Citation:

Manoj Gudala, Raghunath Reddy Koilakonda. "The Impact of Artificial Intelligence and Machine Learning on Business Analytics" International Research Journal of Economics and Management Studies, Vol. 3, No. 8, pp. 311-318, 2024.

Abstract:

Artificial Intelligence (AI) and Machine Learning (ML) have been taking business analytics to the next level today, tapping into insights that were otherwise unattainable, as well as making data-driven decision-making more than just a concept. This paper discusses the impact of AI and ML on business analytics through a mixed-method approach, where a literature review is combined with ten case studies involving organizations from different sectors. The key results obtained are an average enhancement of 35% in the accuracy of the forecast, a sharp reduction in time taken for routine data analysis by 60%, and the formulation of ethical guidelines related to AI in almost all cases. Some of the key takeaways from the paper include enhanced predictive capabilities, increased automation, and ethical dilemmas in all industries. Organizations that can leverage AI and ML better in the presence of associated challenges are more likely to derive significant competitive advantage in the data-driven environment.

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Keywords:

ArtificialIntelligence(AI), MachineLearning (ML), Business Analytics, Predictive Analytics, Data Automation, Ethical Considerations.