AI and Decision Management…To be or not to be???
Data today is the principal driver of all the recent technological advancements and most of the critical decision making processes in organizations. The introduction of AI into the decision management systems will help evolve predictive models for core areas like marketing.
With the increasing application of AI into business systems, it has increased the efficiency of non data processes like manufacturing and data based processes like marketing. With technology becoming all pervading and personalized and incredible amounts of data being generated every minute, organizations are enabled to make decisions in real time.
AI is increasingly reducing the human effort component and increasing effectiveness and efficiency and positively impacting profit margins. Self driving cars are embodying this philosophy where decision management system would need to be completely efficient for error free operations, effective predictive technology, reduced human effort, increased cost effectiveness and more.
All industries which are dependent on predictive decision making are increasingly becoming AI dependent. Healthcare industries are employing AI based decision making systems to for predictive diagnosis and treatments. The Retail & E-Commerce industry, Banking & Finance, Industries based on Innovation among others are extensively AI based to capture customer preferences, patterns, behavior, decisions and others.
Artificial intelligence has now penetrated deep into the design and operations of a majority of businesses and is set to increasingly influence the way organizations look at themselves and the way the customers perceive them. Decision making in the past has been usually been strategic and a management prerogative and the movement has always been top down. With technology, Data and AI impacting every aspect of business across all levels, decision making has become democratic and feedback on decisions made either by the organization or by the customer is compiled, analyzed and fed back into the system in no time at all making the business interaction meaningful and productive. ..