Artificial intelligence has supported people’s private and professional daily activities for a few years. However, it turns out that AI can also help us make decisions. Above all, this is particularly important for business, where dozens of important decisions are made daily. So how are companies using AI in this regard? Find out more by a few examples.
Until nowadays, decision-making has been based mainly on analysis and intuition. However, the explosion in the amount of heterogeneous data complicates this task. Relying on the capabilities of artificial intelligence and the computing power of the cloud, companies have much more relevant data to make more effective decisions.
Innovative storage solutions such as cloud computing combined with software using sophisticated computer algorithms enable the analysis of these large volumes of digital data. These tools are designed to detect relevant information and establish correlations between them. That is not just the domain of large organizations. Anyone can use AI to make business decisions in many industries and areas. Let’s look at examples.
Proper marketing decisions
AI simulations and modeling techniques provide reliable insights into consumer personalities. That can help businesses predict consumer behavior. In addition, the artificial intelligence system can help companies make informed marketing decisions through real-time data collection, trend analysis, and forecasting.
Get to your destination faster
Reduce travel time from one place to another. With AI, you can experiment, analyze, and optimize every step of your route. That will help you make good decisions that will get you to your destination faster and avoid inconveniences.
Secure financial decisions
Using AI solutions and machine learning, you can predict future stock market behavior and thus make more informed financial decisions. The more real-time and historical data you receive, your financial decisions can be more well-informed. After all, when it comes to money, minimizing risk is very important.
Effective recommendation systems
A recommendation system is a technology that recommends products or other items to users, e.g., in e-commerce. The AI system learns consumer preferences based on “explicit” or “implicit” feedback. This information can help an organization reduce rejection rates and create better-targeted content tailored to the customer’s needs.
The human remains the decision maker
The above examples are just a drop in AI’s ocean of possibilities in decision-making. However, it is essential to remember that at the end of every decision-making process, a human remains the final decision-maker, whether it is choosing a route, investing money, or developing a marketing campaign. Intelligent solutions are just tools to help you make the best possible decisions. However, there is no other solution that is as effective. AI enables you to be more productive and make the most of human intellect.