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Chapter 3 The Role of Artificial Intelligence in the Emerging Digital Economy Era

  • Wasswa Shafik
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Artificial Intelligence Enabled Management
This chapter is in the book Artificial Intelligence Enabled Management

Abstract

Artificial Intelligence (AI) is changing the current digital economic era (DEE), changing how the public lives, works and interacts with technology. AI has various types, including rule-based machine learning (ML) and neural network AI. AI can improve efficiency, productivity, and decision-making but poses challenges, including job displacement and workforce transformation, bias and ethics concerns, and data privacy and security. This chapter presents a comprehensive overview of AI in this DEE, demonstrating the significance of AI in the DEE. Types of AI are demonstrated, including rule-based AI, ML, AI, and Neural Networks (NNs). AI applications in the DEE are surveyed, for instance, chatbots and virtual assistants, image and speech recognition, predictive analytics, autonomous vehicles, and intelligent healthcare. The future of AI in the DEE is promising, with advancements in AI technology, increased adoption, and potential impacts on society and the economy. The study further presents the benefits of AI in the DEE, followed by the challenges that AI encounters as per the current technological standard. It is crucial to consider AI’s implications and guarantee that its development and deployment are ethical, secure, and beneficial for everyone. Finally, the future of AI in this emerging era is depicted. As AI continues to evolve, it will undoubtedly bring benefits and challenges, and it is essential to develop AI responsibly that aligns with ethical values and protects individual rights.

Abstract

Artificial Intelligence (AI) is changing the current digital economic era (DEE), changing how the public lives, works and interacts with technology. AI has various types, including rule-based machine learning (ML) and neural network AI. AI can improve efficiency, productivity, and decision-making but poses challenges, including job displacement and workforce transformation, bias and ethics concerns, and data privacy and security. This chapter presents a comprehensive overview of AI in this DEE, demonstrating the significance of AI in the DEE. Types of AI are demonstrated, including rule-based AI, ML, AI, and Neural Networks (NNs). AI applications in the DEE are surveyed, for instance, chatbots and virtual assistants, image and speech recognition, predictive analytics, autonomous vehicles, and intelligent healthcare. The future of AI in the DEE is promising, with advancements in AI technology, increased adoption, and potential impacts on society and the economy. The study further presents the benefits of AI in the DEE, followed by the challenges that AI encounters as per the current technological standard. It is crucial to consider AI’s implications and guarantee that its development and deployment are ethical, secure, and beneficial for everyone. Finally, the future of AI in this emerging era is depicted. As AI continues to evolve, it will undoubtedly bring benefits and challenges, and it is essential to develop AI responsibly that aligns with ethical values and protects individual rights.

Chapters in this book

  1. Frontmatter I
  2. Preface V
  3. Acknowledgments VII
  4. Contents IX
  5. Part I: Introduction to Data Enabled Management
  6. Chapter 1 What Does Artificial Intelligence–Powered ChatGPT Bring to Academia? A Review 1
  7. Chapter 2 Education Policies Through Data Driven Decision Making: Accelerating Inclusive Education for People with Disabilities 15
  8. Chapter 3 The Role of Artificial Intelligence in the Emerging Digital Economy Era 33
  9. Chapter 4 A Review of Machine Learning Methods for Diagnosis and Classification of Thyroid Disease 51
  10. Chapter 5 A Question and Answering System Using Natural Language Processing and Deep Learning 65
  11. Part II: Role of AI and Big Data in Management Functions
  12. Chapter 6 The Reinvention of HRM Practices Through Artificial Intelligence: Opportunities and Challenges in the Digital World of Work 87
  13. Chapter 7 Challenges and Artificial Intelligence–Centered Defensive Strategies for Authentication in Online Banking 105
  14. Chapter 8 Catalyzing Human Potential: The Crucial Role of AI in Modern HR Management 119
  15. Chapter 9 Exploring How Artificial Intelligence is Changing the HRM Landscape: Refuting the Fiction with Reality! 131
  16. Chapter 10 Artificial Intelligence in HR: Employee Engagement Using Chatbots 147
  17. Part III: Application of AI in Different Sectors
  18. Chapter 11 An Empirical Analysis of Artificial Intelligence Applications of Manufacturing Companies in Turkey 165
  19. Chapter 12 A Comprehensive View of Artificial Intelligence (AI)–Based Technologies for Sustainable Development Goals (SDGs) 183
  20. Chapter 13 Leveraging Artificial Intelligence for Enhanced Risk Management in Banking: A Systematic Literature Review 197
  21. Chapter 14 Exploring the Influence of Artificial Intelligence on the Management of Hospitality and Tourism Sectors: A Bibliometric Overview 215
  22. Chapter 15 Artificial Intelligence in Healthcare Sector in India: Application, Challenges and a Way Forward 233
  23. Chapter 16 Application of Artificial Intelligence and Machine-Learning Algorithms for Forecasting Risk: The Case of the Indian Stock Market 249
  24. List of Figures 263
  25. List of Tables 265
  26. About the Editors 267
  27. Index 269
https://doi.org/10.1515/9783111172408-003

Chapters in this book

  1. Frontmatter I
  2. Preface V
  3. Acknowledgments VII
  4. Contents IX
  5. Part I: Introduction to Data Enabled Management
  6. Chapter 1 What Does Artificial Intelligence–Powered ChatGPT Bring to Academia? A Review 1
  7. Chapter 2 Education Policies Through Data Driven Decision Making: Accelerating Inclusive Education for People with Disabilities 15
  8. Chapter 3 The Role of Artificial Intelligence in the Emerging Digital Economy Era 33
  9. Chapter 4 A Review of Machine Learning Methods for Diagnosis and Classification of Thyroid Disease 51
  10. Chapter 5 A Question and Answering System Using Natural Language Processing and Deep Learning 65
  11. Part II: Role of AI and Big Data in Management Functions
  12. Chapter 6 The Reinvention of HRM Practices Through Artificial Intelligence: Opportunities and Challenges in the Digital World of Work 87
  13. Chapter 7 Challenges and Artificial Intelligence–Centered Defensive Strategies for Authentication in Online Banking 105
  14. Chapter 8 Catalyzing Human Potential: The Crucial Role of AI in Modern HR Management 119
  15. Chapter 9 Exploring How Artificial Intelligence is Changing the HRM Landscape: Refuting the Fiction with Reality! 131
  16. Chapter 10 Artificial Intelligence in HR: Employee Engagement Using Chatbots 147
  17. Part III: Application of AI in Different Sectors
  18. Chapter 11 An Empirical Analysis of Artificial Intelligence Applications of Manufacturing Companies in Turkey 165
  19. Chapter 12 A Comprehensive View of Artificial Intelligence (AI)–Based Technologies for Sustainable Development Goals (SDGs) 183
  20. Chapter 13 Leveraging Artificial Intelligence for Enhanced Risk Management in Banking: A Systematic Literature Review 197
  21. Chapter 14 Exploring the Influence of Artificial Intelligence on the Management of Hospitality and Tourism Sectors: A Bibliometric Overview 215
  22. Chapter 15 Artificial Intelligence in Healthcare Sector in India: Application, Challenges and a Way Forward 233
  23. Chapter 16 Application of Artificial Intelligence and Machine-Learning Algorithms for Forecasting Risk: The Case of the Indian Stock Market 249
  24. List of Figures 263
  25. List of Tables 265
  26. About the Editors 267
  27. Index 269
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