Final Year Project 9
Final Year Project 9
Final Year Project 9
INTRODUCTION
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1.1 INTRODUCTION
Artificial intelligence (AI) is reshaping business, economy, and
society by transforming experiences and relationships amongst stakeholders and
citizens. The roots of AI may lie in ancient cultures of Greek (e.g., the
mythological robot Talos), Chinese (e.g., Yueying Huang’ dogs) and other
mythologies (Nahodil & Vitku, 2013), where automatons were believed to be
imbued with real minds, capable of wisdom and emotion. Yet, the term emerged
in a workshop at Dartmouth College (United States) in 1956 (Nilsson, 2010),
which is dubbed the birth of AI.
Since then, research on AI has stemmed from different fields of
knowledge. Social scientists have been discussing ethical and legal implications
of AI (Cath, 2018), computer scientists have developed advanced deep learning
algorithms (LeCun, Bengio, & Hinton, 2015), while researchers in business
management have studied the impacts of AI on customers, firms, and
stakeholders in an increasingly automated and interrelated business world
(Huang & Rust, 2018). However, such advances in AI research have mainly
been done in isolated silos with few interdisciplinary exchanges. Similarly, a
unique and consensual definition of AI has been hard to get.
Recently, Russell and Norvig (2016) summarize the various
definitions of AI systems into four categories along two dimensions: reasoning–
behaviour dimension and human performance–rationality dimension. These are:
(1) systems that think like humans, (2) systems that act like humans, (3) systems
that think rationally, and (4) systems that act rationally. AI systems should have
the following capabilities: natural language processing to communicate in a
natural language, knowledge representation to store information, automated
reasoning - the use of the stored information to answer questions and to draw
new conclusions, and machine learning to adapt to new circumstances and to
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detect and extrapolate patterns (e.g., Huang and Rust, 2018, Russell and Norvig,
2016). Yet, the lack of a consensual definition has not prevented the spread of
research for new applications of AI in the world.
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responsible use, and bridging the gap between technological innovation and
organizational strategy.
1.7 CHAPTERIZATION
Chapter 1 : Introduction
Chapter 2 : Review of literature
Chapter 3 : Theoretical Framework
Chapter 4 : Data analysis and Interpretation
Chapter 5 : Conclusion
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CHAPTER – 2
REVIEW OF
LITERATURE
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2.1 EMPRICAL REVIEW
Sandra Maria Correia Loureire et.al(2021) the author aims to explore the
current applications of AI in business. The author observed that AI is being
applied in areas like marketing, customer service, supply chain management
with technologies such as machine learning, natural language processing and
robotics driving innovation.
Wiebke Reim et.al (2020) the author aims to explore roadmap for AI
integration and a structured approach for businesses to integrate AI in to their
operations ensuring that companies can strategically adopt AI to gain a
competitive advantage. The author found out that to propose a step by step
framework or roadmap that businesses can follow to successfully integrate AI
into their processes. This roadmap likely includes phases like identifying
business needs, building infrastructure and ensuring staff and skilled in AI tech
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David Oyekunle and David Boohene( 2020) The authors aim to explore how
AI adoption impacts organizational strategies, culture, resource allocation, and
operational optimization. The research also examines challenges related to AI
deployment, such as data security and workforce readiness, providing insights
for businesses transitioning into AI-driven models. The authors found that the
successful adoption of AI requires balancing technological advancements with
workforce readiness, organizational culture, and ethical considerations. The
study also emphasizes the importance of addressing challenges like data
security and ensuring employees are equipped with the necessary skills for AI-
driven environments.
Jasmin Praful Bharadiya et.al( 2018) In the paper titled "Rise of Artificial
Intelligence in Business and Industry" focus on analyzing the integration of AI
technologies across various sectors, identifying the benefits and challenges
associated with their adoption, and evaluating future trends in AI's role within
business practices. The findings of the study highlight that AI technologies are
transforming business operations by improving efficiency and decision-making
processes. Key insights include the ability of AI to enhance customer
experiences through personalized services and automation.
