ABSTRACT
In this chapter, the authors will discuss the science of artificial intelligence (AI) and its power to crunch large volumes of data with its mathematical models enabling today’s business managers to look into the future with a higher degree of a certainty. Ninety percent of today’s data have been generated over the past 2 years. The sheer volume, velocity, variety, and variability of data make it a necessity to adopt the latest technologies in data management and AI. The discussion will include how organizations have adopted AI, the rapidly changing technology landscape, the use of Big Data and Internet of Things, the dramatically increased speeds of Internet for data sharing, the significance of data literacy in an organization, and the method and processes which could be leveraged for organization benefits. It would also include various case studies on how these have been adopted across industries. It would equip today’s managers to see the landscape of the data that lie in their business environment and look at it from the lens of AI to create business solutions for improved revenue and profits for the future. Google, Amazon, and Uber have changed the way we live, work, shop, travel, consume content, and even think, by effectively mining, structuring, and analyzing multiple data sources. The Internet of Things and Big Data analytics are opening up the range and depth of data literacy for organizational benefits. Disruptive technologies and changing the workplace are the buzz words. This chapter would look at various case studies on how these have been adopted by industries and the impact on their business. Today’s managers can profit from these learnings by adapting them to their own industries leading to business solutions which can aid in improving bottom line.
