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Leveraging Artificial Intelligence (AI) Effectively: Managing Risks and Boosting Productivity
Subject area: Science,Engineering and Technology · Area of research: Artificial Intelligence
Abstract
The rapid proliferation of artificial intelligence (AI) technologies has reshaped the landscape of various industries, promising enhanced productivity and efficiency. However, the effective utilization of AI in businesses also presents multifaceted risks that demand careful identification and management. This study delves into the intricacies of harnessing AI's potential while minimizing potential pitfalls to achieve optimal organizational performance. This article offers a comprehensive exploration of AI adoption in diverse business sectors, focusing on the strategies and practices that enable risk mitigation while providing that productivity enhancement. Furthermore, the study emphasizes the pivotal role of ethical AI development and usage, shedding light on principles and guidelines for effective AI deployment, while minimizing risks and addressing societal concerns. By understanding and proactively managing the risks associated with AI, organizations can unlock the transformative power of AI and achieve a harmonious balance between increased productivity, effective innovation and solid risk management. In conclusion, this study contributes to the existing body of knowledge on AI adoption, offering valuable insights and actionable recommendations for businesses striving to harness the full potential of AI technology.
Keywords
Artificial Intelligence (AI), Risk Management, Productivity, Business Objective, Innovation, Machine Learning, Data Privacy, Policy.
How to cite this paper
@article{1705359,
author = {Toyin Victor-Mgbachi},
title = {Leveraging Artificial Intelligence (AI) Effectively: Managing Risks and Boosting Productivity},
journal = {Iconic Research And Engineering Journals},
year = {2024},
volume = {7},
number = {7},
pages = {54-69},
issn = {2456-8880},
url = {https://www.irejournals.com/formatedpaper/1705359.pdf},
abstract = {The rapid proliferation of artificial intelligence (AI) technologies has reshaped the landscape of various industries, promising enhanced productivity and efficiency. However, the effective utilization of AI in businesses also presents multifaceted risks that demand careful identification and management. This study delves into the intricacies of harnessing AI's potential while minimizing potential pitfalls to achieve optimal organizational performance. This article offers a comprehensive exploration of AI adoption in diverse business sectors, focusing on the strategies and practices that enable risk mitigation while providing that productivity enhancement. Furthermore, the study emphasizes the pivotal role of ethical AI development and usage, shedding light on principles and guidelines for effective AI deployment, while minimizing risks and addressing societal concerns. By understanding and proactively managing the risks associated with AI, organizations can unlock the transformative power of AI and achieve a harmonious balance between increased productivity, effective innovation and solid risk management. In conclusion, this study contributes to the existing body of knowledge on AI adoption, offering valuable insights and actionable recommendations for businesses striving to harness the full potential of AI technology.},
keywords = {Artificial Intelligence (AI), Risk Management, Productivity, Business Objective, Innovation, Machine Learning, Data Privacy, Policy.},
month = {January},
}