Effects of Artificial Intelligence on Business Performance

Research Paper (postgraduate) from the year 2024 in the subject Computer Sciences - Artificial Intelligence, grade: 1, Kwame Nkrumah University of Science and Technology (UNIVERSITY), course: BUSINESS ADMINISTRATION(INTERNATIONAL BUSINESS), language: English, abstract: This thesis examines the influence of Artificial Intelligence (AI) on company performance as well as the problems that Ghanaian organizations confront while adopting and deploying AI technologies. The study uncovers useful insights into the perceptions of AI's function in corporate operations and the difficulties encountered during its integration through a comprehensive poll of 104 participants. According to the demographic research, the majority of respondents were males between the ages of 21 and 40, with a bachelor's degree. The study's first objective, focusing on the role of AI on business performance, reveals a robust positive correlation between AI adoption and business performance. Participants unanimously acknowledge AI's transformative effects on various aspects of business operations, such as enhancing efficiency, decision-making, innovation, customer satisfaction, error reduction, competitive advantage, and personalization of offerings. However, the study's second objective sheds light on the challenges and barriers hindering the seamless adoption of AI technologies. Respondents identify key challenges, including a lack of skilled AI professionals, limited awareness, financial constraints, data privacy concerns, absence of a clear AI strategy, and resistance to change. These challenges indicate the need for targeted interventions to overcome obstacles in integrating AI effectively within Ghanaian enterprises.