Management students will soon be able to use AI for strategy planning
Artificial intelligence has made a rapid progress in the recent years.There is nothing wrong with saying that AI is the new information technology (I.T.) as AI enabled tools and machine learning have made significant changes across the industry, making us more dependent than ever. The presence of AI can be felt everywhere around us right from smart speakers and chat bots to banks who are better able to decide whom to extend a loan to.Doctors are using AI to spot melanoma and recruiters are using it to find qualified candidates.
AI has huge potential to help managers make better decisions.It will have an important role in business operations include mergers and acquisitions, strategic planning, marketing,and design. The management of students today will see many significant changes in business operations in the coming times. Lets explore some of the applications of artificial intelligence in management.
STRATEGIC PLANNING
Strategic planning involves setting priorities and strengthening operations.Since it is a human decision making, it is subject to cognitive biases that can lead sub optimal decisions. The future will see AI being used in multi-agent system, augmenting the cognition of management professionals in decision making.
AI-enabled decision making is better than human or software alone decision making. Let’s understand this with an example. IBM’s cognitive room, an immersive Watson driven exploration of IBM’s capabilities and solutions, supports decision making for mergers and acquisitions. It allows the decision makers to effectively interact with a large amount of information using data visualization , speech and gesture techniques that help to evaluate options for mergers or acquisitions.
Management students will soon be able to use AI for strategy planning
AI has been gaining significant interaction in product marketing efficiencies and outcomes.
AI can measure customer sentiments and track their buying habits. This information has been used by brands and advertisers to make e-commerce more intellectual. The future revolves around artificial intelligence. It will be used to create personalized communications to customers and other prospects and also to better understand how to match content to target users.
AI in business operation boosts the intelligence of managers. IF management students want to make themselves indispensable to their organisation, they must harness AI.
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