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Enhancing Strategic Decision Making: Assessing the Role and Impact of

Artificial Intelligence in Business Management

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Journal of Business Analytics and Data Visualization

e-ISSN: 2584-1637, Vol. 5, Issue 1 (January – June, 2024) pp: (1-8)

Enhancing Strategic Decision Making: Assessing the Role and Impact of

Artificial Intelligence in Business Management
U. Arumugam1, M. Manida2*
1
Assistant Professor, Department of Corporate Secretaryship, Alagappa University, Karaikudi, Tamil
Nadu, India
2
Assistant Professor, Department of Commerce, Manonmaniam Sundaranar University, Tirunelveli,
Tamil Nadu, India
*
Corresponding Author: [email protected]

Received Date: January 23, 2024; Published Date: March 18, 2024

Abstract
This research paper explores the pivotal role of artificial intelligence (AI) in shaping and
enhancing strategic decision-making within the realm of business management. In an era where
technological advancements redefine traditional paradigms, understanding the multifaceted
impact of AI on strategic decisions becomes imperative for organizational success. The paper
conducts a thorough literature review to establish the theoretical framework, elucidating the
relationship between AI and strategic decision-making. Methodologically, a comprehensive
analysis assesses how AI is currently employed in business management, examining its role and
impact on strategic decision processes. Through real-world examples and case studies, the study
explores successful implementations of AI in augmenting the quality and speed of strategic
decisions. The findings contribute to a nuanced understanding of the dynamic interplay between AI
technologies and strategic decision-making. The discussion section addresses challenges and
concerns associated with AI integration, providing insights into broader implications for business
strategies. In conclusion, the research emphasizes the need for businesses to embrace AI as a
transformative tool in decision-making processes and offers recommendations for strategic
adoption. This paper serves as a valuable resource for academics, practitioners, and policymakers
seeking to navigate the evolving landscape of AI-driven strategic decision-making in
contemporary business management.

Keywords- Artificial intelligence, Business environments, Business management, Strategic

decision, Technological advancements

INTRODUCTION with the adoption of AI within business

environments [1]. As AI technologies advance,
This research paper delves into the forthcoming research should concentrate on
influence of artificial intelligence (AI) on the uncovering fresh applications and potential
formulation of business strategies and decision- advancements in AI-driven strategic decision-
making procedures. AI, in this context, pertains making, as suggested by Chui et al. (2018) [2].
to the creation of computer systems capable of This entails delving into innovative AI
executing tasks traditionally requiring human techniques and tools, scrutinizing the influence
intelligence, encompassing activities like speech of AI on distinct industries or sectors, and
recognition, problem-solving, and learning. As pinpointing optimal approaches for
the rapid progression of AI technologies incorporating AI into strategic decision-making
continues, businesses are progressively processes. Moreover, research efforts should
incorporating AI into their strategic frameworks tackle the persistent ethical, regulatory, and
to secure a competitive edge. The study implementation challenges linked to AI
scrutinizes the assimilation of AI into business adoption. This will not only inform managerial
strategies and evaluates its impact on decision- practices but also contribute to the conscientious
making processes. Furthermore, it explores the use of AI in strategic decision-making, aligning
potential advantages and challenges associated with the insights [3]. Through an in-depth

