How Artificial Intelligence Can Improve Organizational Decision Making
Artificial intelligence (AI) is an emerging technology that enables organizations to make better decisions. It can help companies decide on things like optimal inventory levels, customer experiences, marketing investment, growth, and quality standards. AI is expected to make a big impact on our lives. Its practical solutions unlock new methodologies.
AI’s practical solutions unlock new methodologies
AI has the potential to revolutionize the way managers and leaders make decisions. By automating the analysis of complex data, AI can help managers prioritize tasks and maximize project value. It can also detect defects early and assist in risk analysis and mitigation. It can also help managers keep track of project timelines by examining historical data and human behavior patterns.
AI-powered analytics can help domain experts make better decisions. However, it must be remembered that not every problem requires precision. Therefore, it should empower domain experts with governed no-code AI such as predictive modeling, what-if scenario planning, guided model building, automated discovery, and other methods. These tools will allow people to make better decisions faster.
Business leaders and CIOs should develop a long-term AI strategy and identify opportunities for AI deployment. A cost-benefit analysis should be conducted to identify which AI solutions will yield the best return on investment. It’s also vital to identify the resources needed to implement AI.
AI’s potential to eliminate 8 million U.S. jobs
AI is a rapidly evolving technology that will disrupt the traditional workplace. From self-driving trucks to concierges, the technology will affect a wide range of occupations. Some experts believe that AI will eliminate eight million U.S. jobs by 2025. As AI advances, some jobs will become obsolete, but others will become more specialized. In fact, by 2030, 73% of all cubicle-related jobs will be automated.
AI has already been applied to highly repetitive tasks, such as analyzing data. But as the technology becomes more advanced, it will be used to augment human labor. For example, doctors can use AI algorithms to read patient scans, helping them diagnose patients and determine suitable treatments. Meanwhile, repetitive tasks such as cleaning, organizing, and maintaining a building may be automated. Automated systems could be programmed to do more routine tasks, such as maintaining and troubleshooting equipment. A company like Amazon is already using AI-assisted robots to make their deliveries. Its employees monitor the robot arms to ensure that they are functioning correctly, and deal with any issues that they may have.
AI has already created significant value in a variety of industries. Companies across many sectors use AI in various processes, from identifying anomalies in production to identifying fraudulent transactions. The latest AI advancements promise to add even more value as they solve classification, estimation, and clustering problems. One analysis of AI use cases found that advanced deep learning techniques, which use artificial neural networks, could account for $3.5 trillion to $5.8 trillion in annual value.