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Leveraging Big Data and AI for Enhanced Business Decision-Making: Strategies, Challenges, and Future Directions
- 1 The University of Manchester
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Abstract
Big data and artificial intelligence (AI) are the buzzwords of the moment in business decision-making. In this paper, I will show how predictive analytics, real-time data processing and natural language processing (NLP) are key strategies that allow businesses to optimise their operations and customer interaction. Moreover, through this paper I will present some of the challenges involved in the adoption of AI, such as the ethical and legal questions about data privacy, as well as the real problem of integrating AI systems within legacy business models. Furthermore, future trends in AI will be presented, such as the advances in quantum computing and the rise of so-called autonomous AI systems, that will define the future of decision-making in logistics, finance and a variety of other sectors. Overall, by addressing both the strategic advantages and the pitfalls involved in the adoption of AI based on some real business cases, this paper will provide a complete picture of what AI and big data can bring to decision-making as a tool for business success. This topic is of paramount importance as these technologies have not only brought a new wave of innovation but are also increasing the importance of human oversight of AI systems.
Keywords
big data, artificial intelligence, predictive analytics, real-time data processing, natural language processing
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Cite this article
Tang,N. (2024). Leveraging Big Data and AI for Enhanced Business Decision-Making: Strategies, Challenges, and Future Directions. Journal of Applied Economics and Policy Studies,11,25-29.
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Journal：Journal of Applied Economics and Policy Studies
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