Leveraging Artificial Intelligence in the Boardroom
Implementation of artificial intelligence and automation in the boardroom – of all places – doesn’t really seem to jive with conventional wisdom.
Boardrooms conjure the most significant decisions about an organization’s past, present, and future. This necessitates in-depth thought—which traditionally isn’t something that can be automated in any shape or form.
Realistically, can AI be discerning enough to possess high-level intuitions and keen problem-solving capabilities?
Despite the notion of AI possessing that kind of intellect being slightly troubling (in the ‘robots taking over the world’ sense), it presents plenty of solutions in the boardroom.
Read below, for a closer look at how to leverage AI in the boardroom:
Using AI for Automation
In discussing the process of a board meeting itself, automation can save time and make it more of an efficient outing.
For instance, with equipment such as TVs, projectors, video walls, and cinemas, etc., automation tools manage their functions with the press of a button. Instead of fumbling around with equipment and wasting fellow board members’ valuable time during a presentation, these technologies ensure they operate efficiently and time-effectively.
AI ensures that this equipment is connected to a streamlined network versus a bunch of individual pieces of clunky equipment.
Furthermore, it’s possible to automate climatic conditions in the boardroom to ensure optimal comfort for members so that they remain focused.
AI For Augmentation
Automation is the immediate, base-level association for artificial intelligence. However, there’s more to AI than completing tasks automatically.
Namely, many workplaces have been utilizing AI to enhance an array of industrial processes and operations—such as workplace efficiency and customer experiences. This idea is known as augmentation.
Though this blog isn’t about the general workplace—so, how can intricate augmentation tools be leveraged in the boardroom?
For context, according to a 2015 study, only 16% of board directors fully grasp the magnitude of change occurring in their given industries. These directors are also having a hard time coming to grips with just how much technological advancements would play a hand in the future of both their companies and industries.
In 2019, the pace of business is lightning-quick, while operations are far too complicated for boards to reach informed decisions in the absence of machine learning. One aspect of boardroom decisions that can be aided by the use of augmented technology is strategic decision-making (capital allocation patterns).
Some tools can earmark discrepancies with a company’s marketing spend compared to their competitors, as an example. From there, the board can embark on an initiative to find new target demographics and find unique spaces in which they can advertise. With the requisite deep-dive information provided by these machine learning technologies, the board can assess what kind of budget will generate an optimal return.
Also, boards can implement AI in a way that bolsters operational decision-making. Various technologies are intuitive enough to assess internal communication and generate a hypothesis on employee morale while predicting potential churn-rates.
It’s Time to Start Implementing AI into Boardroom Governance
Yes, AI can help with general efficiency. But utilizing augmentation tools can provide top-notch analytics that leads to the most informed decisions.
Contact us today to learn how iDeals Board can help automate your boardroom.