By : admin October 20, 2022 Uncategorized How Can AI Enhance the Boardroom Experience? Artificial Intelligence (AI) is transforming several industries by amalgamating machine learning and deep learning with human functions. According to the CIO survey done by Gartner in 2019, enterprises that use AI have experienced a spike of 270%. This figure proves just how valuable AI can be for small, medium, and big companies if used optimally. One of the recent spaces where AI is becoming increasingly useful is corporate boardrooms. Various corporations are racking their brains on how to best use the up-and-coming advantages of AI, and revolutionize their business strategies and functions to keep up with the demands of modern customers. If AI and the subsets of technology such as machine learning and deep learning are utilized properly, both the decision-making processes of the companies and the corporate governance could experience a boost. This article covers everything that AI can do for boardroom executives to make effective decisions and run things more seamless, and effective. Advantages of Using AI In Corporate Boardrooms AI can do what humans cannot. To begin with, AI doesn’t identify cognitive biases that humans become victims of. Such biases can dent the functioning of the companies in more ways than one. While AI can come with its own set of limitations in terms of biases, such as prejudice against women in its hiring algorithm, it can prove to be beneficial in a lot of ways too and could become formidable once the innate biases of the technology are resolved. Here are a few ways AI can assist boardroom executives in business processes and more. Decision-making: One of the chief advantages of AI is that it can help the executives make decisions for the company through its vital insight which is grounded on concrete data. AI has a mind of its own, which remains largely uninfluenced by the mindset, views, ideas, and emotions of human beings. This way, AI challenges the prevalent practice of ‘groupthink’ in big corporations. Groupthink refers to how certain decisions are made as a group within the board. By the virtue of this practice, individual insight can take a hit if one of the executives doesn’t want to stand out with their disagreement with the otherwise consensus, leading to poor quality of decision-making. In this regard, AI can be considered to be an independent judge, which is 100% free from human influence and as Elisabeth Noelle-Neumann theorized, the lethal spiral of silence. This advantage would also empower all the members of the board to voice their dissent and have a healthy discussion about crucial decisions of the company. Here is a rundown of all the ways that AI can boost decision making in companies and boardrooms: Forecasting trends and events based on machine learning and a pool of big data Using statistical data and past experience to quantify and qualify risks and uncertainties Analyzing and predicting the behavior of both customers and competitors and using the insight for policy-making within the firm Examining business proposals and gauging the efficiency of execution of the same Recommending plans of action that take into account what humans couldn’t due to oversight. Selection of board: Another way that the AI could prove to be invaluable to a company is by selecting the board members. The AI logs the qualifications, experiences, and other bits of important intel about the directors. It can then funnel and process the raw data to determine the future performance and untapped potential of the directors, and see whether their skillset and vision align with the objectives of the company. The AI would also take legal considerations and company policy into account while selecting the board members. With machine learning pulling the strings in the background, human labor is reduced significantly and there is little to no room left for human error. It can determine whether an individual is compliant with the company by considering past trends and foreseeing future trends to make vital decisions in the present. Forecasting: Big and small corporations rely heavily on future trends to formulate policies and plans for the next 3 to 5 years. Therefore, forecasting trends and other essentials have financial significance, and can directly impact the success and revenue of the company. As of now, this is being done by foot soldiers in the firm. With humans at work, there is plenty of room for error and often even the slightest erroneous judgment could cost the company. Moreover, the director with the erroneous judgment could also be held liable under specific corporate laws or could be sued for breaching the director’s duties. With AI in the game, there would be little to no room for error, thanks to automatic operations. Additionally, if AI is being used to forecast trends for new products and services, then in case of errors, the directors won’t be charged for breaching their duty or be held legally accountable for their oversight. Delegation: Decision-making is one of the key responsibilities of the board of directors. Consequently, once the executives feel satisfied with the input of AI, the task of decision-making could be delegated to the technology. If the delegation is done within the purview of the law, and specific legal statutes, then there would be no issue with AI taking key decisions in the firm, to avoid, as we mentioned before, the phenomenon of group think, and this would also allow the directors to focus on other matters of the governance. In certain circumstances, the term delegation could be replaced with “assistance”, since AI is not technically a board member, nor is it an employee of the firm, but a facilitator for the executives. In this context, the decisions are being taken by the executives, while the AI is simply facilitating the company in the endeavor, and helping the members to arrive at a consensus agreeable to all. ANAI – A Platform that eases AI implementation ANAI is the one-stop solution to all the AI/ML needs. We can help boardroom executives and various sets of individuals across the whole entrepreneurial industry to automate their operations and functions using AI and can take your business to new levels of success quickly without needing any code or expertise within AI & ML. The demands of the customers are ever-changing, but so are our solutions! If you want to adopt AI to revolutionize your ways of running your company and taking decisions behind closed doors, ANAI can kickstart the revolution by providing automation solutions. The best part is that you can get business acceleration services through AI from just one platform. By partnering with us, you would get all the tools you need to make AI a part of the boardroom, be it as a member, or an assistant to be the key decision-makers of your corporation. If you want to learn the usage of AI, and how it can make your life easier, schedule a consultation with us now to get started. Explainable AI Process, Model for Explainable AI, Model Explainability, explainable AI principles If you are interested in getting a demo to see if ANAI fits with your existing workflow, contact us at email@example.com or visit www.anai.io.