Processing tons of data and generating quick insights — AI is keeping companies one step ahead by making bigger, and better decisions strategically.
Can Artificial Intelligence make better decisions than humans?
Yes. But undermining human intelligence is not wise either.
AI and decision-making is a relatively new subject that came to light with the inception of the Decision Intelligence framework. It combines Data Science and Machine Learning with managerial decision-making.
Decision Intelligence was reported as the emerging engineering discipline in Gartner’s 2020 hype cycle. Gartner has developed a Decision Intelligence model that can identify and evaluate the decision-modeling techniques which help businesses make informed decisions.
AI is the next phase of technology evolution which is already showing promising results. McKinsey Global Institute’s research reports that by 2030, AI could add $13 trillion to the world economy, supporting the worldwide GDP by almost 1.2% a year.
With every passing day, the industries are accumulating unthinkable volumes of data. Companies are exploring various techniques to process tons of information and use it to their benefit. They are exploring the potential of predictive analytics offered by Artificial Intelligence that enables AI-based decision-making.
A PwC survey shows that 86% of participants indicated that AI will be the “mainstream technology” at their companies in 2021. Their companies have increased AI investments and accelerated their AI adoption plans.
AI is making vital decisions for us every day. From smart weather forecasting to Netflix and YouTube video recommendation systems, AI is creating an impact. Hospitals are using AI-powered solutions to reduce the cost of administrative tasks and provide decision support to healthcare personnel. The marketing industry is running automated ad campaigns for high conversion rates, etc.
In this article, we will discuss various aspects of AI in decision-making and how it empowers high ROI (return of investment) for the stakeholders.
Human wisdom and intellect have driven critical decision-making for centuries. With petabytes of available information, wisdom and intellect are not reliable anymore.
A Gartner survey suggests that the current decision-making process is untenable and needs to be re-engineered. The survey found that 65% of the decisions made today are more complex compared to two years ago.
Modern decisions require a…
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