Artificial Intelligence and Business Performance: Enhancing Efficiency and Innovation – A Critical Review

Abstract

Artificial intelligence is considered as a buzz word in global business and many other aspects of human existence today. An empirical analysis of artificial intelligence's (AI) profound effects on organizations is presented in this article, with an emphasis on how AI promotes innovation and increases efficiency. At the centre of modern approaches lies a key undertaking which is how people create ideas and solve different challenges in the marketplace. The choice making aspect of innovation is what researchers and scholars in enterprise talk over with as design. In the past choices in innovation tactics were taken by people. However, the question that arises is ‘what happens whilst those key choices can be substituted by means of machines? The purpose of this empirical study is to examine the effects of Artificial Intelligence (AI) on business performance. Artificial Intelligence (AI) brings records and algorithms to the centre of innovation and critical thinking approaches. The theories that underpinned the systematic review are Elton Mayo's theory of interpersonal relationships and the Contingency Theory. Many managers and leaders in business today must constantly ask the question what the results of this infusion of AI and day to day business could potentially be? Based on an extensive examination of empirical literature, this paper offers insightful information about how AI technologies are revolutionizing business.