The future of business: artificial intelligence, machine learning and deep learning

Christos Lemonakis and Constantin Zopounidis

Chapter 3 in Handbook of Research on Artificial Intelligence, Innovation and Entrepreneurship, 2023, pp 46-54 from Edward Elgar Publishing

Abstract: Artificial intelligence (A.I.) is the field of computer science that deals with the design and implementation of systems that can mimic human cognitive abilities and exhibit characteristics commonly attributed to human behavior, such as learning, problem-solving, and natural language understanding. A.I. is the scientific domain that bridges the gap between data science and its proper use for various options and applications. Its main technological advantages are Big Data, Machine Learning (M.L.) and the N.L.P. (Natural Language Processing). With the support of A.I., it has never been easier to collect and process large amounts of data. With this significant advantage, companies can use this data to ensure that the right message is delivered to the right person at the right time through a channel of their choice. In addition, M.L. platforms are beneficial in understanding this vast store of data and the corpus of the business environment. They can help identify trends or dominant positions, effectively predict common ideas and responses. In this way, the causes of customer buying behavior and opportunities for reuse and repurchase can be derived accurately and with minimal time. Natural Language Processing (N.L.P.) is a branch of artificial intelligence that helps computers understand, interpret, and manipulate human language. It practically means understanding the world as a human would perceive it. N.L.P. is also particularly useful in A.I. Marketing research, as it enhances the ability to recognize customers' intentions, feelings, and vague concepts. This topic aims to understand what A.I. is and explore some of the increasingly wide range of its applications today. Moreover, it tries to highlight how much it improves the quality of today's living.

Keywords: Business and Management; Innovations and Technology (search for similar items in EconPapers)
Date: 2023
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