PRINBMF 1A - Unit 6 Sample Work Lab Instructions (10 points)

Question

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The instructions for this assignment have been modified. Make sure you read and use the below instructions:

AI is the acronym for the words Artificial Intelligence. According to IBM, “Artificial intelligence (AI) is technology that enables computers and machines to simulate (imitate) human learning, comprehension, problem solving, decision making, creativity and autonomy.”

For this assignment, you will:

Research the ways Artificial Intelligence will affect international trade in the global economy. Using your favorite search engine, research a minimum of three (3) websites that discuss the various ways AI will impact international trade and the global economy.Your research should include:

Three (3) real-world AI applications that could impact international trade and/or the global economy.
Identify two (2) real-world ways that AI already plays a role in business.
At least three (3) visual aids in your research presentation: ex. graphs, charts, tables, images, graphics, videos, etc.

Reflection: Your 2 paragraph reflection on the use of AI in business and how you use AI in your own life.
1st paragraph on the uses of AI in business should utilize information - specific data - from your research.
2nd paragraph on how you use AI in your life; give examples or if you have not used it, what would you first want to try?

Sources: Provide a list of every website and resource that you used in your research. Google is not a source - neither is Wikipedia.

You can post a formal citation like the example below -
Stryker, C., & Kavlakoglu, E. (2023, August 16). What is Artificial Intelligence (AI)?. IBM.

Answer 1

PRINBMF 1A - Unit 6 Sample Work Lab Instructions

Name: [Your Name]
Date: [Date]
Course: PRINBMF 1A

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Research on the Impact of Artificial Intelligence on International Trade and the Global Economy

Introduction

Artificial Intelligence (AI) is fundamentally altering the dynamics of international trade and the global economy. This document outlines key research findings on the applications of AI and its current role in business operations.

Real-World AI Applications Impacting International Trade

1. Supply Chain Optimization: AI algorithms enhance supply chain efficiency by predicting demand fluctuations and managing inventory levels. Companies like Amazon utilize AI to analyze customer purchasing patterns, which helps in optimal inventory distribution across warehouses globally.

2. Trade Finance Automation: AI-powered platforms can automate the verification of documentation in trade finance, reducing risks associated with fraud. For instance, companies like Tradeline are employing AI to streamline the due diligence process in letters of credit and international payments.

3. Dynamic Pricing Models: Using AI, firms can analyze real-time market data to adjust pricing strategies dynamically. Systems like those developed by Pricefx utilize AI to tailor prices based on various factors such as market demand, competition, and consumer behavior, impacting international pricing strategies.

AI's Role in Business

1. Customer Service Enhancement: Businesses worldwide are using AI chatbots to improve customer service. Companies like Facebook and Google have integrated AI solutions that can understand and respond to user inquiries efficiently, thereby enhancing user experience and operational efficiency.

2. Data Analysis for Market Insights: Many companies employ AI tools for big data analytics, helping them make informed decisions based on vast amounts of data. For example, Netflix uses AI algorithms not only for content recommendations but also to analyze viewing patterns, enabling them to tailor their offerings to market demands.

Visual Aids

1. Graph: Growth of AI Adoption in Supply Chain Management
   

2. Chart: Comparison of Traditional vs. AI-driven Trade Finance Processes
   

3. Image: Example of AI Chatbot Interaction
   

Reflection

The influence of AI in business is evident in various sectors, especially in optimizing processes and enhancing customer interaction. For instance, according to a report by McKinsey & Company, companies that integrate AI into their operations can boost productivity by up to 40%, primarily through improved efficiency in tasks such as inventory management and customer service automation. The ongoing transformation of trade finance through AI signifies a shift towards greater security and speed, allowing businesses to engage in international trade with more confidence.

In my own life, I have used AI in several ways, notably through voice assistants like Siri and Google Assistant for managing daily tasks and setting reminders. I am particularly interested in exploring AI-driven fitness apps that provide personalized workout and nutrition plans based on my health data. This could potentially enhance my wellness journey by ensuring that the recommendations I receive are tailored specifically to my needs.

Sources

1. McKinsey & Company. (2021). The future of work: AI and automation in business.
2. IBM. (2023). AI in supply chain: Optimizing processes and improving efficiency.
3. Tradeline. (2023). Transforming trade finance through artificial intelligence.
4. Pricefx. (2023). Dynamic Pricing for a Competitive Edge in Global Markets.

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Note: Ensure to replace placeholder text like [Your Name] and [Date] with your actual information before submission. Additionally, embed links to your visual aids and confirm that all sources are accurate and accessible.