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CHAPTER 3
THEORETICAL
FRAMEWORK
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3.1 MEANING AND DEFINITION OF AI
Artificial Intelligence (AI) refers to the simulation of human
intelligence processes by machines, particularly computer systems. These
processes include learning (the acquisition of information and rules for using it),
reasoning (the ability to solve problems logically), and self-correction. AI
systems can perform tasks that typically require human intelligence, such as
understanding natural language, recognizing patterns, and making decisions. AI
can be categorized into two main types: narrow AI, which is designed for
specific tasks (like virtual assistants), and general AI, which possesses the
ability to perform any intellectual task that a human can do.
The definition of Artificial Intelligence (AI) has evolved over time
and has been shaped by various researchers and institutions.
1. John McCarthy: Often referred to as the "father of AI," McCarthy
coined the term "Artificial Intelligence" in 1955. He defined it as "the science
and engineering of making intelligent machines, especially intelligent computer
programs."
2. Alan Turing: Turing's work in the 1950s laid the foundation for AI.
He proposed the Turing Test as a measure of a machine's ability to exhibit
intelligent behaviour indistinguishable from that of a human.
3. Marvin Minsky: Another pioneer in the field, Minsky co-founded
the MIT AI Lab and contributed to the early definitions and understanding of AI
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AI definitions continue to be refined by researchers and practitioners
across various disciplines, reflecting advancements in technology and
understanding of intelligence itself.
3.2 HISTORY OF AI
The history of artificial intelligence (AI) spans several decades, rooted in a
combination of philosophy, mathematics, computer science, cognitive science,
and neuroscience. Here’s an overview of its major milestones:
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1. Early Concepts (Pre-20th Century)
Philosophy of Intelligence: Ideas about artificial beings capable of thinking date
back to ancient times. Philosophers like Aristotle pondered the nature of
thought and logic, laying a foundation for later AI research.
Mechanical Automata: In the 17th and 18th centuries, engineers like Jacques de
Vaucanson and others built mechanical devices that could simulate simple
human or animal actions, setting the stage for future interest in automating
intelligence.
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LISP (1958): Created by John McCarthy, this programming language became
crucial for AI development due to its flexibility in symbolic computation.
Neural Networks: The 1980s also saw the resurgence of neural networks,
thanks to the development of backpropagation algorithms by researchers like
Geoffrey Hinton and David Rumelhart. These algorithms allowed neural
networks to "learn" by adjusting weights based on errors in predictions.
Deep Blue (1997): IBM’s Deep Blue became the first computer to defeat a
reigning world chess champion, Garry Kasparov, marking a major
achievement in AI.
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Robotics: AI-powered robots that can assist in manufacturing, surgery, and
exploration.
Reinforcement Learning: Algorithms that learn to make decisions by interacting
with their environment, critical for game AI, robotics, and autonomous systems.
The future of AI is poised to explore more complex forms of intelligence,
possibly leading to breakthroughs in general AI, which can perform any
intellectual task that a human can, beyond today's narrow applications.
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5. Financial Services:
Fraud Detection: AI systems detect unusual transaction patterns and potential
fraudulent activity in real time.
Credit Scoring: AI helps assess credit risk by analyzing a wide range of data
points beyond traditional metrics.
3. Job Displacement
Automation through AI can lead to job loss or displacement, especially in
routine or repetitive roles.
4. Over-Reliance on AI
Relying too heavily on AI systems may reduce human oversight, leading to
decisions based on algorithms that may be incorrect, unethical, or inappropriate.
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AI technologies may operate in areas where regulation is still developing,
leading to legal risks. Ethical dilemmas may arise regarding transparency,
accountability, and the impact of AI decisions.
3. Job Displacement
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• Develop reskilling programs to help employees transition into roles that
require human creativity and judgment.
• Foster a culture of continuous learning, particularly in AI-related
technologies.
• Implement phased automation, where AI assists rather than fully replaces
human workers.
4. Over-Reliance on AI
• Design processes where humans remain in control of critical decisions,
with AI providing support.
• Encourage a collaborative AI-human decision-making approach,
especially for complex or high-stakes tasks.
• Introduce human review checkpoints in AI-powered workflows to ensure
accountability.
5. Regulatory and Ethical Concerns
• Set up compliance teams to monitor AI-related regulations and adjust
practices accordingly.
• Ensure transparency in AI decision-making with explainable AI models.
