Most business leaders, whether they realize it or not, are already benefiting from the AI revolution. They may be using Gmail's "Smart Compose" or "Smart Reply" feature to streamline the email process, growing their professional network via LinkedIn where - according to the company - "AI powers everything," or using Google Maps to find the fastest route to the airport.
However, there's more that AI can do for business leaders. Much more. As AI matures, it develops the potential to assist business leaders in the complicated decisions they must make to drive profitability at their companies.
AI as a trusted business advisor
Today's leaders are buried in data, and concealed in that data are insights needed to take businesses to the next level. Discovering those insights becomes easier with the help of AI.
"As a trusted advisor, AI would be able to analyze large amounts of data across the entire business and provide insights and forecasts based on patterns, then suggest the next best action," explains Ed Watal, founder of Intellibus.
Intellibus is an AI and IT strategy consulting firm that has been helping fintech companies and banks worldwide for over a decade. It also recently created an AI Master Class in conjunction with the NYU School of Professional Studies. Board members and C-level executives leverage the company's expertise in AI, architecture, non-functional design, reference data, and platform engineering to innovate and improve business outcomes.
"Your AI-driven advisor would provide a quick business snapshot every morning alongside the leader's cup of coffee that outlines risks, opportunities, and next actions to take," Watal says. "By leveraging generative AI, the advisor would also be able to provide answers to questions on data anomalies and explain the rationale behind its predictions."
Empowering enhanced decision-making is already seen as one of the primary ways that AI can improve business outcomes. An AI advisor could help leaders move past their instincts and make informed, data-driven decisions.
AI as a risk detector
AI can also serve as the always-on eyes and ears for the business leader, detecting risks and providing alerts in real time.
"AI's can detect internal risks, such as operational or cybersecurity risks, as well as external risks like reputational, financial, and market risks," Watal says. "It can immediately alert leaders when severe risks materialize, such as a ransomware attack or production line stoppage, and provide a snapshot of the overall risk assessment for each day, suggesting actions that could be taken to mitigate risk."
A recent study shows using AI to detect and address cybersecurity risk has accelerated data breach identification and containment by over 100 days on average. The streamlined response time saved the businesses involved in the breaches nearly $1.8 million.
AI as a resource optimizer
Dynamic resource allocation can dramatically boost business efficiency by ensuring operations are always optimized. However, identifying and responding to changing resource needs is a labor-intensive process many business leaders struggle to manage.
"Combining AI with IoT tools allows it to gather and analyze data in a way that supports dynamic resource allocation," Watal explains. "Once real-time data on resource activity and idle states is collected, AI can ensure resources are being allocated optimally. Employee feedback can be added to data to further refine optimization strategies. Such systems could be used to increase efficiency across all functions, including sourcing, supply chain, production, operations, delivery, marketing, and sales."
Pursuing a healthy human-AI balance
Even those who are excited about the potential of AI acknowledge there are risks associated with its use. The difference between thriving and surviving in the age of AI has much to do with finding a healthy balance between artificial and human intelligence.
"The right balance involves limiting the use of AI to things it does well," Watal notes. "Knowing when to use AI and when to shift to human abilities will be the key to success for any leader in this age."
In general, Watal sees AI's strengths as handling vast amounts of data, performing advanced mathematical calculations, and making predictions and suggestions. Humans, on the other hand, do a better job at understanding the context and implications of a decision, making intuitive decisions, and delivering messages with a personal touch.
The medical field is one area where the balance between AI and human performance is being tested by business leaders. While experts believe AI can make healthcare more accurate, accessible, and sustainable, doctors and other healthcare leaders remain hesitant to integrate AI with healthcare processes in significant ways. A recent survey shows only 26 percent of doctors believe AI can be trusted.
"For AI to bring improvements to the healthcare sector, we need to dilute - if not completely erase - the rampant skepticism that plagues doctors today," says Rohan Kalahasty, co-founder of Vytal.ai. "Otherwise, we will eventually reach a point where further AI advancement in medicine isn't possible."
Vytal.ai develops AI-empowered technology that can identify ocular biomarkers signaling the threat of Alzheimer's and other forms of neurodegenerative diseases. It makes its technology easily accessible by leveraging laptops and smartphones to perform rapid eye tracking and biometric calculations from any location in mere minutes.
"Leaders who are concerned about giving too much power to AI can still benefit from its amazing potential," says Sai Mattapalli, who co-founded Vytal.ai with Kalahasty. "It can be used to identify critical data points instead of making diagnoses, thereby enhancing the doctor's authority and not challenging it."
Top business leaders are always looking for a competitive edge, and AI provides it by empowering more right decisions, early threat detection, and insights on the best way to allocate resources. The key for today's business leaders is finding the balance that allows AI to support, rather than negate, the power of human intelligence.
* This is a contributed article and this content does not necessarily represent the views of techtimes.com
