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AI in Decision Making: Transforming Business Strategies

Author

Listed:
  • Simon Kaggwa

    (Department of Finance, Hult International Business School, Boston, USA)

  • Tobechukwu Francisa Eleogu

    (Total Energies Marketing Nigeria PLC, Nigeria)

  • Franciscamary Okonkwo

    (Onesubsea (a SLB CCompany), Nigeria)

  • Oluwatoyin Ajoke Farayola

    (Financial Technology and Analytics Department, Naveen Jindal School of Management, Dallas, Texas, USA)

  • Prisca Ugomma Uwaoma
  • Abiodun Akinoso

    (Sheffield Hallam University, United Kingdom)

Abstract

This paper delves into the transformative impact of Artificial Intelligence (AI) on strategic business decision-making, offering a nuanced perspective on how AI is reshaping the corporate world. The primary purpose of this study is to explore the emergence and evolution of AI within the realm of business strategy, examining its role in disrupting traditional decision models and enhancing business agility. This study systematically analyzes academic and industry sources through a meticulous literature review, providing a comprehensive understanding of AI’s multifaceted role in business. The methodology adopted is a systematic literature review, which serves as a robust framework for evaluating source credibility and synthesizing insights. This approach enables a thorough examination of AI’s integration into business management, its influence on corporate performance metrics, and its potential in fostering inclusive business practices. The study also addresses the unique challenges and opportunities presented by AI in the business context. Key findings reveal that AI is not merely a technological tool but a strategic asset that significantly redefines business decision-making. The integration of AI into business strategies demonstrates substantial potential in enhancing corporate performance and promoting sustainable business practices. The study concludes that AI is a cornerstone in business evolution, offering unparalleled opportunities for innovation and efficiency. Recommendations advocate for a balanced approach to AI integration, emphasizing the need for businesses to align AI with their core values and strategic objectives. As AI continues to evolve, its role in business decision-making is expected to shape the corporate landscape significantly.

Suggested Citation

  • Simon Kaggwa & Tobechukwu Francisa Eleogu & Franciscamary Okonkwo & Oluwatoyin Ajoke Farayola & Prisca Ugomma Uwaoma & Abiodun Akinoso, 2024. "AI in Decision Making: Transforming Business Strategies," International Journal of Research and Scientific Innovation, International Journal of Research and Scientific Innovation (IJRSI), vol. 10(12), pages 423-444, January.
    • Handle: RePEc:bjc:journl:v:10:y:2024:i:12:p:423-444
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    References listed on IDEAS

    as
    1. Robert Dobre & Daniel Bulin & Maria-Cristina Iorgulescu & Iulia Monica Oehler-Sincai & Olimpia State, 2020. "Artificial Intelligence Sector: The Next Technology Bubble? A Comparative Analysis with Dotcom Based on Stock Market Data," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 22(76), pages 24-37, June.
    2. Agne Paulauskaite-Taraseviciene & Ingrida Lagzdinyte-Budnike & Lina Gaiziuniene & Vilma Sukacke & Laura Daniuseviciute-Brazaite, 2022. "Assessing Education for Sustainable Development in Engineering Study Programs: A Case of AI Ecosystem Creation," Sustainability, MDPI, vol. 14(3), pages 1-22, February.
    3. Felipe Arenas-Torres & Miguel Bustamante-Ubilla & Roberto Campos-Troncoso, 2021. "The Incidence of Social Responsibility in the Adoption of Business Practices," Sustainability, MDPI, vol. 13(5), pages 1-14, March.
    4. Fotis Kitsios & Maria Kamariotou, 2021. "Artificial Intelligence and Business Strategy towards Digital Transformation: A Research Agenda," Sustainability, MDPI, vol. 13(4), pages 1-14, February.
    5. Amine Belhadi & Sachin Kamble & Samuel Fosso Wamba & Maciel M. Queiroz, 2022. "Building supply-chain resilience: an artificial intelligence-based technique and decision-making framework," International Journal of Production Research, Taylor & Francis Journals, vol. 60(14), pages 4487-4507, July.
    6. Navaneetha Krishnan Rajagopal & Naila Iqbal Qureshi & S. Durga & Edwin Hernan Ramirez Asis & Rosario Mercedes Huerta Soto & Shashi Kant Gupta & S. Deepak & Muhammad Ahmad, 2022. "Future of Business Culture: An Artificial Intelligence-Driven Digital Framework for Organization Decision-Making Process," Complexity, Hindawi, vol. 2022, pages 1-14, July.
    7. Carmen Isensee & Kai-Michael Griese & Frank Teuteberg, 2021. "Sustainable artificial intelligence: A corporate culture perspective [Sustainable artificial intelligence: Eine unternehmenskulturelle Perspektive]," Sustainability Nexus Forum, Springer, vol. 29(3), pages 217-230, December.
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    Cited by:

    1. Pascal Muam Mah, 2024. "National AI Strategies," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 1196-1215.

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