AI-Driven Decision Making: Transforming Business Strategy and Growth
Over the last couple of years, AI technology has swept across pretty much all facets of our society and completely overhauled the business landscape. Decision-making is only one of the processes which were transformed by this huge tidal wave. Of course, like any other huge transition, this one brought a couple of questions under close scrutiny.
Namely, human input still presents an invaluable asset for making the right calls. On the other hand, it is very hard to deny that massive data processing power and the ability to take into account uncountable sets of variables, positions this resource more as a necessity rather than a novelty.
Where is the middle ground between these two worlds and how can AI-driven decision-making be used for sustainable business growth?
Let us try to find out together.
Defining the AI-driven decision-making
In order to fully grasp the pros, cons, and true value of this resource we will first need to sort out what the whole fuss is about. So, without further ado, we can say that AI decision-making describes the resources in which we use AI tech to streamline, automate, and enhance the process of business decision-making. This is achieved by using AI platforms to process data, notice patterns, and make subsequent estimations.
Now, rather than simply asking for the answers from some formless, abstract system, AI decision-making utilizes very well-defined technologies and processes like:
- Machine Learning (ML): The technology that empowers AI to learn autonomously and optimise its performance.
- Decision Automation: The process where AI takes over smaller-scale decision-making tasks providing raw data for ML.
- Natural Language Processing (NLP): This tech allows AI to better understand thoughts that are expressed in human language.
- Computer Vision (CV): Much like NLP, Computer Vision allows AI to better comprehend visual imagery.
- Cognitive Computing: This tech allows machines to use ML and leverage various data sets coming from different types of sources which can be of tremendous use in social media analytics.
Now that we are aware of the cogs spinning within this intricate system, we can much better assess how these systems can be used in growing an organisation.
Streamlining cumbersome processes
Achieving more with less is a vital part of growing a company. In this case, any level of automation offered by the AI is absolutely vital. Take for instance the recruitment process. While the final call on who you are going to introduce to your organization should always be in your hands, this process consists of countless initial interviews, resume inspections, data checks, and so on. All these things are made much simpler if you are using conversational AI in recruitment. This will not only speed up the whole affair but also help you harvest raw data you can later feed into the ML-powered systems.
Eliminating bias and emotional influence
A tough business environment entails a fair share of tough decisions which are not always easy to make. Well, the properly trained and fully supplied AI systems effectively move this problem off the table. While any AI tool will be limited by the data sets you feed into it, fully realized AI platforms are capable of harnessing information from varied data sources while eliminating any sort of bias and offering extreme levels of quality, objectivity, and consistency. That allows CEOs to easily identify the steps necessary for growing a gig, putting factors like stress or limited insight out of the equation.
Strategic advantage
As we said earlier, Machine Learning allows systems to learn, grow, and seek out new data sources based on the patterns they have already identified. This lends them a great level of proactivity which puts any organisation using these resources on the very prescriptions of everything going on in the according industry. With the ability to stay in touch with the latest trends while they are still in their inception, rolling out new products, identifying new marketing niches, and producing novel marketing strategies. That puts them in a position of strategic advantage over the competitors that still operate based on a hunch.
Improved customer service
Good customer service is absolutely critical for any company striving to get strong market legs. If we take a look at the recent surveys, we will see that about 61% of SMB’s revenue comes from repeat business. Being able to identify the faults within internal processes, understand the grievances of your existing clients, and predict the issues that might be brewing on the horizon definitely seems like a good way to get access to this valuable money stream. Fortunately, technologies like NLP and CV are making this job much easier, giving CR experts faster and more accurate insights to work with.
Conclusion
Well, we hope this short breakdown of AI-driven decision-making and its place in the world of SMB processes will help you to use these resources to set up your organisation for sustainable long-term growth. Your goal should be to properly identify all the resources hiding behind this elusive term and see how all these technologies can be utilised in the most effective manner. As your system grows, things will become considerably easier and you will be able to achieve a greater level of autonomy.
But, be sure to put the things we covered above to good use. Proper calls always need to be well-informed. In the Digital Age, we currently inhabit, that can be achieved only through AI assistance.
