Right and Fast business decision-making with AI-led transformation

On May 11, 1997, an IBM computer called IBM ^® Deep Blue ^® beat the world chess champion after a six-game match: two wins for IBM, one for the champion and three draws. The match lasted several days and received massive media coverage around the world. It was the classic plot line of man vs. machine.

The history of AI making decisions started in 1997 with IBM Deep Blue, the victory had not 100% convinced the world because there was a difference of only 01 win in the six-game match. However, in 2011, IBM Watson had the final reply by winning the Jeopardy game (question-answer-based television game) with a signification victory.

People says that they are just "games" so of course AI can do better than human. How does AI impact decision-making? The short answer is that AI can impact decision-making profoundly, even when used in small, subtle ways. It has numerous applications, and while the technology presents challenges, many organizations have already achieved great success using it.

Benefits of AI for business decision-making

The incorporation of artificial intelligence into the business decision-making process brings with it a number of significant benefits:

1) Speed and efficiency: Artificial intelligence (AI) systems can process and analyze massive amounts of data in real-time, accelerating the decision-making process. As a result, companies can react quickly to changing market conditions and make faster decisions.

2) Identification of complex patterns: AI has the ability to uncover hidden patterns in data that might go unnoticed by humans. By identifying complex relationships and trends, it is possible to extract valuable information for the business.

3) Greater accuracy and objectivity: Its ability to analyze data in an unbiased and unbiased manner contributes to more objective and fact-based decision-making. By eliminating the influence of human biases and emotions, AI helps minimize errors and increases accuracy in decision-making.

The most suitable workflow for business decisions

The additional information available to humans in the form of strategy, values, and market conditions can merit a departure from the objective rationality of AI. In such cases, AI can be used to generate possibilities from which humans can pick the best alternative given the additional information they have access to. The order of execution for such workflows is case-specific. Sometimes AI is the first to reduce the workload on humans. In other cases, human judgment can be used as input to AI processing. In other cases still, there may be iteration between AI and human processing.

The key is that humans are not interfacing directly with data but rather with the possibilities produced by AI’s processing of the data. Values, strategy, and culture are our way of reconciling our decisions with objective rationality. This is best done explicitly and fully informed. By leveraging both AI and humans we can make better decisions than using either one alone.

Which are the "Right decisions" AI can support?

Banking, fintech, insurtech, e-commerce, edtech, healthcare are the fastest players adopting AI. With large product/service categories, product/service volume, customers, and transactions, ... it was very hard to just make decisions based on statistical reports. Nowadays, AI is the best choice for the summary of all data and comes with possible Right decisions such as:

• Sale forecasting: which products/services will have the most demand in upcoming months, in which locations, for which customer segments, ...
• Sale strategizing: based on big transaction history and customer behaviors, AI can support some strategies to increase sales such as combo-packages (grouping products as a combo to up-sale), and tailoring products/services for each customer segment.
• Risk warning: highlight the abnormal statistical data, warning, zoom in on the detail problem, and suggest a solution
• .... and more.

Which are "Fast decisions" AI can support?

Besides strong analyst and synthetic capabilities, AI is also good at automating and fastening decisions to support the need to adapt business on a nearly real-time basis which is mostly impossible by humans. With the dynamic of the market, making the right decision is not enough, the quick adaptation of business strategy is also important to make a sustainable business.

Some examples of Fast decisions empowered by AI we can easy to identify such as:

• Pricing strategizing: Making a dynamic price strategy based on multiple criteria is the best approach to adapting business. Price can be referred from other competitors, market trends, customer needs,...
• Investment Optimizing: based on financing data on historical business investments, and market trends, ... AI can provide fast investment suggestions with confident scores. For example, suggest buy/sell action on each stock, crypto, real estate, ...
• Content orientating: tailoring the content, advertisement, discount, coupon, product, and services based on historical and real-time interaction of customers.

AI-led transformation in Investidea

Having a deep understanding of how AI can support business decision-making in various business domains, we are ready to support each individual business to discover the power of AI in their business's decision-making by following basic steps:

• Step 1: Brainstorm and identify the crucial decision-making of your business
• Step 2: Analyst and assess related data, and statistic reports (if having)
• Step 3: Suggest and decide on machine learning models proving possible suggestions/actions
• Step 4: Operating business and adjustment, improvement

Business decision-making is still a challenging mission for all businesses operating, but the sooner we can start building our own business decision-making workflow, the better chance we can make the Right and Fast decisions, and of course, the more sustainable your business will reach. We are open to being your partner in this challenging but amazing journey.

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