping markets with AI at the helm. Rather than human-led processes, these firms rely on algorithms to deliver value, shifting humans to the sidelines. This model unleashes firms from traditional constraints, allowing rapid scalability and unprecedented competition, as AI-driven processes continuously learn and improve, perpetually climbing in value, enabling AI-driven firms to swiftly surpass traditional ones. With AI blurring industry boundaries, strategies are evolving away from specialized expertise and traditional differentiators like cost and branding. Instead, success hinges on factors like business network position, unique data, and sophisticated analytics deployment, as AI models redefine competition dynamics across industries.”
We elaborate on this by seeing how Ant Financial Services Group uses artificial intelligence and data from Alipay to run an extraordinary variety of businesses. This shows how AI is in competition with people who could be doing operational functions while running companies. We have also discovered that AI targets a younger audience. According to the Bangkok Post, “in terms of technology and artificial intelligence, younger generations constitute the majority of users, particularly Millennials, with 95% of teens now using or having access to a smartphone.” Teens are a target audience for AI due to their heavy usage of digital technologies and social media platforms, providing a vast amount of data for AI-driven personalized marketing and product development strategies. We have also discovered the impact of AI on product design, product development, and considerations for building successful AI products in businesses. We have also looked at charts from Precedence research where we see the growth of AI and come up with a concluded analysis of AI’s growth in the United States and other countries. We research jobs that could be replaced by AI. We have been trying to gather as much research as possible by sharing the articles we’ve found and coming up with a concrete analysis for each topic. We dedicate zoom calls and created a chat where we exchange all of our information.
some Sources used are
https://hbr.org/2020/01/competing-in-the-age-of-ai
https://www.forbes.com/sites/forbesbusinesscouncil/2023/07/06/will-ai-and-humans-cooperate-or-compete/?sh=250cbf9019fa
https://www.weforum.org/agenda/2022/10/how-the-global-youth-is-securing-responsible-ai/
https://medium.com/muthoni-wanyoike/the-impact-of-ai-on-product-design-and-development-b03004c85a6c
https://www.techtarget.com/whatis/feature/Will-AI-replace-jobs-9-job-types-that-might-be-affected
https://www.bangkokpost.com/life/tech/1012293/ais-targets-youth-market
https://www.precedenceresearch.com/artificial-intelligence-market
