Agenic AI pays huge dividends for companies trying to improve decision-making
We’ve talked about some of the benefits of using AI to run a business. No wonder by the end of this year, companies around the world are expected to spend more than $244 billion on AI.
One of the biggest reasons companies use AI is to improve their decisions, which is why more people are looking for AI Solutions development companies like 8Allocate. Continue reading to learn more.
More and more companies embrace artificial intelligence to make smarter decisions
As we mentioned in our previous post, AI is changing the way companies do business. The biggest example is how to improve decision making.
Artificial intelligence has become a powerful one for companies that want to make better choices in almost every department. It can help with everything from recruitment to forecasting and even contract review. More and more businesses are not only using AI to solve numbers more easily, but also improving the way decisions are made. A recent survey found that 92% of business leaders said companies should use AI to help decision-making. Other studies have shown that it is already happening. Another survey found that 79% of businesses reported using AI to improve their decision-making process.
They not only use it, because it is faster and can help reduce costs. About 47% of companies believe that AI will make them more credible in the eyes of customers, investors and even regulators. This trust comes in part from making better decisions faster and being able to support them with clear data.
Jaideep Matto, chief data officer of CIMB Bank, shared on LinkedIn how companies like Amazon and Tesla can do this. Amazon uses AI to predict customer demand, which has changed the way its supply chain operates. Tesla’s acquisition of real-time data from its automotive sensors can not only improve the user experience, but also improve security. Such examples tend to focus on customer-facing benefits, but the AI side works behind the scenes, shaping the way internal decisions are made even before they can affect the market.
One of the best case studies is JP Morgan. The bank uses a system called coins that reviews and analyzes legal documents. Coins can handle 12,000 commercial credit agreements in seconds instead of weeks of review. This is not the goal for the future – that’s what they are doing now. It has changed the way the legal and compliance departments operate, shifting the focus from paperwork to advanced thinking. This is one of the best examples of how AI can change the financial industry.
In large companies, this shift is already good. 60% of businesses with more than 10,000 employees use AI in multiple departments. For smaller companies, the gap is closing rapidly as more tools are accessed and easy to implement.
This is from companies like 8 Allocate. Founded in 2015 and headquartered in Tallinn, Estonia, 8 Allocate is an AI Solutions development company with R&D centers throughout Central and Eastern Europe. They specialize in helping companies automate operations and apply predictive analytics to actual business problems. They have completed over 200 projects and can start a new project in just one week. Co-founder and executive partner Andrey Kalyuzhnyy brings the company’s growth to a name of trust for companies that want to build with AI but don’t have the resources or time to do it alone.
Of course, not every company is driving at the same speed. Some leaders still believe that AI is too complicated or inappropriate. But momentum obviously points in one direction. Businesses that invest in smarter decision-making tools today may lead tomorrow.
Some people say that AI makes things too automatic. Others think it’s just taking the job away. It may be correct in some cases. But in more cases, people open up time for people to focus on more meaningful work – something that the work machine can’t do.
Decisions will always involve human elements, but more and more people will be supported by tools that never fall asleep, never forget, and never stop learning.