• Develop ethical guidelines for AI usage, focusing on transparency,
fairness, and accountability.
• Engage in public discussions and policy dialogues on AI regulation to
stay ahead of legal developments.
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CHAPTER – 4
ANALYSIS AND
INTERPRETATION
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4.1: AGE OF RESPONDENTS
82% belong to the age category 15 – 20 and the remaining 18% belong to the
age group of 20 – 25
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4.2: GENDER OF RESPONDENTS
58% of respondents are male whereas the remaining 42% of respondents are
female
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4.3: PROFESSION OF RESPONDENTS
PROFESSION
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STUDENTS WORKING
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4.4: CURRENT UNDERSTANDING OF AI
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CHAPTER 5
FINDINGS, SUGGESTION
AND CONCLUSION
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FINDINGS
➢ 82% of respondents belong to the age category 15 – 20 and the remaining
18% belong to the age group of 20 – 25
SUGGESTIONS:
➢ Increase AI Awareness and Training
Educational Programs: Given that 49% of respondents have only a basic
understanding of AI, businesses should invest in educational programs
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and training to elevate AI literacy. Offering workshops, online courses,
and AI certifications can help bridge this knowledge gap.
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CONCLUSION:
In conclusion, this project shows that while people see how new technologies
can make businesses run better and more efficiently, they also worry about
things like costs, job losses, and privacy. To make the most of these
technologies, businesses should focus on educating their workers, using
technology responsibly and addressing these concerns.
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BIBLIOGRAPHY
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BOOKS
1. "Artificial Intelligence for Business: A Roadmap for Getting Started with AI"
by Steven.
2. "The AI Advantage: How to Put the Artificial Intelligence Revolution to
Work" by Thomas H. Davenport and Rajeev Ronanki
3. "Competing in the Age of AI: How to Put Artificial Intelligence at the Center
of Your Business" by Marco Iansiti and Karim R. Lakhani
4. "AI for Marketing and Product Innovation: How to Use Artificial Intelligence
to Grow Your Business" by A. K. Pradeep, Andrew P. P. D. Smith, and Stan
Sthanunathan
REFERENCES
1.Artificial intelligence in business – journal of business research, 2021 – J
Guerreiro, Tussyadiah
2.Role of Artificial Intelligence in business transformation – international
journal of advanced science and technology,2020 – B.Vasanthi
3. Artificial intelligence adoption in the post COVID-19 new-normal and role of
smart technologies in transforming business: a review Pragati Agarwal, Sanjeev
Swami, Sunita Kumari Malhotra
4. Rise of Artificial Intelligence in Business and Industry - June 2023Journal of
Engineering Research and Reports
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5. Digital transformation potential: the role of artificial intelligence in business -
David Oyekunle
6.Implementation of AI : a roadmap for business model innovation,2020
7.AI business model : an integrative business approach,2021 – journal of
innovation and entrepreneurship
8.Journal of digital transformation potential : the role of AI in business,2024 –
David Oyekunle
9.Assessing AI role in business, its impacts, limitations and ethical
concerns,2024 – Daniel Bendek
10.Examining the present and future integrated role of AI in business : a survey
study on corporate sector,2021 – Kamlesh Narwani
WEBSITES
1.scholar.google.co.in
2.https://openaccessojs.com
3.https://www.researchgate.net
4.https://www.oxjournal.org
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ANNEXURE
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ANNEXURE
QUESTIONNAIRE
1.Name:
2.Age:
3.Gender:
4.Profession:
5. What is your current understanding of AI?
o Basic
o Intermediate
o Advanced
o No Understanding
6. How familiar are you with AI applications in Business?
o Very Familiar
o Somewhat Familiar
o Not Familiar
7. In your opinion, which business sector has benefited the most from AI
implementation?
o Customer Service
o Marketing
o Information Technology
o Manufacturing
8. What do you consider the primary benefit of AI in business?
o Cost Reduction
o Better customer insights
o Improved decision making
o Increased efficiency
9. What do you see as the most significant challenge in implementing AI in
business?
o High costs
o Job displacement
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o Data Security
o Ethical concerns
10. Do you believe that AI will lead to job displacement in business sectors?
o Yes
o No
o Maybe
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