Making Business Decisions is Tough: Let AI Do It For You!
Business decisions are difficult to make. You might be thinking of the prominent choices, like whether the company should invest in a high-risk project or what the next creative marketing strategy should be. However, it’s those daily, seemingly minuscule tasks that can truly drain you.
A lot of pressure falls on the company to keep with routine decisions, like resource allocations and scheduling employees and employee hours tracking. These choices can add up, and it can feel like you’re doing the same things over and over. That time and energy spent could instead go into those “big” non-routine decisions, allowing your company to grow and prosper.
Fortunately, with the quickly advancing state of business-based technology, tools have been created to automate certain processes. Business technology devices are designed to help you save money, investigate the predicted success of a potential plan, meet deadlines without extra effort, and monitor all tasks, reminders, updates, and current business growth. AI is one of these tools that can help make these necessary business decisions so that you can focus on your greater company vision.
What is artificial intelligence?
Most people might view artificial intelligence as technology with a mind of its own. In reality, it is simply a machine programmed with a large amount of human-procured information or data that allows it to automate certain processes. The data is so numerous that machines can use statistical reasoning to compute patterns that allow for better decision making. AI is a great investment in professional settings because of its ability to perform completely mundane, repetitive tasks more efficiently and rapidly. This speedy automation is exactly what your business might need to make difficult choices.
Business-centered technology is already being utilized, like an AI-powered decision management system. This system uses a logic-based algorithm that makes routine decisions that are important for your company. It devises operational choices that allow your company to spend less time while still getting positive results. So many different companies are using AI decision-making technology to optimize their supply chain, prioritize cases in legal and financial matters, or immediately discern fraudulent insurance claims based on past cases.
Here are some other AI-automated decisions that you may have experienced:
- Social media recommendations of content related to your preferences (think Facebook ads and YouTube video recommendations)
- Automatic employee payroll operations
- Investigating target audience data to predict future trends
- Analyzing consumer trends for marketing choices
- Website chatbots to cater to customer needs at any times
- Scheduled social media management
- Prescribe the amount of commodity to purchase depending on consumer demand
Making decisions based on machine-processed decisions has already been a large part of the business world. Data science utilizes huge amounts of data to make inferences that are useful for future ventures. It’s essentially probability and statistics, the idea that conclusions can be drawn from recurrent documented patterns. Decisions are still made using machine-compiled data, but not before going through the middlemen: the data scientists. This means there might be a lot of room for error and biases. AI, on the other hand, makes the actual decisions itself, while taking into account thousands of possible scenarios, along with the potential risks and rewards of each outcome. These scenarios tend to be accurate, with a decreased chance of anomalies. While it may not seem like a big deal, removing human biases from decision-making can objectively choose the most profitable business decisions.
That being said, these types of decisions are the ones that can only be made based on historical data. The value of AI is that these more structural business decisions can be automatically made, freeing up more time for significant decisions that need human judgment. As intelligent as a machine can be, it doesn’t have our ability to value customers, understand a culture, and prioritize employee satisfaction. Furthermore, as much as AI is automated, it’s all under your control. You make the rules that are programmed into the software, tailored to your preferences, needs, company budget, employee size, and so on. AI software is flexible because just like any other technological device, you can explore what aspects work best for your company and what needs to be modified. Humans are still making decisions, but just through a tool that makes the process faster, better, and more productive.
In short, AI automation paves the way for high-quality, reliable, quick decisions for the benefit of your company. Despite the name “artificial intelligence,” the technology is more of a conglomeration of human intelligence, working to the greatest degree. It does not replace human employees. It gives them an opportunity to take on more significant, impactful tasks. Artificial Intelligence might be just what your company needs to progress to the next level.