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Showing posts from September, 2023

Blog 10 - Transforming Business - The use of Artificial Intelligence in Business

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  Artificial Intelligence in Business: Blessing or a Curse? To understand AI in business we must first figure out what artificial intelligence (AI) is? It can be defined as the simulation of human intelligence process by machines, scary stuff!, particularly computer systems. Some applications of AI may include; natural language processing, speech recognition and machine vision. Is AI out to replace us in the future?  Is AI a curse to businesses? Here are some potential challenges, and possible solutions, that businesses may face if they chose to incorporate AI  (Forbes, 2023) . Lack of expertise: To tackle this issue you could train, collaborate, hire and use user-friendly tools. Building internal expertise is vital for successful AI adoption. Uncertainty Implementation: AI's placement is critical; avoid harming customer experience. It should aid, not replace. You should monitor closely to prevent frustrations that drive customers away. Outdated infrastructure: May a...

Blog 2 - Ireland as a Digital Economy

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Ireland, the number 1 destination for Tech Firms At present Ireland has the following: 9 of the top 10 global software companies. 9 of the top 10 US technology companies. The top 3 enterprise software companies. 4 of the top 5 IT services companies. Reasons why multinationals, particularly in the Tech industry, find Ireland such a great place to do business may be due to a combination of economic, strategic, and cultural factors. Here are some of the key reasons why I believe Ireland is a favoured location for tech industry giants:  Low Corporate Tax Rates : Ireland has one of the lowest corporate tax rates in Europe, which is commonly referred to as the "Irish Corporate Tax Advantage." Many internet companies trying to reduce their tax obligations have been drawn to this low rate (12.5% for trading income). English-Speaking Environment : Ireland is a country where more than 90 percent of people speak English, which is an enormous benefit for tech companies who do business wo...

Blog 1 - Introduction - Who am I?

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 Hello! My name is Stevan Lazic. I am a 4th year student in SETU, currently studying Economics and Finance as part of the Bachelor of Business (Hons) course. I am partaking in the module; Digital Economy, for this semester in 2023.  Digital Economy is a term for all of those economic processes, transactions, interactions and activities that are base on digital technologies. A core aspect of the digital economy is the dependency on information systems. Information System is a new concept for me as I was unfamiliar with this area of the economic world. Information System is a set of components which are integrated into the business and used for collecting, storing, and processing data. It may also provide digital services, provide information and knowledge. Businesses and firms rely on information systems in order to carry out their day to day business whilst also interacting with customers and suppliers.  As part of the Bachelor of Business (Hons) course we were given...