How is Artificial Intelligence Used in Decision Making
With the rising competition to deliver uncompromising results, businesses today invest in technology to power their decisions and choose solutions backed by big data, Machine Learning and Artificial Intelligence. The forecasted annual growth rate of Artificial Intelligence in businesses between 2020 and 2027 is 33.2%. AI is a lucrative and result-oriented boon but equips businesses with an expansive range of information and organized solutions by aggregating and analyzing vast data.
Scaling AI or investing in cutting-edge technologies/algorithms in decision-making can create a substantial competitive advantage, such as rewiring the operations to extract value based on the client’s need. Such is the massive potential of AI in landing the client the value they deserve while elevating the progress of businesses to gain big wins.
Before we explore the successful merits of Artificial Intelligence in business and how leaders from top companies implemented this technology to achieve success, let’s read about what are Artificial Intelligence decisions and their applications.
What are Artificial Intelligence-based decisions?
To gain momentum in the volatile market, businesses are elevating their performance standards to improve output and achieve results that score them high amongst competitors. Using data empowered by AI technology saves cost and maps growth, streamlines inner business processes, and improves decision-based initiatives.
Combined with the viability of cloud computing, AI facilitates management, strategic development, and problem-solving.
When to implement technologies based on Artificial Intelligence? The answer is simple: when you want specific processes in the company to be faster and more efficient, enabling qualified employees to engage in more creative tasks.
How does AI facilitate decision-making?
To leverage the technology, you need to understand how it works. How can implementing AI bring minor improvements in routine business processes? How do Artificial Intelligence services facilitate complex problem-solving or power decision-making initiatives?
Three simple processes, i.e., Configure, Create, and Acquire, can set the floor for the AI to work and access the business data to bring maximum value that helps tackle challenges and amplifies growth.
- Configure the required set of tools for data collection, transformation, synchronization, and evaluation.
- Create a rule or framework for data processing.
- Acquire an output, which can be used to decide on a particular case or solve an existing business challenge.
Companies must look beyond fast-tracking or improving processes to make the most of one’s relationship with AI. They have to seek organizational transformation by establishing a symbiotic relationship with AI, wherein machines aren’t just taught what humans already know but build a conducive human-machine interaction space that can adapt to a situation or environment.
Some Metrics About AI
According to reports, AI is helping doctors spot lethal conditions like chromosomal abnormality or other genetic disorders that remain telltale with no apparent symptoms. The technology assists in recognizing rare needs by extracting the data to improve the diagnosis. This is the role of Artificial Intelligence in healthcare decision-making. The healthcare sector and other realms are too absolving quality results using the much-revered robust intelligence.
The much-followed platform in the global OTT marketplace, Netflix, uses AI technology to offer intuitive recommendations, flood originals, capture and analyze the user’s search behavior, and gather meta-data to direct the user to the show they are most likely to love, hence increasing viewership and user experience.
79% of executives believe AI will make their jobs efficient, creating paths to optimize organizational performance. Artificial Intelligence in business is geared to accelerate exponentially, facilitating the decision-making processes to help detect and analyze customer patterns and offer them the most relevant product or service.
Artificial Intelligence Business Applications
To Improve Decision-Making
According to Forbes, 95% of businesses are facing the need to manage heavy unstructured data. To make the company data-driven, using tools or technology to interpret and analyze vast data to derive strategic inferences is imperative.
In areas of the constant flow of heterogeneous data such as financial reports, analysis of employee productivity, or predicting further churn rates, AI takes charge to help executives make faster and sound decisions.
From a lay perspective, adopting AI in the HR department can facilitate the recruitment process by sourcing suitable candidates and analyzing their interviews. Thus, an HR team can make successful decisions.
To Aid Complex Problem-Solving
Besides making sound business decisions, AI can help solve multilayered or complex problems. By conducting an interdisciplinary study on the data you have, AI plans and strings together automated business processes to cohesively execute the automation strategy, also known as process orchestration.
Let’s assume your business is geared to launch a new product. It involves layers of strategic planning, such as evaluating the market, targeting potential customers, creating suitable marketing campaigns, and more. Sounds complex. AI collects tons of data to optimize, analyze and forecast results. This study can be used to boost production planning or promotional strategies.
Plus, it’s a way to optimize the range of predictions and risk management. For instance, you can predict and regulate pricing with the help of AI tools.
Also Read: Role of Artificial Intelligence in Business Development
To Improve Customer Service Management
One of the key benefits of AI tools is that it helps map customer behavior and predict trends to derive decisive data that helps make rational business decisions. Artificial intelligence allows automatic recognition and profiling of potential customers based on their patterns and behavior.
As aforementioned, Netflix, the big OTT platform, uses AI-powered tools to analyze customer preferences or the kind of content they are likely to search for. In response, AI offers similar recommendations and guides to watch the latest shows based on a similar genre. This helps establish better connections and improve the overall user experience.
Empowering clients to make the right economic and ethical business decisions, Artificial intelligence helps assess the key metrics. It evaluates the big data to derive innovative and most effective conclusions from making decisions or initiating strategic business changes.
With Artificial Intelligence consulting services that power your business with modern technology solutions, you can build the workplace of the future and can make business decisions more intelligent and faster.
Cocolevio, an AI consulting firm, offers AI-powered data and analytics, endeavoring to implement modern technology to build a data-driven, intelligent workplace. Making your information work the best for you, Cocolevio’s advanced AI automated solution fast-tracks key decisions and supports organizational transformation.