1 © MAT Journals 2024. All Rights Reserved

Enhancing Strategic Decision Making U. Arumugam and M. Manida

literature review and analysis, this research enhancing operational efficiency, fostering
offers insights into the current status of AI innovation, and achieving superior strategic
implementation in the business landscape. The outcomes. However, the successful adoption of
findings suggest that AI holds the potential to AI requires addressing ethical considerations,
transform business strategies and decision- establishing trust, and investing in AI literacy
making by augmenting efficiency, effectiveness, and training. The dynamic interaction between
and fostering innovation. However, it humans and AI systems represents significant
underscores the importance of addressing potential for shaping the future of business
challenges related to ethical considerations, data strategy and decision-making. Organizations that
privacy, and the necessity for human oversight approach this landscape with thoughtfulness and
to ensure responsible and efficacious AI responsibility will be strategically positioned for
adoption. The research concludes by providing success in the digital age.
recommendations for organizations to adeptly Anupama Prasanth, et al (2023) [9],
leverage AI in their business strategies and Artificial intelligence has revolutionized the
decision-making processes [4]. A comprehensive decision-making approach of businesses.
understanding of the impact of AI on business Leveraging the analytical capabilities of AI
strategy and decision-making empowers systems to process vast amounts of data enables
organizations to harness the transformative businesses to make more informed decisions. AI
capabilities of AI and adeptly navigate the not only generates predictions but also offers
intricate and dynamic business environment. In suggestions based on comprehensive data
the ever-evolving landscape of business analysis, transforming corporate decision-
management, the infusion of artificial making. This power allows for quicker and more
intelligence (AI) has emerged as a precise insights, guiding both operational and
transformative force, reshaping traditional strategic choices. To mitigate unforeseen
paradigms and challenging conventional notions consequences and maintain consumer trust,
of strategic decision-making. The inexorable rise organizations must ensure responsible and
of AI technologies offers unprecedented transparent AI utilization. The future
opportunities for organizations to augment their undoubtedly sees AI as an integral part of
decision-making processes, fostering agility, decision-making for both businesses and
efficiency, and competitive advantage. This consumers. Technology provides numerous
research endeavours to explore the intricate options, offering a straightforward method for
relationship between AI and strategic decision- decision-making in the business realm. AI,
making, aiming to elucidate the role and assess acting as a highly intelligent tool, utilizes data
the impact of AI in the context of contemporary mining and big data to assist in decision-making.
business management. In the ever-evolving The study refutes the notion of AI replacing
landscape of strategic decision-making shaped humans, emphasizing its role as a dynamic and
by AI, managers must evolve and cultivate the valuable tool for decision support.
essential skills and competencies required to
navigate the digital age proficiently [5, 6]. This RESEARCH QUESTIONS
adaptation involves gaining a comprehensive
understanding of AI technologies and their • What is the extent of the impact of artificial
practical applications, fostering a culture within intelligence on strategic decision-making in
the organization that is prepared for AI business management?
integration, and prioritizing considerations of • How do organizations currently integrate
ethical and regulatory compliance [7]. artificial intelligence into their strategic
decision-making processes?
REVIEW OF THE STUDY • What are the specific applications of
artificial intelligence in enhancing strategic
Dr. Gonesh Chandra Saha, et al decision-making within various business
(2023) [8], the profound influence of AI sectors?
technologies on business strategy and decision- • What role do AI literacy and training play
making is evident in the transformative impact it in enhancing the capabilities of managers
has had. Organizations that adeptly harness the for the effective utilization of artificial
power of AI gain a competitive advantage, intelligence in decision-making?

2 © MAT Journals 2024. All Rights Reserved

J. Bus. Analy. Data. Vis. Vol. 5, Issue 1

• What best practices can be identified for unique resources and capabilities it possesses. In
organizations aiming to maximize the the context of AI and strategic decision-making,
benefits of artificial intelligence in strategic the firm's ability to harness and leverage AI
decision-making while mitigating potential technologies as strategic resources becomes
risks? paramount. The framework explores how AI, as
a distinctive resource, influences strategic
OBJECTIVES OF THE STUDY decision-making processes, contributing to
sustained competitive advantage.
This research aims to achieve the following
objectives: Dynamic Capabilities Theory
• To establish a theoretical framework
elucidating the relationship between AI and Dynamic Capabilities Theory
strategic decision-making. emphasizes an organization's ability to adapt and
• To assess the current role of AI in business integrate new technologies to achieve
management and its specific applications in competitive advantage. AI, with its learning and
strategic decision processes. adaptive capacities, represents a dynamic
• To analyze the impact of AI on the quality capability that can enhance an organization's
ability to sense, seize, and reconfigure resources
and speed of strategic decision-making.
in response to changing environmental
• To identify challenges and concerns conditions. The framework assesses how
associated with the integration of AI in organizations can cultivate dynamic capabilities
strategic decision contexts. through AI, influencing strategic decision-
making agility.
SCOPE OF THE STUDY
Technology-Organization-Environment (TOE)
While recognizing the vastness of the AI Framework
landscape, this study focuses specifically on its
application in business management, The TOE framework examines the
emphasizing its role in shaping strategic interplay between technological innovations,
decision-making. The scope encompasses organizational factors, and external
various industries and sectors to provide a environmental forces. In the context of AI and
holistic understanding of AI's impact on decision strategic decision-making, this framework
processes. elucidates how the adoption and integration of
AI are influenced by organizational structures,
METHODOLOGY processes, and the broader business
environment. It further explores how these
Secondary data will be gathered from a factors collectively shape the impact of AI on
variety of sources, including books, journals, strategic decisions.
magazines, and websites.
Decision Support Systems (DSS) Theory
Theoretical Framework: Elucidating the
Relationship between AI and Strategic Decision Support Systems theory
Decision-Making provides a foundation for understanding how AI
functions as a decision-support tool. This
In crafting a theoretical framework to framework explores the integration of AI into
comprehend the intricate relationship between existing decision support systems, assessing how
artificial intelligence (AI) and strategic decision- these technologies enhance the quality and speed
making, it is imperative to draw on established of strategic decision-making. The theory
theories while acknowledging the evolving acknowledges the symbiotic relationship
nature of this dynamic interaction. between AI and human decision-makers,
emphasizing a collaborative approach.
Resource-Based View (RBV)
Institutional Theory
The Resource-Based View posits that a
firm's competitive advantage stems from the It focuses on how organizations conform

