Using Artificial Intelligence To Improve Business Decisions
Artificial intelligence (AI) is to business what telescopes are to star gazing—an incredible technological boost that magnifies, clarifies and illuminates business decisions. AI-enabled technology drives everything from algorithms that filter spam emails to complex systems that can drive cars without human intervention.
Advances in AI over the past decade have been nothing short of astounding. Thanks to advances in computing power and the ever-increasing data available to train models, growth in AI and machine learning (ML) has been exponential. Machines can now teach themselves to play and beat the best players in the world in skilled games like chess, Go and countless other digital strategy games. And of greater consequence, machines have even proven better than humans at detecting early-stage lung cancer.
As these tools become ever more ubiquitous, there are fewer and fewer areas where their impact has not been felt. Business is certainly no exception. An increasing number of managerial tasks can now be handled or assisted by AI-based solutions. It is incumbent on managers to evaluate and understand this new technology and how it could be incorporated across their organizations.
The business world has become increasingly digital. This has allowed for the collection of greater amounts of data than ever before. This data is the fuel that powers ML and enables companies of all sizes to lean more and more on data-driven decision-making processes. In the best run businesses, managers have found ways to collaborate with their robot counterparts to drive the greatest results.