Indeed, I am quite a bit interested in management practices and their new concepts, which are happening all over the world. Artificial Intelligence (AI) has become the most fascinating subject matter in the world. For me, my bookish knowledge as well as practical knowledge is equally important because they make me identify problems, no matter what they are.
From virtual life to normal life, everything is changing fast as we speak. Unsurprisingly, the role of management has also been changing day by day. That being said, what about artificial intelligence’s future for tomorrow? I think this is an important question for us.
Have you ever heard about Sofia (robot)? Sofia is the first artificial robot who has become a Saudi Arabian citizen for the first time in the history of robots. Thus, AI has become more relevant in management never before.
At writing, with the help of AI-powered software, one can interpret the facts and figures more quickly. However, AI does not feel the same emotion as humans beings do. After all, humans (managers) use their knowledge of organizational history and culture. Similarly, they are more likely to show empathy and ethical inclination, too.
On top of this, managers should always think AI as a kind of friend that will recognize that there’s no need to race against a machine. Research shows that 78 percent of the surveyed managers believe that they will trust the advice of intelligent systems in making business decisions in the future.
By simply asking the investment-related questions in plain English language like, “What sectors perform the best three months before and after a certain price hike in the market?” and get answers within minutes. Therefore, it clearly reveals that such technologies could support individuals and teams of managers in assessing decision consequences and exploring new dimensions.
Not only will AI augment managers’ works, but also will enable managers to interact with intelligent machines in collegial ways. So, in terms of social networking, coaching and collaborating, AI has played a significant role when it comes to reaching out in a world where many of the administrative and analytical tasks needed to be performed in a smarter way.
AI will bring new criteria for success capabilities, experimentation, networking, information sharing, learning and decision-making effectiveness.
Saroj is pursuing MBA at Charotar University of Science and Technology, Gujarat, India.