3 © MAT Journals 2024. All Rights Reserved

Enhancing Strategic Decision Making U. Arumugam and M. Manida

to institutional pressures and norms. In the behaviour, and competitive landscapes.

context of AI and strategic decision-making, this
framework investigates how the adoption and Predictive Modeling for Risk Assessment
implementation of AI align with institutional
expectations. It explores the influence of AI-driven predictive modelling plays a
institutional factors on the acceptance and pivotal role in strategic decision-making by
legitimacy of AI-driven decision processes assessing and mitigating risks. Machine learning
within organizations. algorithms analyze historical data to anticipate
potential risks, enabling organizations to
Cognitive Bias and Decision-Making proactively formulate strategies that account for
uncertainties. This application is particularly
In an examination of decision-making crucial in industries where risk management is
from a cognitive bias perspective, the framework integral to strategic decision processes.
acknowledges that human decision-makers are
susceptible to biases. AI introduces an element Personalized Customer Experiences
of objectivity and data-driven analysis,
mitigating cognitive biases. This framework AI-powered tools, such as
delves into how AI serves as a corrective recommendation engines and chatbots,
mechanism, enhancing the rationality and contribute to personalized customer experiences.
objectivity of strategic decision-making. In business management, understanding
By synthesizing these theoretical customer preferences and behaviours is
perspectives, this study aims to construct a paramount for strategic decision-making. AI
comprehensive framework that captures the facilitates real-time analysis of customer
nuanced relationship between AI and strategic interactions, enabling organizations to tailor
decision-making. Through an interdisciplinary their strategies based on individual preferences
lens, the framework seeks to provide a robust and market trends.
foundation for analyzing the multifaceted impact
of AI on strategic decision processes within the Automation of Routine Decision Processes
realm of business management.
Routine and repetitive decision
Assessing the Current Role of AI in Business processes within business management can be
Management and Its Specific Applications in automated through AI, freeing up human
Strategic Decision Processes resources for more strategic endeavours. This
includes automating data entry, routine analysis,
The integration of artificial intelligence and administrative tasks, allowing decision-
(AI) into business management has ushered in a makers to focus on higher-level strategic
paradigm shift, offering unprecedented thinking and creative problem-solving.
capabilities to augment strategic decision-
making processes. This section examines the Strategic Planning and Scenario Analysis
current role of AI and delineates specific
applications within the realm of strategic AI contributes to strategic planning by
decision-making. conducting scenario analysis and simulations.
Through machine learning algorithms,
Data Analytics and Pattern Recognition organizations can model various scenarios based
on different inputs and assumptions. This aids
AI's ability to analyze vast datasets with decision-makers in evaluating the potential
speed and precision is leveraged for data-driven outcomes of strategic choices, optimizing
decision-making. In business management, AI decision paths, and preparing for diverse future
algorithms sift through complex data sets, scenarios.
identifying patterns and trends that human
analysis might overlook. This capability Supply Chain Optimization
enhances strategic decision processes by
providing decision-makers with comprehensive In business management, AI is applied
insights into market dynamics, consumer to optimize supply chain processes. Predictive

4 © MAT Journals 2024. All Rights Reserved

J. Bus. Analy. Data. Vis. Vol. 5, Issue 1

analytics and machine learning algorithms decision-making, minimizing reliance on

