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How does AI help in decision-making?

Updated: Aug 20, 2023

How does AI help in decision-making

Is my company's decision-making process extremely complex? Do we need to analyze a large amount of data and factors? Is the human error rate high enough and our online sales are and you are always looking for ways to improve and automate this process and can’t find proper solution. Perhaps it is already worth finally believing in the possibilities and advantages of AI for optimizing decision-making processes, identifying your target customers, and offering unique, personalized recommendations.

Nowadays, companies use different AI-based solutions depending on their business needs and taking into account two factors - time and the complexity of the decision-making process:

  • Support (Decision Support Systems - DSS)– AI do some analytics, predictions and shows the results to make decisions by people based on their experience.

  • Augmentation (Augmented Decision-Making -ADM) – model analyze data, make predictions and show several options for the decisions. Stakeholders can choose one of the proposed ones. It makes the process of decision-making faster and easier.

  • Automation (Decision Automation -DA) – AI-trained models on basis of analytics and predictions give you the most optimal decision. The decision-making time is reduced, and the decisions that are made will be consistent at this level.

So, we already consider how AI-based solutions can be implemented in decision-making, and it’s time to go through some of the technology’s aspects. AI gives you the opportunity to use ready-made models (pre-trained models) such as random forest or XGBoost or train the model for decision-making according to your unique needs.

We offer solutions based on real-world experience building models for e-commerce. We use groups of models that have been trained and verified on market data and are based on the following:

  • Ensemble Learning – averages the outcomes and combines the forecasts from other algorithms to produce predictions that are more reliable and accurate;

  • Reinforcement learning is a trial-and-error method that enables the best behavior to be discovered by rewarding desired conduct and punishing undesirable behavior. It includes the usage of deep neural networks (DNN) for deep learning (DL).

All of these AI opportunities allow you to make decisions faster and easier, reduce the number of human errors and save money while increasing your income.

Let’s consider several examples of AI decision-making solutions in different areas with advantages:

  • Retail: AI-driven decision-making tools help analyze consumer behavior through personalized shopping analytics and other factors. On basis of this analytics, AI-tool can make a forecast and predict some product requirements or even make a decision for a new product.

  • Healthcare: AI helps to make diagnoses and make analyze radiology significantly time for analyzing and making the decision-making process easier and faster.

  • Restaurants: an AI tool that can predict orders and optimize menus. Make recommendations for new flavor combinations or food suggestions that suit your tastes.

  • E-commerce: AI can help with smart price prediction that allows making an optimal decision for the price while increasing income. And most important - AI solutions allow you to offer customers the goods that they were looking for and wanted.

  • Hotels: analyze and predict with AI tools the best price for rooms while increasing profitability. Our models allow you to take into account many factors to recommend rooms without tedious search and filtering.

  • Marketplaces: our solutions will allow you to find duplicate products from different suppliers, reduce the number of errors in descriptions, ensure the standardization of product sizes and parameters.

Why can our company be useful for your business?

  • We use the Win to Win principle. We are interested in your victories, because improving your results is the progress of our solutions and models.

  • We use only scalable technologies and services, which allows us to optimize solutions, cost for different businesses and their sizes.

  • The experience of practical implementation of AI for E-commerce allowed us to obtain unique ensembles of models based on real statistics of customer behavior and find hidden patterns for their classification.

  • Our solutions use an individual approach to each client based on the analysis of their psychological, behavioral and anthropometric characteristics.

  • We have optimized data preparation processes based on our own ETL pipeline, which allows you to carry out smart preprocessing, verify and upload your data for AI quickly and efficiently.

  • We research and test new technologies to build effective recommender systems and constantly improve the quality of unique offers for clients.

Are you interested in our research and solutions? Is there a need to automate and make easier your decision-making process using the technologies described above? Please contact us, we’d love to DX your business.

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