Artificial Intelligence (AI) is the science and engineering of making intelligent computer programming that can perform many functions beyond the capacity of human beings.
Thank you for reading this post, don't forget to subscribe!- Artificial Intelligence (AI) is revolutionizing the global business landscape by enabling smarter decision-making, automation, and innovation.
For a developing economy like Nepal, AI holds immense potential to transform industries, improve efficiency, and enhance competitiveness.
Some of the major fields using AI are:
- Business
- Marketing
- E-commerce
- Medical and Health Care
- Education
- Vehicles etc….
The impact of artificial intelligence in future business of Nepal may be studied through two perspectives consisting of:
1. Positive Impact
- Enhance Decision Making
- Improve Communication
- Improve Productivity
- Increase working Efficiency
- Support Business Strategy
- Maintain Security
- Explore New Market
1. Enhance Decision Making
AI enables businesses to make data-driven decisions by analyzing large volumes of structured and unstructured data. For Nepalese firms, AI can help predict market trends, customer preferences, and operational bottlenecks, allowing management to make informed strategic choices rather than relying solely on intuition.
2. Improve Communication
AI-powered tools such as chatbots, virtual assistants, and automated messaging systems facilitate faster and more efficient communication with customers and internal teams. In Nepal, where remote connectivity and customer reach can be challenging, AI improves response time and ensures consistent communication across digital platforms.
3. Improve Productivity
By automating routine tasks such as bookkeeping, customer queries, and inventory management, AI allows employees to focus on higher-value activities. This leads to enhanced productivity in both SMEs and large organizations, helping businesses in Nepal achieve more with limited resources.
4. Increase Working Efficiency
AI systems streamline operations by optimizing workflows, monitoring performance, and reducing human error. This increased efficiency reduces operational delays and improves service delivery, which is particularly valuable in sectors like manufacturing, retail, and banking in Nepal.
5. Support Business Strategy
AI assists in strategic planning by providing insights into market trends, consumer behavior, and competitor analysis. Nepalese businesses can leverage AI to align their operations with long-term goals, identify growth opportunities, and gain a competitive edge in both domestic and international markets.
6. Maintain Security
AI enhances cybersecurity through automated threat detection, anomaly detection, and predictive analytics. For businesses in Nepal, this is crucial to safeguard sensitive financial and customer data against increasing cyber threats in a digital economy.
7. Explore New Markets
AI can analyze customer preferences, market demand, and competitor data to help businesses identify and expand into new markets. For Nepalese firms, this capability opens opportunities in untapped domestic regions and international e-commerce markets.
2. Negative Impact
- Need Initial Investment
- Development of Infrastructure
- Need Efficient Manpower
- Maximize Training Expenses
- Minimize Employee Creativity
- Security Risk
- Maintain and updating Cost
Need Initial Investment
Implementing AI requires a significant initial financial investment in software, hardware, and infrastructure. Many Nepalese businesses, particularly SMEs, may find it difficult to allocate resources for AI adoption at an early stage.
Development of Infrastructure
AI systems require robust digital and technological infrastructure, including high-speed internet, cloud storage, and data centers. In Nepal, the limited IT infrastructure in many regions can slow down AI deployment and accessibility.
Need Efficient Manpower
Operating AI solutions demands skilled personnel, such as data scientists, AI engineers, and system analysts. Nepal faces a shortage of such professionals, which can hinder the effective adoption and utilization of AI technologies.
Maximize Training Expenses
Employees need training to use AI tools effectively, which increases operational costs. Businesses in Nepal may need to invest in continuous learning programs to keep the workforce updated with rapidly evolving AI technologies.
Minimize Employee Creativity
Excessive reliance on AI may lead to reduced human creativity and problem-solving, as routine decision-making is automated. Employees may become dependent on AI recommendations rather than thinking critically, potentially affecting innovation in Nepalese businesses.
Security Risk
While AI can improve security, it also introduces new cybersecurity risks, including AI-driven hacking, data breaches, and misuse of sensitive information. Nepalese firms must implement strong safeguards to mitigate such threats.
Maintain and Updating Cost
AI systems require regular maintenance, updates, and system upgrades, which add to long-term operational costs. For businesses in Nepal with limited budgets, these recurring expenses can be a financial burden.