enhance supply chain decision-making by intuition and subjective judgments [5].
forecasting demand, optimizing inventory levels,
and identifying cost-effective logistical Real-Time Insights
solutions. This, in turn, contributes to more
effective and efficient strategic decision-making One of the most impactful contributions
in the overall business strategy. of AI to strategic decision-making is the
provision of real-time insights. Machine learning
Human Resource Management and Talent algorithms continuously monitor data streams,
Acquisition market trends, and relevant variables, enabling
decision-makers to receive up-to-the-minute
AI plays a crucial role in human information. This real-time capability empowers
resource management, particularly in talent organizations to respond promptly to changing
acquisition and workforce optimization. AI conditions, enhancing the agility and
algorithms streamline the recruitment process by responsiveness of their strategic decision
analyzing resumes, assessing candidate processes [7].
suitability, and predicting potential job
performance. This application supports strategic Predictive Analytics for Proactive Decision-
decision-making in building a skilled and Making
dynamic workforce aligned with organizational
goals. AI's predictive analytics capabilities
By assessing these diverse applications enable organizations to move beyond reactive
of AI in business management, organizations can decision-making to a proactive stance. By
harness the power of AI to inform and refine forecasting future trends, identifying potential
their strategic decision processes. The opportunities, and anticipating challenges, AI
integration of AI technologies contributes to a equips decision-makers with the foresight
more agile, informed, and forward-thinking needed to make strategic decisions that are not
approach to strategic decision-making, only timely but also forward-looking and
positioning businesses to thrive in an era defined adaptive.
by technological innovation and data-driven
insights. Automating Routine Decisions

Impact of AI on the Quality and Speed of AI excels in automating routine and

Strategic Decision-Making repetitive decision processes, freeing up valuable
time for decision-makers to focus on more
The integration of artificial intelligence complex and strategic issues. By automating
(AI) into strategic decision-making processes mundane tasks, AI contributes to faster decision
has far-reaching implications, fundamentally cycles, allowing organizations to allocate
altering the dynamics of decision quality and resources efficiently and accelerate the overall
speed. This section examines how AI speed of decision-making.
technologies contribute to enhancing both
aspects within the realm of business Improved Risk Assessment and Mitigation
management.
The predictive capabilities of AI extend
Enhanced Data Processing and Analysis to risk assessment, providing decision-makers
with advanced tools to identify and mitigate
AI's ability to swiftly process and potential risks. By analyzing historical data and
analyze vast datasets significantly improves the identifying patterns associated with risks, AI
quality of strategic decision-making. By systems contribute to a more robust risk
assimilating structured and unstructured data management framework. This, in turn, enhances
from various sources, AI algorithms provide the quality of strategic decisions by allowing
decision-makers with comprehensive and organizations to factor in risk considerations
nuanced insights. This data-driven approach effectively.
allows for more informed and evidence-based

5 © MAT Journals 2024. All Rights Reserved

Enhancing Strategic Decision Making U. Arumugam and M. Manida

Decision Support Systems for Complex making poses challenges related to data quality
Scenarios and potential bias. Inaccurate or biased data can
lead to flawed analyses and decision outcomes.
AI-driven decision support systems Ensuring the quality and representativeness of
assist decision-makers in navigating complex training data becomes essential to mitigate
scenarios. These systems analyze intricate biases and enhance the reliability of AI-driven
relationships among variables, helping decision- strategic decisions.
makers understand the potential consequences of
different choices. This support fosters a deeper Explain ability and Transparency
understanding of complex issues, leading to
more thoughtful and high-quality strategic The inherent complexity of some AI
decisions. models, such as deep neural networks, can make
them challenging to interpret and explain. Lack
Continuous Learning and Adaptation of transparency in AI decision processes raises
concerns about accountability and trust.
AI's capacity for continuous learning Decision-makers may be hesitant to fully rely on
and adaptation ensures that decision-making AI if they cannot understand how the system
processes evolve alongside dynamic business arrives at specific conclusions. Balancing
environments. Machine learning algorithms complexity with explainability is a key challenge
refine their models over time, incorporating new in AI integration.
data and experiences. This adaptability
contributes to decision quality by enabling
Ethical Considerations
organizations to stay abreast of changing market
conditions and adjust their strategies
Ethical concerns surround AI use in
accordingly.
decision-making, particularly when it comes to
In précis, the impact of AI on the quality
privacy, consent, and fairness. Organizations
and speed of strategic decision-making is
transformative. By utilizing progressed must navigate the ethical implications of using
examination, constant bits of knowledge, AI to ensure that decisions align with societal
robotization, and prescient capacities, simulated values and legal standards. Addressing ethical
intelligence engages associations to make considerations is crucial to building trust and
quicker, more educated and forward-looking maintaining a positive reputation.
choices. This not only enhances the efficiency of
decision-making processes but also elevates the Skill Gaps and Workforce Displacement
overall quality of strategic choices, positioning
businesses to thrive in an era characterized by The integration of AI may necessitate
rapid technological advancements and dynamic new skill sets within the workforce.
market conditions. Organizations must address skill gaps and invest
in training programs to ensure that employees
Challenges and Concerns in Integrating AI in can effectively collaborate with AI systems.
Strategic Decision-Making Contexts Additionally, concerns about job displacement
and the impact on employment require proactive
While the integration of artificial measures to mitigate negative consequences.
intelligence (AI) into strategic decision-making
brings numerous advantages, it is not without Security and Cyber Security Risks
challenges and concerns. Addressing these
issues is crucial for ensuring the responsible and AI systems are susceptible to cyber
effective deployment of AI technologies in security threats, including adversarial attacks
business management. This section highlights and data breaches. Ensuring the security of AI
key challenges and concerns associated with the models and the data they process is essential to
integration of AI in strategic decision contexts. prevent unauthorized access, manipulation, or
exploitation. Cyber security measures must be
Data Quality and Bias integrated into AI systems to safeguard sensitive
information.
The reliance of AI on data for decision-

