In today’s data-driven business world, companies increasingly turn to artificial intelligence (AI) to make better and faster decisions. By analyzing vast amounts of data and identifying patterns and trends, AI can provide valuable insights to help companies optimize their operations, increase efficiency, and gain a competitive edge.
However, while AI has the potential to revolutionize the way businesses operate, it is important to recognize that the quality of the data used to train and develop AI algorithms is critical to the accuracy and effectiveness of the decisions made by these systems.
Correct usage of data is essential for making sound decisions, so experts caution against relying on AI without properly verifying the information. Putting proper safeguards in place helps avoid costly errors due to biased or incorrect conclusions drawn from inadequate quality data.
An SIU professor cautions against the potential ill effects of using artificial intelligence when it comes to big decisions regarding hiring, firing, and layoffs. He stresses the importance of being cautious when utilizing this tool for such important matters.
Companies are investing in data science teams to leverage AI and gain new insights from analyzing data more deeply. Those predictive powers can help them solve existing problems by recognizing patterns and enabling predictions.
James Nelson heads up the Pontikes Center for Advanced Analytical and Artificial Intelligence and states that AI can accurately handle tedious repetitive activities. Furthermore, it can interpret vast quantities of data very quickly.
James Nelson says:
“The biggest advantage is that it can look out and they process way, way more data than humans possibly could.”
AI can be beneficial in many applications, but there is a downside that should be considered; this drawback depends on the data being handled. According to Nelson, any AI system should be used cautiously.
James Nelson went on to say:
“If you give it incomplete data, if you give it incorrect data, then the suggestions, the recommendations that it will give will be as good as the bad data that was given to it.”
Nelson believes that having a human element remains crucial when making decisions as vital; pertinent info may be passed up without having direct contact. She is adamant that a person-to-person approach has to stay an integral part of analyzing any situation.
Artificial intelligence (AI) has become an increasingly popular tool for companies to make business decisions. AI can analyze vast amounts of data and provide insights that would be impossible for humans to generate alone.
Source: wsiu.org
