Professor Sampsa Samila of IESE Business School highlights the irreversible impact of Artificial Intelligence in business. AI is transforming the future of business in myriad ways, making it essential for MBA students to grasp the concepts of generative AI thoroughly.
In the rapidly evolving landscape of business, how significant is the role of Artificial Intelligence (AI)? No longer a futuristic concept, AI is already reshaping management and operations. IESE Business School offers invaluable insights into the generative AI revolution.
IESE’s AI and the Future of Management Initiative is at the forefront of understanding and applying AI in business. The initiative aims to empower business executives and future leaders by equipping them with the skills needed to implement artificial intelligence effectively and ethically in their organizations.
Sampsa Samila, the director of the AI and the Future of Management Initiative and a Professor of Strategic Management, believes in a hands-on approach. He stresses the importance of understanding AI at a conceptual level. Understanding deeply how artificial intelligence works is key to using it effectively for creating real business advantages.Professor Samila co-authored a paper in Labour Economics highlighting the significant increase in demand for AI skills across sectors and occupations in the US. This demand includes a growing need for business managers with AI expertise.
AI’s impact on business is irreversible. According to a Gartner Research Circle Survey, between 2015 and 2019, the number of businesses that used AI for some sort of business function grew by 270%. “It’s an unstoppable train at this point, the AI genie will not go back into the bottle,” says Professor Samila. He advises managers to invest deeply in AI, “They should go all in.” (00:23)
Professor Samila has seen some business leaders resist using AI while being completely unaware that their employees are using it to do their jobs anyway. In a landscape where AI is everywhere, companies that fail to embrace it risk falling behind. If they don’t lean into AI, their competitors will, and they might find themselves at a huge disadvantage. The future of business is intertwined with AI, and its potential is just beginning to be tapped. PwC’s Global Artificial Intelligence Study estimates that AI technology can potentially generate $15.7 trillion in global revenue by 2030. The adoption of AI is more than a trend; for many businesses, it’s a strategic imperative.
The impact of Artificial Intelligence in business is becoming more pronounced and influential. It’s not just transforming practices; it’s redefining them. AI is making its mark in several key areas of business, from harnessing data for strategic decisions to enhancing customer experiences and optimizing content creation.
AI’s prowess in data analysis is a cornerstone of its growing influence in business. By processing vast amounts of data at unprecedented speeds, AI provides businesses with deep insights and predictive analytics. This capability enables companies to make more informed strategic decisions, understand market trends, and identify new opportunities. The ability to quickly analyze and act on data is becoming a critical factor in gaining a competitive edge.
Generative AI is leading a revolution in customer personalization. Communication with customers is not one-size-fits-all anymore; AI can automatically tailor experiences to meet individual preferences. This technology crafts content that resonates more effectively with each customer, transitioning from broad, generic approaches to finely tuned, personalized interactions. This evolution in customer engagement is reshaping how businesses connect with their audiences.
AI’s impact on content creation is profound, significantly boosting productivity. By generating products, AI not only saves time but also ignites a creative spark in human creators. This synergy allows for a heightened focus on refining and enhancing content.
However, this integration of AI in content creation raises concerns about ethics and best practices. As AI becomes more involved in content generation, issues such as data privacy, intellectual property, and the authenticity of AI-generated content come to the forefront. It’s crucial to ensure that AI operates within ethical boundaries and adheres to regulatory standards.
The rapid advancement of AI is transforming businesses, making its integration essential. At IESE Business School, the emphasis on AI equips students with the skills and knowledge needed to navigate and excel in an AI-empowered business environment. The IESE MBA curriculum is designed to prepare future leaders for the challenges and opportunities presented by AI in business.Are you contemplating an MBA at IESE Business School? Dive deeper into the profile of the ideal IESE MBA candidate and learn about the IESE MBA admissions process.
