Artificial Intelligence used to be a futuristic pipedream for things like personal assistance software or smarter computers.
SwissCognitive Guest Blogger: Rae Steinbach, a graduate of Tufts University with a combined International Relations and Chinese degree
Now, AI is everywhere. From finding out ways to enhance productivity to literally giving us tips on how to dress, AI platforms and software assist us in the process of most decision-making processes we encounter. Luckily for the corporate world, AI is impacting businesses too.
It’s not just AI’s ability to predict results via machine-learned analysis algorithms. It’s not even the way that operations are smoother and more automated through AI either. One of the most human elements of running a major business is corporate decision-making. Let’s face it: this is where a company either thrives or falls behind. The top minds of any business lead the charge and AI is proving to be the biggest ally in this process.
When companies turn to things like an AI-powered bi tool, they’re embracing this exciting technology and prioritizing results, profits, and strategy all at once. Here’s why AI is shaking up corporate decision-making for the better.
Decision-Making and AI: A Perfect Pair for the Corporate World
Predictive analysis is a growing force in the corporate world. Simply put, this is the process of using statistics and data to predict future performance in key metrics and areas of business. It might sound like a no-brainer, but some are reluctant to hop into this new technology because of traditional decision-making processes. Likewise, many business leaders are hesitant to assume that hard statistics can inform a company better than experienced professionals can. The truth is that it’s not an either/or situation. In fact, corporate decision-making and AI are a perfect pair.
The mass amounts of data a company collects shouldn’t be just a formality or part of the machine running smoothly. All that data offers insights into patterns for both industry and audience; two elements that can greatly affect any company. No matter your sector or specialty, predictive analysis via AI offers key insights that might not come through with traditional strategizing. Things like data-centric algorithms take a company’s data and show what is likely to happen in the next month, quarter, and even year.
Is this some fortune-telling device you should live and die by? Of course not, and it’s certainly not a recycling of traditional corporate decision-making either. Think of the introduction to AI into your top boardrooms as a shift rather than a switch. By utilizing AI to monitor past trends, current performance, and future outlooks, you have a proprietary advantage over competition that simply seeks to keep doing things the old-fashioned way.
How Do Business Minds Adapt to AI?
The business world that corporate thinkers know well doesn’t always seem fit for the increasingly technological side of corporate strategy. That said, AI fits more into the corporate decision-making process than you might initially think. Two things are crucial for corporations and businesses seeking to use AI to predict future performance. Firstly, investing into this technology is crucial and will take money and time. There’s plenty of short-term solutions to AI learning for business, but the best predictive analytics come from integrated systems that become a permanent part of the corporate decision-making structure.
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When you invest in AI, everything from product and service management to customer LVM analysis becomes more streamlined. It’s worth noting too that the initial financial investment you make in AI for corporate decision-making offers big-time returns. You increase your revenue through these predictive analytics that guide decisions while also reducing costs over-time thanks to technology’s front-heavy financial burden.
When is a Good Time to Introduce AI to Corporate Strategy?
While some have hopped on the trend of AI for corporate decision-making, many are still holding off. That said, the best time to introduce AI to your business is as soon as possible. Financial limitations might not allow a board of directors to immediately say “let’s do it today,” but it should be on your radar as soon as possible.
While it’s clear that AI has an important role to play in corporate decision-making, it’s true that the shift in strategy will take more than just a financial or operational change. A mindset shift is needed to fully invest in what AI has to offer companies. When you’re ready to make the shift, it’s going to change things forever in the best way possible.
Rae is a graduate of Tufts University with a combined International Relations and Chinese degree. After spending time living and working abroad in China, she returned to NYC to pursue her career and continue curating quality content. Rae is passionate about travel, food, and writing (of course).