Exploring Experiences and Perceptions of Artificial Intelligence and its Business Applications by University Students

Artificial Intelligence (AI), a transformative, multifaceted force is gaining recognition for its potential impact on all aspects of business; its applications can vary, depending on the specific industry and firm. The present study assesses the AI awareness of 4 0 doctoral students attending an international summer school program regarding the value of AI applications in improving business processes, and cost effectiveness. The participants responded to an online survey after the completion of the program. The results indicated that the participants strongly prefer automation, secure and cost-effective processes which they claim lead to improved and increased competitiveness. Although they also value the accuracy and speed of several applications such as ChatGPT and other LLMs, they also expressed concern, about data privacy, security, ethical implications, biases and regulation. In addition, they stated concerns about AI's impact on human dignity and the likelihood of wealth inequality, stating that AI may widen global inequality, exacerbating inequality both between countries and within-countries. Furthermore, one fourth of the participants indicated that what hindered their place of work to implement AI applications was the high initial cost, fear of security risks, loss of jobs contributing to colleagues' unemployment, and lack of AI specialized skills, as they are witnessing an AI skills gap. Moreover, the participants in terms of human communication, commented on AI's capability of absorbing immense amounts of information quickly and efficiently, however, human language, human communication is so unique that it cannot be replicated by any other species; AI has no idea what it is saying or writing, thus leading to loss or dramatic reduction in human communication. They believe that AI in business should serve as a driver for innovation and growth, contributing to decision-making enhancement and its successful integration into various business functions, covering all business transactions. Embracing with caution AI within an innovative organizational culture is of utmost importance for any industry. The findings of the current study underline AI's value and recommend to leverage its benefits. The findings also serve as guides for universities curriculum development and modification to accommodate stated concerns.