The Impact of Artificial Intelligence and IoT on the Management Industry

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‘Information technology and business are becoming inextricably interwoven. I don’t think anybody can talk meaningfully about one without talking about the other.’ Well, the quote sounds so fiercely spot-on because it has been stated by none other but the renowned business magnet of America who established a whole new philosophy of business, Bill Gates. The concept of management is largely about ‘tactical administration of organizations, projects, ideas, and people,’ which requires accuracy before anything.  Technology has immense potential in today’s and the future management industry and is serving as the left hand of managers. Technological aspects like deep learning, machine learning, cloud computing, containerization, Mobile Web Performance, Augmented Reality, and Virtual Reality robustly back the management industry in today’s time.

Out of all these, Artificial Intelligence (AI) and the Internet of Things (IoT) are two of the significant ones that have massively impacted the role of the 21stcentury management professionals. Prior to discussing the impact of IoT and AI on management, let’s take a quick glimpse of what these concepts actually are and how they work. Artificial intelligence is quite relevant to robotics and is a popular sensation in the field of computer science. A machine is equipped and artificially trained with the power of mimicking cognitive functionalities as humans do, whereas, IoT, is a network of physical devices that are externally accessible via the internet. Each of these technologies has an interlinked but unique impact on the industry of management.

How AI and IoT has bestowed the art of management in multifaceted ways

The emergence of artificial intelligence has made the tasks and responsibilities of managers a lot less strenuous and uncomplicated than before. With its ability to process a substantial amount of data, recognize symbols, predict trend directions, AI can now help managers master one of the most significant aspects of management and that is ‘decision-making.’ Managers have more power for taking sound decisions even when it comes to risky scenarios in business.

Artificial intelligence does not only contribute to improving administrative or technical tasks but also helps in perfecting cognitive or logical responsibilities like analyzing skills, hiring employees, employee performance enhancement, and more. Most organizations utilize recruiting software nowadays; in fact, it is one of the most active hiring trends in recent times. The interesting part is that most of these recruitment tools and software are AI-backed, offer real-time dashboard, and provides the users with double the speed of what a human mind would do.

Another way in which, AI helps managers is by boosting accuracy in what they perform. This is a highly important point that needs to be taken into account. Earlier, aspects like managing paperwork, understanding and comparing skills, monitoring employee performances, and controlling organizational budgets, were accomplished through cognitive insights. After the emergence of AI, these tasks have become much more time-saving, precise, and systematic, eventually helping organizations boost their overall productivity.

On the other hand, IoT allows complete monitoring and process control of metrics so that you can figure out which are the most essential for your business and the bottom line. This helps managers keep things running in a loop as they can understand which machinery at what time requires immediate attention or which one has opportunities. To break it down, a simple example of the IoT technology would be a smartwatch. It is a single-stop device that is connected to an external network that can keep a record of your emails, your personal records, how long you travel every day, and even your medical condition records. The technology helps organizations just the way it would help the individual who owns the watch. Managers can be much more updated and informed about organizational aspects and on-goings and lead ahead of time.

Technology is undoubtedly bliss to the career of management professionals, but it is imperative that you understand it and be proficient when it comes to using it in the real-world scenario.We, at the K.R. Mangalam University, one of the Best Private Universities in Gurgaon, understand this aspect and hence provides our management students with an excellent opportunity to drive their management career life towards the right direction. Positioned among the top management universities, we offer a unique platform to young management aspirants where they can significantly hone their skills and prepare themselves for the increasingly challenging business industry. Soft-skills and technical knowledge are two of the strongest pillars of the modern-day managers, and we are significantly aware of the fact. The global standard, industry-centric, career-oriented management program at KRMU helps candidates learn and explore business aesthetics, values, and etiquettes which are the vital traits to excel personally and professionally in the fiercely competitive times of today. Our management program involves imparting high-quality training to candidates on industry-level analytics, tools, and software. This enables them to gain an in-depth understanding of the leading technological drivers based on which the business industry is attaining constant achievements today. Students at KRMU are trained and prepared by highly experienced faculty who have been contributing to the industry for years. The K.R. Mangalam family feels proud today for gifting the management industry with many bright talents.