Recently, technology has been unquestionably revolutionising the business landscape in ways that past generations could only imagine. One of the most fascinating ways in which this is occurring is through the increasing integration of artificial intelligence into the products and services of businesses.
A term that is associated mainly with sci-fi films is now being commonly used by businesses. Therefore, it is important to understand what AI entails in the business world, what its uses and benefits are, and why it is becoming so popular.
House of Knowledge is a Republic Media Network initiative in partnership with Amrita School of Business in which various aspects of Amrita’s B-Schools are explored. Each episode focuses on one of their campuses and has a separate theme for discussion, which gives a unique and in-depth perspective on different facets of the modern business world and how academia is adapting to the evolving landscape.
This week on the show, four esteemed panelists discussed the topic above – the implications of the dominance of AI in business, and what people need to know about it as its popularity grows. The panelists this week are Jayant Misra, Professor and Director of Special Projects at Amrita School of Business; Utpal Chakraborty, Chief Digital Officer, Allred Digital Services; Ashish Tulsankar, Head of AI, iSchoolConnect, and Arpit Mishra, AI and Supply Chain Expert.
Alongside this shift towards AI, B-schools are having to adapt to this new demand for people with an understanding of AI integration in business, and the panelists on this episode discussed how Amrita School of Business and others are embedding this new need into their curriculums.
The panelists discussed common misconceptions regarding AI, such as whether it has the potential to replace human intelligence. By illustrating that AI is mainly rooted in problem-solving algorithms when it comes to usage in businesses, the panelists gave various realistic examples of ways in which businesses use AI to level-up their products and services.
They also talked about the ethical concerns surrounding AI and what code of conduct companies need to follow as they begin to integrate it into their products and services.
Regarding how universities are preparing their students for an industry where AI is prevalent, the panelists used the Amrita School of Business as an example of a university which is taking a futuristic approach to learning, preparing their students for what the industry will look like by the time they graduate.
Jayant Misra stated that the Amrita School of Business models their curriculum in accordance with the curriculums of the best B-schools in the world. He also said that in order to give its students an edge when it comes to employability, Amrita School of Business is building a school of computing in AI with over 200+ faculty members who are experts in the field, to help define what the future landscape looks like and give their students a basic understanding of AI in business.
The episode helps viewers get a clear understanding of what AI means in the business world and all the ways it can be used. Field experts illustrated how it is not an umbrella term for a tool which replaces human intelligence, but rather small uses of technology which can facilitate and enhance actions taken by humans. They further highlighted the approach business students should take when educating themselves on AI in order to be as effectively prepared for their career as possible.