Authors :
Md. Shabuz Sarker; Fardin Sabahat Khan; Sharmin Layla Roon
Volume/Issue :
Volume 9 - 2024, Issue 9 - September
Google Scholar :
https://tinyurl.com/ywhcevdn
Scribd :
https://tinyurl.com/633upc9z
DOI :
https://doi.org/10.38124/ijisrt/IJISRT24SEP140
Note : A published paper may take 4-5 working days from the publication date to appear in PlumX Metrics, Semantic Scholar, and ResearchGate.
Abstract :
AI technology is becoming increasingly
popular in the business sector in Bangladesh. AI's
integration into different elements of daily life and
business operations is common. Implementing it in
the company may enhance marketing efforts by speeding
up, reducing costs, and increasing accuracy. Business
owners who use AI in their advertising efforts should
expect increased popularity and a significant competitive
edge in the digital industry. It may transform businesses
through innovative ideas and effective marketing
strategies. Additionally, it provides solutions for hard
jobs, promoting significant company growth. However,
there are also downsides to employing AI, including a
lack of technical knowledge, concerns about data privacy
and security, and challenges with gathering information
and storage. To overcome these challenges, businesses
should educate employees on AI, seek diverse financing
and qualified personnel, collaborate with the
government on infrastructure support and legislation,
address job displacement concerns through training, and
encourage employee acceptance of change. Businesses in
Bangladesh can enhance operations and competitiveness
via using these strategies. Business leaders, decision-
makers, and researchers interested in maximizing AI's
potential and improving business outcomes in
Bangladesh may benefit from this research. The study
continued by presenting theoretical and managerial
implications that will help business owners, managers,
stakeholders, and policymakers enhance their business
performance.
Keywords :
Artificial Intelligence (AI), Adaptation, Business Operation, Decision-Making.
References :
- Islam, Md. T., Hasan, Md. M., Redwanuzzaman, Md., & Hossain, Md. K. (2024). Practices of artificial intelligence to improve the business in Bangladesh. Social Sciences & Humanities Open, 9, 100766. https://doi.org/10.1016/j.ssaho.2023.100766
- Komal Singh, K., Hasan, M., & Rajendran, R. P. (2023). Opportunities and challenges of AI/ML in finance. In M. Irfan, M. Elmogy, M. S. A. Majid, & S. El-Sappagh (Eds.), The impact of AI innovation on financial sectors in the era of industry 5.0. https://doi.org/ 10.4018/979-8-3693-0082-4.ch014, 238-260). IGI Global.
- World Bank. (2018). Artificial intelligence and the future of work in developing countries. Retrieved from https://openknowledge.worldbank.org/handle/ 10986/29678.
- Husain, A. R. A. M., Hamdan, A., & Fadhul, S. M. (2022). The impact of artificial intelligence on the banking industry performance. Future of organizations and work after the 4th industrial revolution: The role of artificial intelligence. Big Data, Automation, and Robotics, 145–156.
- Sikka, M. P., Sarkar, A., & Garg, S. (2022). Artificial intelligence (AI) in textile industry operational modernization. Research Journal of Textile and Apparel. Vol. ahead-ofprint No. ahead-of-print https://doi.org/10.1108/RJTA-04-2021-0046.
- Duong, L. N., Wood, L. C., & Wang, W. Y. (2018). Effects of consumer demand, product lifetime, and substitution ratio on perishable inventory management. Sustainability, 10(5), 1559.
- Talukder, M. S. R. (28 January, 2021). Legal, taxation challenges of new disruptive technologies. The Business Standard. Online Newspaper https://www.tbsnews.net/first-anniversary/ legaltaxation-challenges-new-disruptive-technologies -192985.
- Babu, K. E. K. (2021a). Artificial intelligence in Bangladesh, its applications in different sectors and relevant challenges for the government: An analysis. International Journal of Public Law and Policy, 7(4), 319–333.
- Babu, K. E. K. (2021b). Artificial intelligence, its applications in different sectors and challenges: Bangladesh context. In Artificial intelligence in cyber security: Impact and implications: Security challenges, technical and ethical issues, forensic investigative challenges (pp. 103–119).
- Ghahramani, M., Qiao, Y., Zhou, M. C., O’Hagan, A., & Sweeney, J. (2020). AI-based modeling and data-driven evaluation for smart manufacturing processes. IEEE/CAA Journal of Automatica Sinica, 7(4), 1026–1037.
- Polas, M. R. H., Jahanshahi, A. A., Kabir, A. I., Sohel-Uz-Zaman, A. S. M., Osman, A. R., & Karim, R. (2022). Artificial intelligence, blockchain technology, and risk-taking behavior in the 4.0 IR metaverse era: Evidence from Bangladesh-based SMEs. Journal of Open Innovation: Technology, Market, and Complexity, 8(3), 168.
AI technology is becoming increasingly
popular in the business sector in Bangladesh. AI's
integration into different elements of daily life and
business operations is common. Implementing it in
the company may enhance marketing efforts by speeding
up, reducing costs, and increasing accuracy. Business
owners who use AI in their advertising efforts should
expect increased popularity and a significant competitive
edge in the digital industry. It may transform businesses
through innovative ideas and effective marketing
strategies. Additionally, it provides solutions for hard
jobs, promoting significant company growth. However,
there are also downsides to employing AI, including a
lack of technical knowledge, concerns about data privacy
and security, and challenges with gathering information
and storage. To overcome these challenges, businesses
should educate employees on AI, seek diverse financing
and qualified personnel, collaborate with the
government on infrastructure support and legislation,
address job displacement concerns through training, and
encourage employee acceptance of change. Businesses in
Bangladesh can enhance operations and competitiveness
via using these strategies. Business leaders, decision-
makers, and researchers interested in maximizing AI's
potential and improving business outcomes in
Bangladesh may benefit from this research. The study
continued by presenting theoretical and managerial
implications that will help business owners, managers,
stakeholders, and policymakers enhance their business
performance.
Keywords :
Artificial Intelligence (AI), Adaptation, Business Operation, Decision-Making.