AI in business decision making

Understanding the Risks and Potential Mitigations for AI-driven Decision-Making

Feb 20, 2023

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With the recent arms race of AI (artificial intelligence) integrated systems, including chatbots and decision-making systems, let’s dive into how and why businesses might want to use AI systems. AI can bring advantages and disadvantages to business decision-making.

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electronic wire lot — Photo by Massimo Botturi on Unsplash

Pros:

Improved efficiency: AI algorithms can analyze large amounts of data and make predictions or recommendations faster than humans. AI can help businesses make decisions more quickly and efficiently.
Better accuracy: AI algorithms can be trained on vast amounts of data and identify patterns and relationships to make more accurate predictions or recommendations.
Cost savings: By automating specific tasks, AI can help businesses save time and money.
Increased competitiveness: By using AI to support decision-making…

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