Saturday, July 4, 2020

C-Suite Agenda

Can Artificial Intelligence Improve The Way We Run Our Businesses?

The quick answer is yes, artificial intelligence can help us become more efficient leaders. And while a major part of the tech society is excited to see artificial intelligence come to fruition, the rest have a lot of worries about the eventual release of the technology. The worst fear among them is that artificial intelligence might become too good, to a point that it would eventually replace its human counterparts at certain jobs.

But the truth is that this fear is mostly unfounded. The fact is that artificial intelligence, while already very capable as it is, still has a very long way to go before it can truly replace humans at what we do. For the time being, it’s going to function more as a tool than the hand that wields the tools. So, in what ways can AI help us become more efficient leaders?

  1. Prognostics
    A lot of businesses depend on the data gathered and interpreted by analysts to make major decisions. Whether it’s the introduction of a new product, the implementation of a new marketing strategy, or even how their new website layout is going to perform, artificial intelligence can gather and interpret the data much quicker and more accurately than humans. It’s also for this reason that most, if not all, major businesses make use of some form of reporting software that allows them to keep an accurate record of their finances. This allows them to gauge how much they need to increase or decrease the budget for certain aspects of their operations.
  2. Multitasking
    Not all decisions are linear. Sometimes we have to make complex decisions that are based on multiple factors and we need to be able to weigh each factor carefully in order to come up with the best possible decision. Those who have tried performing an ANOVA analysis certainly know the pain. Unfortunately, that tends to put a lot of stress on us. And when you have to make decisions like this constantly, you’re bound to get burnt out easily. AI will be able to weigh all factors simultaneously and accurately in order to arrive at the best possible solution.
  3. Employee Placement
    In the same manner that you sometimes need to weigh different factors to make a complex decision, you also need to weigh an employee’s skills, history, and actual performance in order to assign that individual to a post where maximum efficiency would be achieved. There are many instances where companies place the wrong people in the wrong positions and this hurts the business greatly.
  4. Reduced Psychological Stress
    While it’s possible to become an expert at making good decisions, prolonged stress will eventually cause a person to tire and this would hinder their ability to think well. A lack of sleep will degrade a person’s focus as well as the ability to think and decide. An AI doesn’t need to completely replace decision-makers. Instead, leaders can delegate the more stressful parts of decision making to the computer while giving the final go signal at their discretion.

    Artificial intelligence should not be demonized as something that will potentially replace humans. Rather, it should be treated as a tool to help make certain tasks easier and to enable us to dedicate more of our energy to other more important aspects of leadership. It is not an end-all-be-all solution. Even artificial intelligence has limits.

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Alexandra Dimitropoulou

Alexandra Dimitropoulou

VP and News Editor
Alexandra Dimitropoulou is a VP and News Editor at CEOWORLD magazine, working to build and strengthen the brand’s popular, consumer-friendly content. In addition to running the company’s website, CEOWORLD magazine, which aims to help CEOs, CFOs, CIOs, and other C-level executives get smarter about how they earn, save and spend their money, she also sits on the Board of Directors of the Global Business Policy Institute. She can be reached on email You can follow her on Twitter at @ceoworld.