The Transformative Impact of AI and Deep Learning in Business: A Literature Review

TL;DR

This literature review explores how AI and deep learning are transforming various business functions by enhancing efficiency, personalization, and decision-making, while addressing ethical and regulatory challenges across multiple industries.

Contribution

It provides a comprehensive overview of recent research on AI's impact in business, highlighting practical applications, challenges, and future research directions.

Findings

AI improves organizational efficiency and decision-making.

Personalized AI enhances customer interactions.

Ethical and regulatory issues are significant concerns.

Abstract

This paper aims to review the radical role of AI and deep learning in various functional areas of the business, such as marketing, finance, operations, human resources and customer service. Thus, based on the overview of the latest research and practices focusing on AI technologies in different industries, the possibilities of improving organizational efficiency by personalized AI for making decisions based on big data and personalizing clients' interactions with organizations are presented and discussed. Several operational issues, ethical concerns, and regulatory concerns have also been discussed in the review of the literature. Moreover, it covers material applications in the healthcare sector, the retail and manufacturing industry, agriculture and farming, and finance before considering possible future developments and themes for further investigation. Drawing from this revolutionary ethnographic review, organizations aiming to implement strategic and responsible optimization benefit from detailed guides.