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MDIA.docx - The media landscape has transformed over the...

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The media landscape has transformed over the three media revolutions as a result of theintroduction of newly available technologies, deep machine learning, and advancements inautomation. Now in today’s society, Artificial Intelligence (AI) technologies have becomemore and more infiltrated into our daily lives reshaping normalities, the human experience,and how we now interact with the world. This is because AI technologies are “the mostpowerful tools in generations for expanding knowledge,” (NSCAI 2021) which increasesprosperity and consequently improves the human experience. This advanced technology hassubverted the concept of what is presumed normal, whereby humanity sometimes uses AI intheir day-to-day lives without even noticing they are using it. This technological advancementhas been embedded into our daily living, whereby companies have integrated it into theiroperating systems to create a personalised experience for consumers. Here they use AI totailor specific information to individuals based on the data it collects about them. Moreover,AI has also begun to creep its way through the human resources industry which has greatlybenefited from its innovation. This has led to an increase in efficiency throughout therecruitment phase, which has eased the pressures on the human resource staff.Conversely,while these provide countless amounts of benefits to our everchanging world, there is aconcern about society’s co-dependence on technologies and machines which is leading tosubstantially negative effects on society, such as the invasion of our privacy and algorithmicbias. Nevertheless, advancements in technology have made AI a constant within our worldwhether we realise it or not, thus reshaping the lives of humanity.Artificial Intelligence has become significantly saturated within our daily interactions withtechnology, leading companies to implement its advanced features to generate a morepersonalised user experience. AI is a means of producing value, where “it provides elementsof valuation creation both within and between every pillar of data transformation” (Lemay,2021). Its purpose is to “maximise the value of a two-sided platform” to benefit both abusiness and its customers (Li 2019). McKinsey Global Survey notes that currently there aremore than 50% of businesses have at least one feature of AI into a minimum of one businessfunction (McKinsey & Company, 2020). In addition to this, McKinsey Global Institute hasalso predicted that it will generate a minimum of $3.5 trillion in economic impact by 2022(Gross, 2021). Moreover, personalisation curated by AI technologies generates morecustomer satisfaction seen through 73% of consumers favouring businesses that take personalpreference into account (Morgan, 2019). Consequently, Research from McKinsey suggeststhat as a result of good implementation of AI personalisation, businesses can produce “five toeight times the marketing return on investment and boost their sales by more than 10% overcompanies that do not personalize” (Morgan, 2019). This thus shows the significant impactAI has on companies, shaping our daily interactions with technology as now we are beingexposed to a more personalised consumer personalised experience.

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