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ARTIFICIAL INTELLIGENCE AND WISE DECISION MAKING IN BUSINESS: THE STRATEGIES AND PROSPECTS
ABSTRACT
This paper explores the transformative role of Artificial Intelligence (AI) in enhancing wise decision-making within the business environment, focusing on both strategic implementation and future prospects. As AI technologies evolve, they offer unprecedented capabilities in data analysis, forecasting, and automation, enabling businesses to make more informed, timely, and objective decisions. However, the integration of AI into decision-making processes also presents challenges related to ethics, data quality, transparency, and the need for human oversight. This study examine the integration of AI into business decision-making processes extends beyond operational efficiency, influencing strategic areas such as innovation management, customer engagement, supply chain optimization, and risk assessment. AI-based systems not only assist in reducing cognitive biases but also enable managers to simulate future scenarios and evaluate strategic options with greater accuracy. These capabilities empower organizations to make "wise" decisions that balance short-term performance with long-term sustainability (Jarrahi, 2021; Chatterjee et al., 2021). Such strategic foresight is crucial in an environment marked by uncertainty, disruption, and accelerated digital transformation. It was concluded that while AI enables predictive analytics, process automation, and personalized customer engagement, its long-term prospects lie in fostering adaptive strategies that balance technological capabilities with ethical considerations and human creativity. One of the recommendations is that businesses should not fully automate strategic decisions with AI. Instead, combine AI insights with human judgment to ensure contextual understanding and ethical considerations are addressed.
Keywords: Artificial Intelligence, Wise Decision, Business, Strategies and Prospects
Dr. Luke P. Henry AND AKPAN, E. Ebenezer
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