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increase in customer retention (51%), and succeed at new product launches (49%). AI is making solid contributions to improving lead quality, persona development, segmentation, pricing, and service.” Internet marketers can now focus on heavy internet users for the products and services offered on e-commerce sites. The AI and ML should be used in marketing analytics to achieve better ROI [37].

1.6 Implication for Managers

      AI is influencing various functions of management. The AI can help managers especially in human resource management and marketing management. Earlier, the HR managers had to spend a lot of time in screening various candidates manually. Similarly, biasness prevailed in recruitment, performance appraisal process, etc. Now, the managers can use AI to overcome issues of biasness. With the advent of AI in HR, the recruitment and hiring process has become faster as AI can auto screen thousands of resumes in a minute which are free from biasness. Besides, the managers can also use AI for engaging its workforce and employee retention. The orientation and onboarding processes have become easy.

      In marketing management, earlier, the managers had to rely on the market research, data mining to interpret the market trends, customer’s needs, taste, and preferences. The AI has made possible the above interpretations in the real-time scenario. As it can precisely estimate the probability of a customer making a purchase and also can predict the customer value [36]. The benefits of using AI and ML in marketing is improved efficiency and optimal utilization of marketing efforts and resources, time-saving, creation of better customer profiles, and transforming customer satisfaction into customer delight [28].

Figure 1.3 Martec’s Law.

      AI offers quality and quick decision-making to the managers. The managers should look to AI as a tool for empowering and supporting them rather than replacing them. Thus, the managers should adopt AI in various aspects of management like HR, marketing, finance, etc. Since AI automates various process-oriented task administration tasks, therefore managers should adopt AI so that they may shift their focus from administrative tasks to cross-functional reasoning tasks. Such a human-machine association will generate various new jobs and will pave way for innovation.

But technology is changing at a fast pace. Since the concept of AI implementation is a capital-intensive activity and continuous up-gradation is required. According to Martec’s Law, “technology changes exponentially, organizations change logarithmically” [6], as depicted in Figure 1.3. This becomes a challenge for organizations from developing countries. Thus, managers in developing countries should try to keep pace with technological advances.

1.7 Conclusion

Thus, it can be concluded that AI disruption is rapidly revolutionizing the various functions of HR, marketing, finance, etc. AI in the field of HR has facilitated quality hiring and ensured transparency in compensation management and performance management. AI is also helping in removing biasness in recruitment and performance appraisal and is assisting the organizations in employee retention. AI has widely reduced the cost of the organizations with respect to hiring, training, and engaging the employees.

      Today, businesses are generating huge data, especially from the e-commerce segment. The companies can gain a competitive advantage with this data. AI and ML have paved the way to analyze, scrutinize, and draw precise inferences and recommendations. The AI is enhancing the marketing strategies for the businesses. AI disruption is helping in quick and effective decisions. ML is optimizing the advertising and customer segmentation. AI and ML are also helping companies with better product design to the delight of the customers. Therefore, the organizations should embrace AI for empowering and supporting their employees so that the focus of the employees shifts from administrative tasks to cross-functional reasoning tasks.

References

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