Artificial Intelligence (AI) has begun to take over many functions in the firm, including pricing, recruitment, talent promotion, advertising, loan issuance, default risk prediction, supply chain and inventory management and demand prediction. How will AI algorithms create value for firms and reshape corporations and industries? Your task in this essay is to:
a) Explain Machine Learning (ML), various types of machine learning, and provide examples for each type. Define ML-based artificial intelligence and explain its key functions. How does ML-based artificial intelligence differ from traditional artificial intelligence?
b) Select a firm in an industry of your choosing (e.g., banking sector, insurance, healthcare, retail etc.). Explore, in detail, three channels through which ML algorithms or AI systems can automate critical tasks or processes within the firm/organisation to create value. Support yo ur analysis by referring to specific firms or start-ups in the sector.
c) Reflect on how the management of AI-driven firms differs from the management of traditional firms. Will AI algorithms substitute or complement managers? How do leading (managing) AI-driven firms differ from leading traditional organisations? Will the rise of AI algorithms, for example, affect a firm’s capital structure or financial decisions? Richly draw on relevant peer-reviewed academic literature on management and leadership.
d) Explain how AI-driven firms will compete in the future. What will it take for an AIdriven firm to outcompete its rivals? Could AI or ML algorithms be a source of lasting competitive advantage?
Note : The piece should draw on academic literature to develop a rich framework for
understanding AI, management and strategic leadership and show an ability to
synthesise insights from diverse fields.
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