REVOLUTIONIZING BUSINESS AND SOCIETY THROUGH ARTIFICIAL INTELLIGENCE AND MACHINE LEARNING

Abstract

Artificial intelligence (AI) and machine learning (ML) are revolutionizing the world’s business practices and societal architectures by enabling data-driven decision-making, predictive analytics, and automation on a massive scale. This research is performed at Punjab University, Lahore and explores the role of AI and ML in classes of industry such as healthcare, finance and retail. It involves four techniques of interviewing, case studies, structured surveys and experimental model examination. Python and the related TensorFlow, Scikit-learn libraries produced incredible results in training machine learning models that achieved 94% percent diagnostics accuracy in healthcare, 92% fraud detections efficiency in finance and 30% stock management inefficiencies for retail businesses. The survey of fifty organizations found that 68% had implemented AI and 74% reported cost savings to AI investment, and 62% saw improvements in making decisions and customer satisfaction. As a matter of fact, survey and interview analyses showed that cost implementation, need for reskilling the workforce and a number of other issues such as bias and privacy always feature in the common threads. The case studies prove that AI has very practically discovered myriad benefits from speeding up diagnoses in the health sector to security and customer engagement with financial services. It prescribes that AI and ML have great opportunities for economic and societal progress, but all of these would require a strong regulatory framework, skills development programs, and ethical oversight for their sustainable adoption. Thus, focusing on these areas makes sure that the outcome of AI-induced advancement benefits the businesses, individuals, and society at large.