Harnessing Artificial Intelligence for Smarter Decisions: Shapping the Future of Contemporary Management for Modern Busines
DOI:
https://doi.org/10.70301/CONF.SBS-JABR.2024.1/1.2Keywords:
Artificial Intelligence (AI), Decision-Making, Contemporary Management, Globalization, Digitization, Technologies, Societal Changes, Skills, Strategy and Innovation.Abstract
This study examines the principal factors influencing organizational management utilizing Artificial Intelligence (AI) in the modern era. The primary emphasis is on the issues and developments impacting contemporary organizations worldwide after the emergence of AI. Initially, the critical elements that influence internal and external management were explored while assessing the ramifications of these factors on management. Then, the impact of numerous factors on organizational management strategies was thoroughly studied alongside adequate contemporary AI models that conceptualized these tactics and led to a competitive advantage stage. Although AI has tremendous advantages for contemporary business and management, it also has disadvantages. The human-feeling process is a fundamental practical sense that AI is limited. Recent studies demonstrated that the AI era lacks human-like creativity and empathy, a proven fact of human brains’ vitality in making intelligent decisions. Therefore, organizations’ members can be complemented by AI for better, more intelligent decision-making that will elevate the related businesses. Conversely, AI can result in ethical concerns about bias and privacy. This issue will prevent modern organizations from considering corrective actions since their decisions might not lead to the anticipated business outcomes, including but not limited to the set Key Performance Indicators (KPIs). Another side-effect of AI is the inadequate data for making the required decision without contemplating empathy. Thus, the AI shall be tackled from 360 degrees to ensure that the AI-driven decision-making system will optimize human interference while minimizing the probable impacts of the related risks, biases, and hallucination. The paper employs genuine case studies and empirical research findings to critically and analytically examine the management concerns presented by applying AI-driven decision-making practice. By harnessing AI for smarter decisions, a practical case study about the Electrical Submersible Pump (ESP) and its related technologies to extract crude oil will be demonstrated using the components and elements of the Contemporary Management Module in the AI age for a smarter-driven decision-making process. This methodology will boost modern organizations’ performances while fostering the employees’ recitals, yielding a successful business journey and evident productivity.
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