Role of machine learning in changing social and business eco-system – a qualitative study to explore the factors contributing to competitive advantage during COVID pandemic

Abstract

Purpose“Machine learning (ML)” in business aids in increasing company scalability and boosting company operations for businesses all over the world. “Artificial intelligence (AI)” technologies and several “ML” algorithms have grown in prominence in the business analytics sector. In the era of a huge quantum of data being generated by the virtue of the integration of the various software with the business operations, the relevance of “ML” is continuously increasing. As a result, companies may now profit from knowing how companies may use “ML” and incorporating it into their own operations. “ML” derives useful results from the data to address very dynamic and difficult social and business problems. ML helps in establishing a system that learns automatically and produces results in less time and effort, allowing machines to discover. ML is developing at a breakneck pace, fuelled mostly by new computer technology to competitive advantages during the COVID pandemic.Design/methodology/approachFor firms all around the world, “ML” in business aids in expanding scalability and boosting operations. In the field of business analytics, artificial intelligence (AI) and machine learning (ML) algorithms have become increasingly popular. The importance of “ML” is growing in an era when a massive amount of data is generated as a result of the integration of various applications with company activities. As a result, businesses can now benefit from understanding how other businesses are using “ML” and adopting it into their own operations. In order to handle very dynamic and demanding societal and business challenges, machine learning (ML) extracts valuable results from data. Machine learning (ML) aids in the development of a system that learns automatically and generates outcomes with less time and effort, allowing machines to discover. ML is progressing at a dizzying pace, fueled primarily by new computer technology and used to gain competitive advantages during the COVID pandemic.FindingsAccording to a new study published by the Accenture Institute for High Performance, “AI” might double yearly economic growth rates in several wealthy nations by 2035. With broad AI deployment, the yearly growth rate in the USA increased from 2.6% to 4.6%, resulting in an extra $8.3tn. In the UK, AI may contribute $814bn to the economy, raising the yearly growth rate from 2.5% to 3.9%. The authors are already in a business period when huge technological development is assisting us in addressing a variety of difficulties to achieve maximum development. AI technology has enormous developmental consequences. In addition, big data analytics is helping to make AI more enterprise ready. Future developments in “ML” cannot be understated. Machines will very certainly eventually be smarter than humans in practically every way.Originality/valueThe introduction of AI into the market has enabled small businesses to use tried-and-true strategies for achieving greater business objectives. AI is continually offering a competitive advantage to start-ups, whilst large corporations provide a platform for building novel solutions. AI has become an integral component of reality, from functioning as a robot in a production unit to self-driving automobiles and voice activated resources in complex medical procedures. As a consequence, solving the difficulties highlighted below and finding out how to collaborate with robots will be a constant problem for the human species (Sujaya and Bhaskar, 2021).