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AI – THE TYRANNY OF SCALE.pptx

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AI – THE TYRANNY OF SCALE.pptx

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The presentation talks about how in the wake of technology, and how the companies, in order to increase their profits through producing on economies of scale, are replacing the workforce with the AI based robots and chatbots.
It also talks about the various applications of AI in various sectors.
But this technology is resulting in widespread job losses. The companies need to understand that technology cannot take the place of mental cognition of human brain. Chatbots cannot provide as effective customer relationship management as human factor can do. Machine learning cannot replace critical thinking, In the hunger for scale and with the growing dominance of data, the human element is disappearing. This cannot be allowed, for the sake of our collective sanity.

The presentation talks about how in the wake of technology, and how the companies, in order to increase their profits through producing on economies of scale, are replacing the workforce with the AI based robots and chatbots.
It also talks about the various applications of AI in various sectors.
But this technology is resulting in widespread job losses. The companies need to understand that technology cannot take the place of mental cognition of human brain. Chatbots cannot provide as effective customer relationship management as human factor can do. Machine learning cannot replace critical thinking, In the hunger for scale and with the growing dominance of data, the human element is disappearing. This cannot be allowed, for the sake of our collective sanity.

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AI – THE TYRANNY OF SCALE.pptx

  1. 1. AI – THE TYRANNY OF SCALE Submitted To : Submitted By : Dr. Vinod Kumar Ishvinder Kaur (Ass. Prof.) MBA - P T.I.M.T. 202118
  2. 2. THEORETICAL FRAMEWORK Construct: - To study the impact of artificial intelligence in economies of scale and improving customer service. Dependent variables: - Economies of scale ; Customer Relationship Management Independent variable: - Artificial Intelligence
  3. 3. CONTENTS  Introduction  What are economies of scale?  Understanding economies of scale  Types of economies of scale  Sources of internal economies of scale  Sources of external economies of scale  Advantages of economies of scale  Disadvantages of economies of scale  Why is CRM so important in business?  What is artificial intelligence  Understanding the types of ai  AI – A powerful tool for business organizations  Modern applications of AI in various sectors  The benefits of AI in CRM  How chatbots are used to improve customer service?  Corporates using chatbots and ai to gain an edge  The impact of ai-widespread job losses  The human element  Conclusion 
  4. 4. WHAT ARE ECONOMIES OF SCALE?  Economies of scale are cost advantages reaped by companies when production becomes efficient.  Companies can achieve economies of scale by increasing production and lowering costs. This happens because costs are spread over a larger number of goods.
  5. 5. UNDERSTANDING ECONOMIES OF SCALE The graph below plots the long-run average costs (LRAC) faced by a firm against its level of output. When the firm expands its output from Q to Q2, its average cost falls from C to C1. Thus, the firm can be said to experience economies of scale up to output level Q2. the following effects occur here: 1. It reduces the per-unit fixed cost. As a result of increased production, the fixed cost gets spread over more output than before. 2. It reduces per-unit variable costs. This occurs as the expanded scale of production increases the efficiency of the production process.
  6. 6. SOURCES OF INTERNAL ECONOMIES OF SCALE 1. Financial economies of scale 2. Network economies of scale 3. Bulk purchasing 4. Division of labor 5. Technical economies of scale
  7. 7. SOURCES OF EXTERNAL ECONOMIES OF SCALE  1.Infrastructural economies  2.Government influence  3.Suppliers
  8. 8. ADVANTAGES OF ECONOMIES OF SCALE Reduced per unit cost Increased profits Larger business scale Lower prices Competitive advantage
  9. 9. DISADVANTAGES OF ECONOMIES OF SCALE Poor communication Loss of control Duplication effect Distance from customer
  10. 10. WHY IS CRM SO IMPORTANT IN BUSINESS  Customer Relationship Management (CRM) is all the activities, strategies and technologies that companies use to manage their interactions with their current and potential customers.  CRM helps businesses build a relationship with their customers that, in turn, creates loyalty and customer retention.  CRM is an excellent tool that allows companies to increase not only their customer satisfaction but also their efficiency and profits.  Use of Artificial intelligence is now a new approach adopted by companies in CRM.
  11. 11. AI – A POWERFUL TOOL FOR BUSINESS ORGANIZATIONS  By deploying the right AI technology, your business may gain an ability to:  save time and money by automating and optimizing routine processes and tasks  increase productivity and operational efficiencies  make faster business decisions based on outputs from cognitive technologies  avoid mistakes and 'human error', provided the AI systems are set up properly  use insight to predict customer preferences and offer them better experience  mine vast amount of data to generate quality leads and grow your customer base  increase revenue by identifying and maximizing sales opportunities  grow expertise by enabling analysis and offering intelligent advice and support
  12. 12. MODERN APPLICATIONS OF AI IN VARIOUS SECTORS Healthcare Automobile Banking and finance Social media Entertainment Education Agriculture E - Commerce
  13. 13. THE BENEFITS OF ARTIFICIAL INTELLIGENCE IN CRM 1. Understanding How Your Customer Feels 2. Providing your customers with instant response. 3. Improving Application Development 4. Closing in More Leads 5. Reaching Out to Global Audience
  14. 14. HOW CHATBOTS ARE USED TO IMPROVE CUSTOMER SERVICE Chatbots greatly improve interactions with clients. Chatbots save considerable time for your customer support team. Chatbots can help your business scale more easily. Chatbots offer clients immediate responses. Chatbots are available 24/7. Chatbots allow you to reduce costs by hiring fewer people to staff call centers. https://www.youtube.com/watch?v=zsnXbwMoHBg Click here
  15. 15. THE IMPACT OFARTIFICIAL INTELLIGENCE - WIDESPREAD JOB LOSSES
  16. 16. THE HUMAN ELEMENT: MACHINE LEARNING CANNOT REPLACE CRITICAL THINKING

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