You can speak with AI for making decisions, right? However, AI is already being used by many companies and professionals to aid very complex decisions, such as in finance, healthcare, or business strategy. AI creates a system that processes data, using algorithms, and provides the information needed for better decision-making. Source: PwC 2023 Ai Business Survey | Business Utilizing Ai For Decision Making Find More Accurate & Efficient Decision Making
AI has for instance, been used in financial services for risk assessment, portfolio management, and trading. Using data such as market trends and historical information, AI algorithms can assess risk factors, and provide traders and investors with recommendations in real time. According to a study conducted by MIT Sloan Management Review, 42% of the financial firms using AI-driven analytics have shown considerable progress in decision-making speed and accuracy. By analyzing data and identifying patterns that are too intricate for humans to spot, AI gives users an edge over the competition.
For instance, in healthcare, AI helps medical professionals identify illnesses and decide on optimal treatments. Interactive AI models such as IBM Watson Health parse through stacks and stacks of medical literature, patient history, and current clinical data to provide personalized and accurate supporting evidence to assist doctors in their decision-making process. AI-based diagnostic tools are even effective; a paper in The Lancet from 2022 shared that these tools can improve diagnostic accuracy by around 25%, which may make decision-making more effective for healthcare professionals.
In the same vein, AI assists businesses in making strategic decisions. Businesses, such as Amazon, utilize AI for demand forecasting, inventory management,69 and customer behavior analysis. AI can accurately predict which products will have a demand, optimize the supply chains, and customer satisfaction. According to the Boston Consulting Group, the application of AI in inventory management has led to a cost reduction of about 30% for some businesses (2021).
If you consult AI to make decisions, it allows you to see the view of the world that it gazes into as it tries to make its decisions. More than mere advice, AI can help simulate different possibilities and consequences, enabling you to see results. One such example, is predicting the outcome of the campaign through AI in Marketing. According to a Nielsen study, predictive models powered by AI are capable of increasing marketing ROI by 10–15%.
AI is helpful, of course, but it is only as good as the data it sifts through — both in kind and in size. However, AI tools are only as good as the data that is used to train the algorithm, meaning users need to be careful to ensure that any data fed into the AI system is representative and correct. So badly quality data can cause a deficiency to AI in the decision making – as mentioned in a 2023 Gartner report :->
Bottom line, if talk to ai to help with decision making is not reality yet, it is a must in many industry already. With the rapid development of AI, combined with its increasing infiltration in a range of sectors, AI's role enhancing decision-making will only continue to increase.