From customer service and experience to risk management and compliance, artificial intelligence (AI) is playing a transformative role in the field of business administration.
The technology is upending many aspects of operations and management, which is why Campus offers an associate business degree with an applied AI concentration. Keep reading for more about AI in business administration.
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What is Business Administration?
A broad field, business administration encompasses business operations management and organizational decision-making processes.
Business administration involves overseeing a variety of functions such as finance, marketing, operations, and human resources to ensure that companies run effectively, efficiently, profitably.
Career paths in business administration include roles such as sales and hotel management, and executive positions such as CEOs. From hospitality and retail management to healthcare and technology, business administration professionals work across various industries.
Key Aspects of Business Administration
Below are examples of what you might do in a role as a business administration professional.
- Operational management. Oversee daily operations, organizing departments and managing staff
- Strategic planning. Develop strategies for sustainability and growth
- Financial management. Oversee financial and budgetary activities
- Decision making. Analyze data for informed decisions
- Leadership and management. Effectively lead and managing teams, set goals, establish procedures, and motivate employees
- Marketing. Develop strategies and implement measures to promote and sell goods or services
- Human resource management. Plan, select, lead, and develop goods or services
- Accounting. Systematically record, process, and communicate financial information
- Data analysis. Analyze data for informed decisions
- Technology skills. Apply new workplace technologies and understand their effect on business
- Ethics and compliance. Implement and ensure adherence to regulatory compliance and ethics principles.
The Role of Artificial Intelligence (AI) in Business Administration
As the technology continues to evolve, AI will likely have an expanded role in business administration, offering opportunities for greater efficiency, innovation, and personalization.
To remain competitive, business managers would do well to gain knowledge and skills in artificial intelligence and its applications.
Today, AI’s role in business administration encompasses a number of key areas:
Streamlining Operations
AI markedly enhances operational efficiency by:
- Anticipating maintenance needs and optimizing logistics
- Optimizing resource allocation, with a focus on market trends, historical data, and strategic goals
- Automating everyday tasks, accelerating processes and reducing human error
Enhancing Decision Making
Artificial intelligence business management can result in provision of data-driven insights:
- Providing real-time analysis of large amounts of data to find patterns and correlations
- Leveraging machine learning and predictive analytics for AI business strategies
- Assisting in risk management through continuous assessment of possible threats
Transforming Customer Interactions
AI is changing customer service through:
- AI-powered CRM systems that customize marketing approaches to individual preferences
- Customize customer experiences using virtual assistants and AI-powered chatbots
Innovating Goods and Services
AI applications in business enables companies to:
- Spot market gaps more accurately
- Produce novel solutions quickly
- Design AI-enabled goods and services
Talent Management
AI in organizational management extends to human resources by:
- Assessing team dynamics and employee satisfaction for improved talent management
- Simplifying the recruitment process, from sorting applications to identifying candidates
Boosting Efficiency and Productivity
Artificial intelligence improves business efficiency overall through:
- Increased productivity by enabling employees to focus on strategic and creative tasks
- Time savings by automating processing and collection tasks
- Lower costs by spotting saving opportunities in varying operational areas
Improving Corporate Governance
Corporate governance is the system of practices, rules, and processes by which a company is controlled and directed. AI in corporate governance can provide these improvements:
- Enhanced decision making. AI-powered analytics tools analyze large volumes of data swiftly and accurately, providing real-time insights that are essential for strategic and informed decisions.
- Improved risk management. Artificial intelligence transforms how corporate boards gauge and manage risk. It does so by analyzing past incidents of regulatory breaches, fraud, or cybersecurity threats to identify patterns that may otherwise be overlooked.
- Improved operational efficiency. Artificial intelligence automates governance processes, such as managing logistics operations and reviewing complex legal documents.
- Enhanced transparency and accountability. With AI tools, real-time information can be accessed and governance processes automated, freeing up governance professionals to focus on core strategies.
The Campus Associate Business Degree Program — and AI
At Campus, you can earn an online associate degree in business that can prepare you for a career in nearly every industry, or for starting your own business.
Our coursework not only covers core business topics such as management, marketing, and accounting, but aspects of artificial intelligence as well. You will learn how to use the advanced technology to streamline processes, for example, rendering them more efficient.
If you’re interested in a deeper AI immersion, Campus also offers an associate degree in business administration with an applied AI concentration. The program, which blends AI-focused coursework with foundational business studies, was designed to prepare students for the application of artificial intelligence across various business settings.
By the time you complete the two-year program, you will have gained a comprehensive understanding of AI’s role in data analysis, operations, and many other areas of business. Our curriculum uses AI tools and techniques, such as OpenAI and ChatGPT EDU, to build upon the core competencies of our business program.
At Campus, we recognize AI is the current and future. For more focus on the technology, we also offer an associates in business administration degree with an applied AI concentration.
Apply to Campus today, where you’ll learn from professors who also teach at world-class schools such as Stanford, Vanderbilt, and Princeton.