The Use of AI and related technologies in business: mapping the posiibilities and risks

Artificial intelligence (AI) has been a topic of interest for over half a century, but especially in the couple of past decades, it has started to fulfil its potential. This is mainly because of increase in computing power and availability of data and low-cost data storage. Many of the world’s most successful companies have used AI technologies for a long time to gain competitive advantage. AI technologies can process huge amounts of data and find patterns, create insights and new business models, as well as knowledge and predictions that would not be possible with conventional analytics methods. This thesis studies the use of AI in business and in some of the most promising business functions and industries, and the most typical challenges and risks related to the use of AI. The method of this thesis is a literature review. Academic studies, discussion papers and other sources are analysed to give the reader a broad perspective of what are the current AI technologies and what is their effect on businesses