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For many years, AI-powered technology was utilised by only a handful of industries that revolved around innovation. Today, AI is being used more ubiquitously across all different sectors and job types, with improved accessibility giving more professionals the opportunity to leverage its many useful applications.
While these tools can’t yet think for themselves, they do have a pivotal role in optimising decision-making processes, to help bring about more effective outcomes for businesses in all corners of the corporate landscape. When used in the right way, AI can support organisations in navigating complex challenges to help them achieve more sustainable growth. In this post, we explore three decision-making processes that could benefit from AI integration.
1. Financial risk management
Every business needs to implement effective financial management – it’s one of the cornerstones for growth. When it comes to decision-making in this department, businesses are tasked with making quick and accurate calls that not only help to establish them in the market, but help them to outgrow their competitors.
AI can assist in this area by analysing huge amounts of data to identify any potential risks and opportunities in relation to company finances. By making use of machine learning algorithms, these tools can look into the past to pull out important information that could be used to predict future market trends and outcomes. Through leveraging AI, this task can be performed more quickly and to a higher degree of accuracy, while also freeing up the time of human resources.
2. Cybersecurity
Establishing an effective cybersecurity framework is an essential task for modern businesses. As criminals develop more sophisticated methods to access confidential data, organisations must strive to stay ahead of the curve and constantly update cyber defences to keep themselves and their customers safe.
With so many options available and factors to consider, deciding on a cybersecurity framework that perfectly aligns with your needs can be challenging. Fortunately, AI is simplifying the process. Incorporating AI tools into your cybersecurity means you can benefit from insights that might otherwise have been overlooked. Various different types of AI can be used in this area, from natural language processing that can provide automated responses to machine learning algorithms that detect and report threats before they become genuine issues.
3. Supply chain optimisation
Supply chain management centres around an intricate web of decisions that can be streamlined with AI. When used effectively, AI has the potential to boost the efficiency and reliability of supply chains, providing benefits to stakeholders at every stage of the process. One of the most prevalent uses of AI in this department is predicting consumer demand.
Taking seasonality and other factors into account, AI-powered tools can analyse patterns in customer demand to more accurately predict optimal stock levels. This forward-thinking approach gives businesses the opportunity to be more proactive when it comes to inventory management, to keep things running smoothly and ultimately boost their bottom line. This approach can also reduce waste, helping companies to improve their eco credentials. Global conglomerates are already utilising the technology in their supply chains, but any business, large or small, can benefit from AI-backed supply chain management.
Author bio: Trevor Johnson
Trevor is a UK-based business consultant who specialises in the implementation of AI. He strongly believes in the power of education when it comes to AI’s use, and regularly delivers workshops on the technology’s role in the corporate world.
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