Forbes recently published an article entitled “Artificial Intelligence Can Help Leaders Drive Global Economy Forward in 2022” that describes the on-going challenges leaders face when it comes to management, strategy, operational plans, and structuring teams to not only meet the needs of everyone in the organization, but to also ensure everyone has growth potential.
Professor Vijay Pereira at the NEOMA Business School in France suggests that leaders can employ AI to face these challenges. AI can be of use in a multitude of ways; for instance sifting through large data bases to aid with talent acquisition and in efficiently optimizing organizational functions.
Although utilizing AI/ML in management has proven to bring with it setbacks when it comes to diversity, for example, it is nonetheless a useful tool to use alongside traditional management practices.
As Pereira describes, it is necessary to understand the capabilities and power of the AI you are using. In terms of how it predicts behaviour, Pereira notes:
“As people become more accustomed to the metaverse, personalized online shopping experiences, and curated targeted ads, organizations’ use of category management tools is rising. Category management can accurately predict sales based on tracked behaviour patterns fuelled by machine learning. Seemingly out of reach in recent years, because complex product assortment strategies are now easily assessed by new technology, leaders can today shrink that category relay process and more quickly act on intelligent forecasts that generate recommendations with precision and within minutes.”
This suggests that the time and resources managers can save in categorization alongside the enhanced accuracy of prediction will lead to growth in sales.
When it comes to overcoming human biases – something that should always be in the back of one’s mind when discussing AI/ML – it is crucial that data be compiled from diverse sources.
With AI/ML being present in many organizations at varying degrees over the last few years, many leaders may be in the position to absorb and utilize the power that such technology provides to propel their organization further into the global economy in 2022 and in years to come.
Read the full Forbes article by Benjamin Laker.
