AI Decision-Making: The Good and the Bad and How to Use it to Improve Your Digital Business
What is a AI decision-making? What are its benefits and risks? And, how can it help you improve customer experiences in your digital business? In this fast-paced video, Thomas Erl (best-selling author of "A Field Guide to Digital Transformation" and many other books) uses animation and storytelling to simplify and explain how automated decision-making using AI can be utilized to improve customer-centricity within a digital business, and to also highlight some the potential dangers of misusing AI decision-making.
Every decision we make takes us in a specific direction. Every decision we make has specific consequences. Good decisions take us in the right direction and lead to lead to positive consequences. In the highly competitive world of digital business, making the right decisions is imperative to our success and making them quickly is often even imperative to our survival.
In digital business, we focus on collecting data intelligence about our own company, about business markets and competitors in those markets, and about customers, both ours and others. We, as human decision-makers, can look at data intelligence reports and make good business decisions. But, we can also bring in an AI system to do some of the decision-making for us. This may or not be a good idea, depending on a number of factors.
An AI is a type of data science system that can produce a wide range of data intelligence for us. But one thing we can also do is feed that data intelligence back into the AI system so that it’s not us using it to make decisions, it’s the AI system itself. In other words, we can delegate some decisions to the AI and the AI will then makes those decisions autonomously thereafter.
So, why would we want to do this? There are a few good reasons:
• Compared to a human, an AI system can process highly complex data intelligence and make decisions almost instantly.
• The AI is also highly reliable at making decisions accurately.
• Furthermore, the AI system can learn and improve. It can analyze the outcome of past decisions in order to improve how it carries out future decisions.
All of these things can dramatically improve our business operations, especially when interacting with customers.
But, things don’t always turn out so well. The performance of an AI system is reliant on the quality of its design and the quality of the input data we give it. A bad design or bad input will, predictably, lead to bad data intelligence and bad decisions.
A big problem with this is that it can sometimes take a company a long time to figure out that its AI is actually flawed. During that time the AI may have made many thousands of decisions. Those decisions that were not so good can cause all kinds of damage, including financial loss and loss of customers.
Artificial intelligence is an extremely powerful technology that, when used right, can truly transform a business in many positive ways. It’s important to understand it because a lot of companies are using it right now. If you decide it’s right for you, then the next step is to make sure your team has the right skills and resources to implement it the right way, and to maintain and govern it so that it continues to stay in alignment with your business as it evolves over time.
Enjoy this entertaining and informative video and let us know your thoughts in the comments. Please SUBSCRIBE and don’t forget to click the bell🔔 and Like buttons, and feel free to also share the video.
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▶️ Please subscribe: https://www.youtube.com/channel/UCMNVDTGTs8z5WoJpeEvlbXg
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▶️ Thomas Erl’s Digital Enterprise Newsletter: https://www.linkedin.com/newsletters/6909573501767028736/
▶️Thomas Erl’s Podcast Series: https://open.spotify.com/show/1YYsRLCxJQHBgOTUSMQnJ7
▶️Books by Thomas Erl: https://www.informit.com/authors/bio/f8d115ad-20cc-4d42-ad99-7e349d34f90d
-------------------
▶️Consulting: https://transformative.digital
▶️Courses: https://www.arcitura.com
-------------------
▶️Follow Thomas on LinkedIn: https://www.linkedin.com/in/thomaserl
▶️Contact Thomas: thomase@transformative.digital
#artificialintelligence #decisionmaking #digitaltechnology
#digitaltransformation #ThomasErl #businesstransformation #customercentricity #digitalbusiness #digitalization #business
What is a AI decision-making? What are its benefits and risks? And, how can it help you improve customer experiences in your digital business? In this fast-paced video, Thomas Erl (best-selling author of “A Field Guide to Digital Transformation” and many other books) uses animation and storytelling to simplify and explain how automated decision-making using AI can be utilized to improve customer-centricity within a digital business, and to also highlight some the potential dangers of misusing AI decision-making.
Every decision we make takes us in a specific direction. Every decision we make has specific consequences. Good decisions take us in the right direction and lead to lead to positive consequences. In the highly competitive world of digital business, making the right decisions is imperative to our success and making them quickly is often even imperative to our survival.
In digital business, we focus on collecting data intelligence about our own company, about business markets and competitors in those markets, and about customers, both ours and others. We, as human decision-makers, can look at data intelligence reports and make good business decisions. But, we can also bring in an AI system to do some of the decision-making for us. This may or not be a good idea, depending on a number of factors.
An AI is a type of data science system that can produce a wide range of data intelligence for us. But one thing we can also do is feed that data intelligence back into the AI system so that it’s not us using it to make decisions, it’s the AI system itself. In other words, we can delegate some decisions to the AI and the AI will then makes those decisions autonomously thereafter.
So, why would we want to do this? There are a few good reasons:
• Compared to a human, an AI system can process highly complex data intelligence and make decisions almost instantly.
• The AI is also highly reliable at making decisions accurately.
• Furthermore, the AI system can learn and improve. It can analyze the outcome of past decisions in order to improve how it carries out future decisions.
All of these things can dramatically improve our business operations, especially when interacting with customers.
But, things don’t always turn out so well. The performance of an AI system is reliant on the quality of its design and the quality of the input data we give it. A bad design or bad input will, predictably, lead to bad data intelligence and bad decisions.
A big problem with this is that it can sometimes take a company a long time to figure out that its AI is actually flawed. During that time the AI may have made many thousands of decisions. Those decisions that were not so good can cause all kinds of damage, including financial loss and loss of customers.
Artificial intelligence is an extremely powerful technology that, when used right, can truly transform a business in many positive ways. It’s important to understand it because a lot of companies are using it right now. If you decide it’s right for you, then the next step is to make sure your team has the right skills and resources to implement it the right way, and to maintain and govern it so that it continues to stay in alignment with your business as it evolves over time.
Enjoy this entertaining and informative video and let us know your thoughts in the comments. Please SUBSCRIBE and don’t forget to click the bell🔔 and Like buttons, and feel free to also share the video.
——————-
▶️ Please subscribe: https://www.youtube.com/channel/UCMNVDTGTs8z5WoJpeEvlbXg
——————-
▶️ Thomas Erl’s Digital Enterprise Newsletter: https://www.linkedin.com/newsletters/6909573501767028736/
▶️Thomas Erl’s Podcast Series: https://open.spotify.com/show/1YYsRLCxJQHBgOTUSMQnJ7
▶️Books by Thomas Erl: https://www.informit.com/authors/bio/f8d115ad-20cc-4d42-ad99-7e349d34f90d
——————-
▶️Consulting: https://transformative.digital
▶️Courses: https://www.arcitura.com
——————-
▶️Follow Thomas on LinkedIn: https://www.linkedin.com/in/thomaserl
▶️Contact Thomas: thomase@transformative.digital
#artificialintelligence #decisionmaking #digitaltechnology
#digitaltransformation #ThomasErl #businesstransformation #customercentricity #digitalbusiness #digitalization #business
