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Artificial Intelligence and its Impact on Business

Artificial Intelligence and its Impact on Business

Technological Innovations have been the fundamental drivers for economic growth for more than 150 years. The most important of these are what economists call general-purpose technologies like the steam engine, electricity, engines run on petroleum variants, etc. Each innovation had its own ripple effect, which led to complementary innovations and opportunities. Companies as diverse as apple, uber, tesla and fedex found ways to leverage the technology to create profitable new business models.

Raju Menon, Managing Partner, Kreston Menon

The most important general-purpose technology of our era is Artificial Intelligence (AI) and in particular, Machine Learning (ML). ML is nothing but the machine’s ability to keep improving its performance without humans having to explain exactly how to accomplish all the tasks given. ML systems are not only replacing old algorithms in many applications but are now superior at many tasks that were once done best by people. Reaching this threshold opens vast possibilities for transforming the workplace and the economy.

Today, technology is transforming the way business is done, powered by AI and blockchain. We are on the starting block of the ‘Golden Age of Information Technology’ and it is time for businesses to take a hard look at their organisations and find ways to start integrating these latest tech trends.

As an integral part of the business, Kreston Menon group entity for tax, MMJS Consulting, is promoting ‘e-genie’ as Tax Engine in the UAE, which is approved by the Federation of Tax Association (FTA). Besides this, Kreston Menon is fully geared up and in talks with its clients to offer Robotic Process Automation (RPA). The team constantly gets updated on the latest developments in AI through training and collaborating with various firms.

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Yes, change is coming at breakneck speed, so get ready for the greatest technological revolution the world has ever seen!

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