The role of artificial intelligence technologies in supporting costs

Abstract

The study aims to identify the role of artificial intelligence (AI) technologies in enhancing cost management strategies within the contemporary Libyan business environment. It seeks to achieve several sub-objectives, including identifying the relationship between the use of AI technologies and cost measurement and optimization, supporting decision-making, and employing AI technologies as tools for benchmarking and performance evaluation.

A questionnaire was used as the primary data collection instrument, after being evaluated and validated. It was then distributed to relevant employees at the Libyan Company for Industrial and Medical Gases, including senior management, cost accounting personnel, staff from the accounting department, and employees in the Gas Technology Management division.

The study reached several key findings, the most important of which are:

1. The use of AI technologies contributes to accurate and objective cost measurement. Additionally, AI enhances decision-making by providing relevant information at both operational and strategic levels, improving the accuracy of benchmarking and evaluation decisions.
2. Based on the results obtained, the study recommends the following:

- Increasing awareness among organizations of the importance of implementing AI technologies by highlighting their significance, advantages, and contributions to enhancing cost management strategies.

- The necessity of incorporating AI technologies into the curriculum for economics and accounting students at Libyan universities, as these technologies offer distinct advantages, particularly in the field of cost management.

Business organizations in Libya should place greater emphasis on cost management tools and hold training courses and seminars on AI technologies, focusing on their application and potential benefits.

The study relied on questionnaires as the main tool for data collection and adopted the descriptive analytical approach. The data were analyzed using the SPSS software to derive results and insights.