Growing investments in Artificial Intelligence (AI) technology have transformed many areas in the business world, especially among high-tech and financial organisations. External spending on AI-related projects went up to $12 billion in 2016.
Companies looking into AI may focus on the potential for automating low-skill tasks, but they are overlooking a major opportunity. Artificial Intelligence can also play a significant role in corporate governance. AI can help streamline decision-making processes, transform big decisions from gut feelings to data-driven knowledge, and better predict the future outcome of such decisions. As such, AI can improve an organisation’s leadership.
Streamlining Corporate Governance
One of the most daunting tasks of any board member is determining which executives to trust. Who has the data to back up their claims, and who is simply giving the board the runaround?
Companies like Salesforce have already started implementing AI tech into their boardroom to help settle disputes. CEO Marc Benioff has “hired” an AI “assistant” called Einstein.
According to “Business Insider,” Einstein accompanies Benioff to all of his meetings. After everyone has spoken, Benioff can turn to Einstein and ask the AI what executives “need attention” and which ones are giving him inaccurate information.
The data gained from AI technology works well as a …