Decision-making has mostly revolved around learning from mistakes and making gradual, steady improvements. For several centuries, evolutionary experience has served humans well when it comes to decision-making. So, it is safe to say that most decisions human beings make are based on trial and error. Additionally, humans rely heavily on data to make key decisions. Larger the amount of high-integrity data available, the more balanced and rational their decisions will be. However, in the age of big data analytics, businesses and governments around the world are reluctant to use basic human instinct and know-how to make major decisions. Statistically, a large percentage of companies globally use big data for the purpose. Therefore, the application of AI in decision-making is an idea that is being adopted more and more today than in the past.
However, there are several debatable aspects of using AI in decision-making. Firstly, are all the decisions made with inputs from AI algorithms correct? And does the involvement of AI in decision-making cause avoidable problems? Read on to find out:
The argument for AI in Decision-Making
Not too long ago, before the emergence of big data, humans were reliant on intuition and experience to make creative decisions regarding marketing campaigns, inventory management and financial investments. However, this reliance on instinct and simple heuristics are not ideal as human biases also creep into decisions. Additionally, intuition and experience did not translate into accuracy and optimal decisions. There are several positives of including AI in decision-making across the board, but especially in certain sectors, such as marketing, finance and logistics. Businesses may use AI in decision-making via different methods.
Continue reading: https://www.forbes.com/sites/naveenjoshi/2021/12/15/does-ai-improve-human-judgment/?sh=7d58dfeb49d1
However, there are several debatable aspects of using AI in decision-making. Firstly, are all the decisions made with inputs from AI algorithms correct? And does the involvement of AI in decision-making cause avoidable problems? Read on to find out:
The argument for AI in Decision-Making
Not too long ago, before the emergence of big data, humans were reliant on intuition and experience to make creative decisions regarding marketing campaigns, inventory management and financial investments. However, this reliance on instinct and simple heuristics are not ideal as human biases also creep into decisions. Additionally, intuition and experience did not translate into accuracy and optimal decisions. There are several positives of including AI in decision-making across the board, but especially in certain sectors, such as marketing, finance and logistics. Businesses may use AI in decision-making via different methods.
Continue reading: https://www.forbes.com/sites/naveenjoshi/2021/12/15/does-ai-improve-human-judgment/?sh=7d58dfeb49d1
