Good and smart decisions should be distinguished from wise
decision-making - especially in the age of artificial intelligence
(AI) where algorithms are increasingly used to automate business
processes or to augment the accuracy and speed of decisions. This
book argues why specific forms of intelligence as well as
consciousness and enhanced conscience are crucial to make wise
decisions - with consciousness to be clearly distinguished from
intelligence. It also addresses why machine learning and smart
computers (AI) are plausibly able to make 'smart' (and thus to a
certain extent 'intelligent') decisions but definitely unable to
help us to become wiser. In essence, optimizing a desired output in
a business context will require a balanced approach with cognitive
awareness and ethical reflection - synthesizing intuitive and
algorithmic thinking - encompassing short-term profit and
longer-term envisioning, and aiming to optimize created and
captured value for shareholders while taking the concerns of those
who have a real stake in the organization seriously. If business is
about creating and sharing value in a future that is both 'digital'
and 'relational', then innovative technologies like AI will play an
increasingly important role. Consequently, mindful executives and
their responsible boards therefore need to acknowledge the
limitations of AI in business - especially when the uncertain
future is estimated to be rather volatile or ambiguous than stable.
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