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The Rise of AI-Powered Decision Making: How Artificial Intelligence is Shaping Business Strategy
- Artificial Intelligence (AI) has provided new and useful tools in multiple industries, especially in businesses for SA-powered decision-making.
- Real-world applications of AI in business include: iGaming, Marketing, and Operations.
- The iGaming industry is revolutionised with AI-enabled software which determines new odds based on metrics set by the operator and assists in designing tailored gaming experiences for players.
- AI is used in marketing to collect data about customers, interpret customer intent and behaviour, and send tailored marketing message. It also incorporates customer relationship manager (CRM) software to keep in contact with customers.
- AI software streamlines a company's workflow, identifies possible gaps in the operations, and manages supply chain to keep shipments, warehouse inventories, and more organised.
- AI helps to improve efficiency and speed up the decision-making process up to five times by collecting insights and data about 1,000 times faster than people can. It also reduces costs as AI takes over grunt work and repetitive tasks.
- AI manages data more effectively, analyses patterns, and gains insights about a project for data-driven decision-making.
- The challenge with AI is that it can create biases or discriminate against marginalised groups in your data set without businesses realising it. It also needs human oversight as AI can only work with the provided data.
- Emerging trends and technologies of AI in businesses include purpose-focused models for AI strategies, improved digital resource areas, embedded cybersecurity powered by AI, and the increased automation of repetitive tasks.
- AI is here to stay and business owners need to consider how it can benefit their operations. It is ultimately beneficial to use; however, challenges, such as ethical concerns, biases, and the need for human oversight, should be considered.
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