AI in Decision Making: Transforming Business Strategies

Simon Kaggwa, Tobechukwu Francisa Eleogu, Franciscamary Okonkwo, Oluwatoyin Ajoke Farayola, Prisca Ugomma Uwaoma and Abiodun Akinoso
Additional contact information
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
Abiodun Akinoso: Sheffield Hallam University, United Kingdom

International Journal of Research and Scientific Innovation, 2024, vol. 10, issue 12, 423-444

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.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:bjc:journl:v:10:y:2024:i:12:p:423-444

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