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Data—The Important Prerequisite for AI Decision-Making for Business

In: Innovation in Sustainable Management and Entrepreneurship

Author

Listed:
  • Daniel Paschek

    (University of Timisoara)

  • Caius Tudor Luminosu

    (University of Timisoara)

  • Mircea Liviu Negrut

    (Politehnica University of Timisoara)

Abstract

Today’s companies have to be agile and up-to-date to execute their business in the best way. Within the fourth industrial revolution, pursuing digitalization and on the verge of a leap to Industry 5.0 companies and systems all over the world generate a mass of data. These data have to be collected, analyzed, interpreted, and information derived to take the best business decisions to gain the optimized strategy direction. Due to the large amount of data, analysis for business analysts today is only possible to a limited extent. Therefore, companies need support by Cyber-Physical Systems to group the data, enrich the information, and automate decision-making. In the following paper, the data foundation as an important prerequisite for business decision taking and Artificial Intelligence execution will be researched. Therefore, the required terms are defined and described in theory. Afterward, the data foundation for companies are analyzed by interviews with experts and business representatives as well as field studies. The first finding is that many companies analyze only a small portion of the available data, whereby important insights get lost. Furthermore, the usage of Artificial Intelligence can optimize the data analysis and decision-making by decision proposals up to 90%.

Suggested Citation

  • Daniel Paschek & Caius Tudor Luminosu & Mircea Liviu Negrut, 2020. "Data—The Important Prerequisite for AI Decision-Making for Business," Springer Proceedings in Business and Economics, in: Gabriela Prostean & Juan José Lavios Villahoz & Laura Brancu & Gyula Bakacsi (ed.), Innovation in Sustainable Management and Entrepreneurship, chapter 0, pages 539-551, Springer.
    • Handle: RePEc:spr:prbchp:978-3-030-44711-3_40
    DOI: 10.1007/978-3-030-44711-3_40
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