Artificial Intelligence (AI) and Strategic Planning

Abstract

AI is constantly evolving, becoming useful across various industries. The fields that use AI are numerous. Artificial intelligence is also widely used in the financial sector, specifically to detect banking and financial activities such as unusual credit card use and large account deposits – all of which helps bank employees fight fraud.

Most industries are successfully using intelligent techniques to automate individual processes, which leads to the not-so-unfounded assumption that humans as a workforce will no longer be needed.

Technological progress is reshaping the future of industries. The rapidly changing technological environment creates different opportunities and threats for businesses, requiring them to respond with different, modern strategies. This, in turn, creates the need to use artificial intelligence (AI) as a technological advancement. The integration of AI in the management and decision-making processes of organizations enables the governing body to collect and analyze large amounts of data and make important decisions based on them.

As is known, strategic planning is the process of SWOT analysis and identifying ways to respond to it in order to set long-term goals. It enables businesses to take advantage of opportunities and overcome challenges in a rapidly changing environment to expand market share or ensure sustainable development. Experience shows that businesses often differ from each other; even among the best of them, weaknesses are often revealed in strategic planning processes. In particular, in the process of making strategic decisions, the discussion is often based only on the intuition and experience of high-level managers, the dynamic changes taking place in the environment and the rational factors in it are not taken into account. The planning process does not use sufficient, accurate and impartial data, which is crucial to achieving high results.