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Jagpreet
12 December, 2024
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“AI is the new black and the new norm.” Artificial intelligence is not just a part of our imagination or science fiction but a reality. According to the statistics, about 83% of organisations are ready and open to AI and plan to integrate it into their organisations. This is an indicator of how AI has become a top management priority. This transformation is not just a part of tech-based organisations but also extends to non-tech organisations.
To understand the correlation between the two, it is important to explore the impact of AI on management first. This blog will take you through each aspect of AI in management—the good, the bad, and the future. But before that, it is essential to start from the basics. By the end of this blog, you will have a clear picture and can draw your conclusion on whether it is a collaboration or a competition.
Imagine having a super-intelligent robot friend, just like Bumblebee from Transformers. That is what artificial intelligence is like. As the name suggests, it’s not a real person. However, it can solve complex issues, give answers, teach, play, etc. AI is a special technology that works on machine learning and algorithms. It learns and enhances with new information and experience.
Furthermore, they also perform advanced functions such as analysing data and bases that make deductions and recommendations. You can also call AI the modern world’s backbone for individuals and businesses. In a broader sense, artificial intelligence can be divided into three types:
Artificial Narrow Intelligence: This kind of AI can only perform a limited set of actions dependent on its programming and training. Examples include virtual assistants and Google Search.
Artificial General Intelligence: Also known as Strong AI, it showcases a form of AI with human-like cognitive abilities and intelligence. However, this is just an idea and remains in theory until now.
Artificial Superintelligence: This is the next level of general intelligence. In this way, AI could function in ways superior to humans.
Also read: ChatGPT: Unleashing the Power of AI
Management includes four major steps: planning, organising, directing, and controlling. A manager is responsible for achieving the organisation’s goals and objectives through these steps. A manager must have leadership, strategic decision-making, and effective communication skills. However, not everyone can keep up with the changing business dynamics. After all, we are humans and are driven by various other factors. This is where artificial intelligence comes into play, as it can be a powerful tool for all-around competitiveness and differentiation.
This technology can analyse data, detect patterns, or support complex decision-making processes. AI’s biggest advantage in management is that it can process and analyse large data points quickly and accurately. It can also predict an organisation’s market performance based on set patterns and other data. This is one example of how AI and management can go hand in hand.
Notion AI: an all-in-one workspace
Project Insight: project management software
Ayanza: streamline your workflow
Stepsize: project management software
ClickUp: an AI-driven assistant
AI can wear hats for many managerial roles in a business. It can perform various management tasks. From customer relationship management to cybersecurity, AI can enhance efficiency, leading to better results. Here are some roles that AI can perform in an organisation:
Customers are a business’s heart and soul. This technology can generate data by analysing customer interactions, purchase history, and preferences. This could generate personalised recommendations, leading to a better customer experience.
AI can support new project planning by analysing market trends and competitor projects. Moreover, it can predict future challenges and potential problems that might arise.
The AI algorithm can extract meaningful and valuable data points from large amounts and quickly provide you with any information in the records.
Surely, you must have used Siri, OK Google, or Alexa. These are some examples of virtual assistants who use artificial intelligence to produce the desired results. Now, you can find such assistants in other businesses and devices.
AI can screen resumes and extract the best ones. It can streamline the recruitment process and reduce HR work so employees can focus on more important things.
AI can identify and detect potential threats. It acts like a security specialist outside of a pub responsible for identifying and managing those threats. With the world increasingly moving towards digitisation, cyber threats are also growing. To curb these threats, AI is a precious tool in detecting and countering such threats.
Now, we know that AI can perform various tasks in the management of an organisation. This integration has advantages. Advantages such as enhanced customer support, effective cybersecurity, recruitment, etc. Check out the list of the most notable benefits:
Better Decision Making: AI can analyse large amounts of data efficiently and accurately. This would enhance your ability to make informed decisions, which could lead the company upward.
Improved Employee Productivity: AI can be used to conduct employee training. It can provide on-demand training content and generate answers to team members’ enquiries, reducing time wastage and improving overall productivity.
Enhanced Customer Support: When you seek assistance on Blinkit or Swiggy, the first conversation is always with the chatbot. This 24/7 AI-powered chatbot provides instant assistance and solutions, increasing customer satisfaction and reliance.
Effective Cybersecurity: AI can identify and detect threats, equipping management to respond promptly. This would protect any organisation from any cyber threats and safeguard sensitive data.
Automation of Routine Tasks: Here are some examples of routine jobs, such as scheduling and administrative tasks. Now imagine AI can manage such routine tasks. This would allow the team to focus on more challenging tasks and aspects of the role.
Any change or shift brings challenges. To understand a holistic picture, we must also cover the drawbacks of AI in management. Let’s check out the challenges associated with AI in management:
As AI can automate and perform data entry tasks, it would lead to job displacement.
Implementing AI comes with a heavy cost. It requires management to make infrastructure changes. This can be difficult for small or medium-sized organisations.
As the dependency on machines increases, some jobs might lose the human touch. This can also impact management’s creativity and problem-solving ability.
The integration of AI has increased the need for skilled employees, which is why the current job market is dealing with a skill gap.
‘AI is here to stay.’ It is time that we accept this and find a way forward. Just as a content writer is trying to find authenticity in AI-written blogs or a coder is trying to create Chat-GPT-free codes. It is time to get on the wagon and face the truth. On top of that, if you wish to stay relevant in the current market, you must make peace with it.
Start learning about AI fundamentals. Pursue online courses from educational platforms such as Edx, Coursera, Unacademy, etc.
Stay updated, as AI is a dynamic field. Be up to date with the relevant developments and trends.
Start using AI tools and suggest them to your organisation. This would also increase your credibility within the organisation.
Connect with other professionals in the same field. Gain knowledge and valuable insights from them. This could also turn into a collaboration opportunity.
Also read: India’s Top-Rated AI and Machine Learning Courses: Your Ultimate Guide
Welcome to the future of management, where balance is the perfect key rather than competition. As AI evolves and seeps into each sector, management must realise its potential. Figuratively speaking, the integration of AI in management has improved performance. In the battle between AI and management, it is clear that one is not a foe but an ally.
In a recent study, the World Economic Forum also emphasised the need to delegate decisions to AI, which would be a key determinant of future competitiveness. Embracing AI as a strategic tool can drive productivity, efficiency, creativity, and innovation. To thrive in this revolution, you must learn to adapt.
