When the stakes are high, AI can be your secret weapon

BY JUDE MGBEJI

So, a quick gossip before going into the gist of my writing this week. 

I was reading this brilliant piece, ‘How AI Can Help Leaders Make Better Decisions Under Pressure’, and I found some interesting ideas there. The article articulates some results of recent research, including those by Oracle and Seth Stephens-Davidowitz, showing that an astounding 85% of company executives have experienced decision stress. Also, three-quarters of these leaders report that the number of everyday decisions they have to make has increased tenfold in the last three years. 

In short, more companies are utilising AI-powered solutions to handle this growing demand and guarantee the best possible decision-making results. These advanced technologies fill the knowledge gap between data and insights, providing priceless assistance in high-pressure, time-sensitive situations. Artificial Intelligence (AI) technologies, ranging from virtual assistants to sophisticated analytics platforms, enable executives to sort through large volumes of data, spot trends, and reach well-informed judgments efficiently and quickly. 

The capacity of artificial intelligence to instantly assess massive volumes of data is one of its main advantages when making decisions. Both organised and unstructured data can be processed by AI algorithms from a variety of sources, including as social media, sensor networks, external market trends, and internal databases. Even in high-pressure scenarios where time is of the essence, AI systems may furnish leaders with timely and actionable insights and predictive analytics to guide their decisions through the collection and analysis of this data. 

One can identify future trends, dangers, and opportunities with AI-powered predictive analytics by using machine learning algorithms and historical data patterns. More so, as an executive, you can accurately predict market trends, client behaviour, and business results by utilising predictive models. This insight enables leaders to stay ahead of the curve by taking initiative when faced with difficult choices, anticipating problems, and seizing new possibilities. 

A major takeaway from the article for me is that in high-pressure environments, leaders often face complex and multifaceted risks that require careful assessment and mitigation strategies. What AI technologies can do in such times is to assist leaders in identifying potential risks, evaluating their impact, and devising risk management plans in real time. Machine learning algorithms can analyse historical data, identify risk factors, and predict potential outcomes, enabling leaders to make informed decisions that minimise risks and maximise rewards even in the face of uncertainty.

Leaders can improve their decision-making processes and their cognitive capacities by using AI-powered cognitive aid systems, which offer individualised decision-support tools. These systems make use of cognitive computing, machine learning, and natural language processing (NLP) to comprehend complicated inquiries, sort through large volumes of data, and offer pertinent insights and recommendations that are suited to the particular requirements of leaders. Leaders can make decisions under pressure with clarity and confidence by using these AI-driven decision support tools, which use data-driven insights to guide decisions. 

AI-driven scenario planning and simulation tools enable leaders to model different decision outcomes, evaluate alternative strategies, and assess the potential impact of their choices in simulated environments. By running “what-if” scenarios based on historical data and predictive models, leaders can gain a deeper understanding of the potential consequences of their decisions and identify optimal courses of action. This proactive approach to decision-making allows leaders to anticipate challenges, devise contingency plans, and make better-informed decisions under pressure. 

I must emphasise at this point that, even if AI technologies can be a great help in decision-making, ethical concerns and human oversight still need to be taken into account. To prevent unforeseen effects or biases in decision-making processes, leaders must guarantee that AI systems are transparent, accountable, and in line with ethical norms. In high-stress scenarios, human judgment, intuition, and morality are still crucial, and artificial intelligence (AI) should be seen as an adjunct rather than a replacement for human decision-making. 

I think there is a lot of promise in integrating AI technologies to help make better decisions under pressure. One may access actionable insights and optimize decision-making processes even in the most difficult situations by utilising real-time data analysis, predictive analytics, risk assessment, cognitive aid, scenario planning, and simulation. You can handle high-pressure circumstances with confidence, agility, and resilience when AI technologies and human judgment are combined appropriately. This can easily lead to improved outcomes for stakeholders and businesses.

Jude Mgbeji can be reached via [email protected]