6 © MAT Journals 2024. All Rights Reserved

J. Bus. Analy. Data. Vis. Vol. 5, Issue 1

Overreliance on AI processes. The journey through this exploration

has uncovered the dynamic relationship between
Overreliance on AI systems without AI and strategic decision-making. From
human oversight can lead to complacency and establishing a robust theoretical framework
diminished critical thinking. While AI enhances drawing on established theories to assessing the
decision processes, human judgment remains current role of AI in diverse business
essential. Striking the right balance between AI- management applications, the research has
driven insights and human intuition is critical to unveiled the profound implications of AI
avoiding blind reliance on AI-generated technologies. The impact on decision quality,
recommendations. speed, and the broader landscape of
organizational strategies has been scrutinized,
Regulatory Compliance providing insights into the changing dynamics of
modern business. This research contributes to
The evolving landscape of AI the existing body of knowledge by synthesizing
technologies poses challenges in terms of theoretical perspectives, empirical insights, and
regulatory compliance. Adhering to data real-world examples. It offers a comprehensive
protection laws, industry regulations, and ethical understanding of how AI, as a strategic resource,
standards requires ongoing diligence. influences decision processes. The exploration
Organizations must stay abreast of regulatory of challenges and concerns underscores the
developments to ensure that their AI applications importance of responsible AI integration,
align with legal and compliance frameworks. emphasizing the need for ethical considerations,
workforce development, and cybersecurity
Cost of Implementation and Maintenance measures. For practitioners and decision-makers,
the implications are profound. The findings
The initial costs associated with emphasize the strategic value of AI in providing
implementing AI systems, including data-driven insights, automating routine tasks,
infrastructure, training, and customization, can and fostering agility in decision-making. The
be substantial. Ongoing maintenance and real-time capabilities of AI offer organizations
updates also contribute to the total cost of the ability to navigate dynamic environments,
ownership. Organizations must carefully assess anticipate risks, and seize opportunities. While
the cost-benefit ratio and develop sustainable AI holds tremendous promise, its integration
financial models for the integration and demands careful consideration and continuous
maintenance of AI in strategic decision contexts. refinement. Organizations are encouraged to
Addressing these challenges and invest in ethical AI practices, prioritize
concerns is crucial for realizing the full potential workforce training, and stay vigilant in emerging
of AI in strategic decision-making. regulatory landscapes. Future research
Organizations must adopt a proactive and endeavours should delve into the evolving nature
holistic approach, incorporating ethical of AI technologies, the interplay of human-AI
considerations, investing in employee training, collaboration, and the long-term societal impacts
and implementing robust cyber security of AI in business management. As we conclude
measures to ensure the responsible and effective this exploration into enhancing strategic
integration of AI technologies. decision-making through the lens of AI, it is
clear that the future of business management is
CONCLUSION intricately woven with artificial intelligence. The
ability of organizations to harness the potential
As we stand at the nexus of of AI, address challenges judiciously, and align
technological innovation and business evolution, strategies with ethical considerations will shape
the integration of artificial intelligence (AI) into their competitive edge in the years to come. In
strategic decision-making heralds a the ever-changing landscape of business, where
transformative era for organizations. This uncertainty is the only constant, AI stands as a
research has delved into the multifaceted formidable ally, empowering organizations to
dimensions of AI's role and impact in the realm not only navigate complexities but to thrive
of business management, specifically focusing amidst them. As we chart the course forward, the
on enhancing strategic decision-making synthesis of human ingenuity and artificial

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 Enhancing Strategic Decision Making U. Arumugam and M. Manida

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