AI is changing how we make decisions. But the quality of the information you use matters most. Manish Shukla from NatWest says reliable data and smart thinking are key when using AI. Let’s look at what’s happening now with AI and decision-making.
How AI Helps with Better Choices
Artificial intelligence (AI) can really boost how we decide things. It can look at lots of information fast.
This helps us spot patterns we might miss. For example, banks use AI to check if a loan application is safe. It analyzes many factors quickly.
Manish Shukla, who leads AI at NatWest, points this out. He says AI isn’t a magic fix.
It needs good data to work well. Think of it like this: if you bake a cake with bad ingredients, it won’t taste good. The same goes for AI.
So, AI can give us insights. But those insights are only as good as the data behind them. You need to trust the information the AI uses. This is why getting the source of truth right is so important.
Actually, this is a big focus right now. Companies are working hard to make sure their data is accurate. This helps build trust in AI systems. It’s a step towards using AI responsibly.
You know how sometimes you get different answers from different search engines? That’s because they use different data. With AI, the same thing can happen. So, checking the data is crucial.
The Importance of Reliable Data
AI learns from the data it’s given. If that data has mistakes, the AI will learn those mistakes too.
This can lead to wrong decisions. Imagine an AI for predicting customer needs. If the data about past purchases is wrong, its predictions will be off.
After using this for a while…
NatWest is focusing on this. Manish Shukla says, “The quality of the data is paramount.” He means it’s the most important thing. Without good data, AI can’t make smart choices. It’s like trying to build a house on shaky ground.
So, what does reliable data look like? It’s accurate, complete, and up-to-date.
It also needs to be free from bias. Bias in data can lead to unfair or incorrect AI decisions. For instance, if an AI learns from data that shows only men in certain jobs, it might unfairly suggest those jobs to men only.
Companies are investing in better data management. They are also looking at ways to check for and fix errors in their data. This is a continuous process. It’s not a one-time fix.
Informed Reasoning with AI
AI can give us answers. But we still need to understand those answers.
We need to use our own judgment. This is called informed reasoning. It means combining what the AI tells us with our own knowledge and experience.
Manish Shukla emphasizes this point. He says AI should be a tool to help us think better.
It shouldn’t replace our thinking. Think of AI as a helpful assistant. It can give you information, but you still need to decide what to do with it.
For example, an AI might flag a suspicious transaction. But you, as a human, need to look at the whole picture.
You need to consider the customer’s history and other factors. This helps you make the right decision. It’s about using AI to make you smarter, not to make decisions for you.
From what I’ve seen…
This approach is becoming more common. Businesses are training their teams to work alongside AI. They are learning how to interpret AI results and use them effectively. It’s a partnership between humans and machines.
You can read more about AI in finance on the CNBC TV18 website.
Understanding that good data and smart thinking go hand in hand is key. AI is powerful, but it’s just one piece of the puzzle. The human element – our ability to reason and judge – remains essential. So, let’s use AI wisely and always check the source of truth.
Source: CNBC TV18 LinkedIn Post
Note: This article is based on the information provided in the linked CNBC TV18 LinkedIn post as of today, May 15, 2024. The information is current as of that date.
Keywords: AI, Artificial Intelligence, Decision Making, Data Quality, Data Reliability, NatWest, Manish Shukla, AI Tools, Finance, Technology
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