Practices of artificial intelligence to improve the business in Bangladesh

Abstract

This research paper explores the practices of artificial intelligence (AI) and its impact on improving businesses in Bangladesh through the review of existing literature and primary data analysis. Additionally, a conceptual analysis has been conducted on key AI concepts and their potential applications in the Bangladeshi business context. The study's objectives include providing a detailed understanding of specific AI technologies, measuring the benefits of AI, assessing the challenges faced by the industry in implementing AI and finding probable solutions to overcome these challenges. Data were collected from 120 respondents from 10 types of businesses in Bangladesh and analyzed using MS Excel and SPSS (V. 25). According to the results, using AI in enterprises may have a significant positive impact on efficiency, decision-making, production, cost, fraud detection, and supply chain optimization. However, obstacles to AI deployment include a lack of qualified personnel, poor data quality, money, infrastructure, and legal frameworks. Businesses should raise employee understanding of AI, look for diversified financing and qualified personnel, work with the government on infrastructure support and legislation, address concerns about job displacement through training, and encourage employee acceptance of change in order to overcome these challenges. Businesses in Bangladesh may improve operations and competitiveness by using these techniques. Business executives, decision-makers, and academics interested in maximizing the potential of AI and enhancing business outcomes in Bangladesh might learn from this study.