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

Daniel Paschek (), Caius Tudor Luminosu () and Mircea Liviu Negrut ()
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Daniel Paschek: University of Timisoara
Caius Tudor Luminosu: University of Timisoara
Mircea Liviu Negrut: Politehnica University of Timisoara

Chapter Chapter 40 in Innovation in Sustainable Management and Entrepreneurship, 2020, pp 539-551 from Springer

Abstract: 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%.

Keywords: Artificial intelligence; Big data; Decision making; Future business (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-030-44711-3_40

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DOI: 10.1007/978-3-030-44711-3_40

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