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 Outdated infrastructure: May a...
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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 the opportunity to gain some work experience in a relevant field. This took place in semester 2 of 3rd year. I was given the opportunity to work in BNY Mellon in Wexford. I was employed as a Senior Analyst (Investment and Borrowing) Trustee & Depositary.

Some responsibilities included: Ensuring the investment funds are in compliance with regulatory and fund specific documentation, Complete daily review of output from automated compliance monitoring system where applicable and assist with any rule changes or new fund launches. 

Every aspect of my work completed in BNY Mellon involved information systems, from using special software to investigate breaches in funds to using local and cloud storage to gather information on a new fund launch. BNY Mellon had moved to a paperless environment which contributed to the efficiency of work as due to covid BNY Mellon introduced remote working which made the firm completely rely on information systems in order to complete the tasks everyday. 


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