Artificial intelligence (AI) will bring about change in every industry from retail to healthcare and finance to transportation. Executives must understand the potential as well as the risks involved in implementing AI in their enterprise decision-making.
Signal AI shows that almost 92% of business leaders and C-suite executives believe that enterprises should leverage AI to augment decision making. As executives embrace AI, they must remain mindful of the risks. This article will introduce you to AI decision making and how your enterprise can achieve the best outcomes with its help.
How to use AI in enterprise decision-making
AI is supporting a variety of decision-making tasks and processes. When used appropriately, it can be a powerful tool; however, there are a number of key considerations to make during this transition.
Improving decision making process with enterprise AI
Businesses must understand the impact of AI in decision-making and ensure it is deployed in an effective way. To do so, they must understand some AI basics:
- Prediction: Using data to make predictions
- Coaching: Using data for decision making
- Analysis: Using data to determine what causes certain outcomes
- Reporting: Using AI to generate reports that present information effectively
Given the above, you can consider how each component could improve your decision-making processes.
Executives also need to understand business context and make sure the AI solution doesn’t impact other parts of the organization. This might involve providing auditing and monitoring tools to ensure a solution is being used appropriately or it might mean providing a human supervisor.
Executives must make sure decision-making processes are data-driven and consistent with their organizational strategy. This isn’t just about using AI to make a faster decision but also using it to inform the analysis that underlies your decision-making process.
Limitations of AI decision making
AI promises to help organizations improve tasks and processes, but does not have human decision-making capabilities. AI is unable to make decisions based on emotions or context, such as what emotions are likely to be involved in solving a particular problem.
AI’s role in enterprises is enhancing and expanding the decision-making capabilities of executives not replacing them. It can help by improving accuracy and speed. It can also help analysis, enabling businesses to make sense of data, draw insights and reach better conclusions.
AI transforming traditional businesses
A common misconception is that traditional enterprises can’t benefit from AI implementation. The opposite is true and especially so in the case of decision making. Several companies are looking to extend their reach to newer generations and AI solutions could help them do so.
AI is making it easier to find and analyze data and automating manual tasks. This can reduce costs, enable agility, and free time for high level strategizing. It can also manage risks and improve cybersecurity.
AI will soon be a key part of decision-making in almost every industry and sector. If your enterprise does not have a formal strategy or process for leveraging AI, this might be the moment when you begin to establish one.
Our recent ebook can help you determine the next steps. Click here to download it for free today.
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