Leveraging Generative AI in Management Decision Making: Opportunities and Challenges
摘要
Generative Artificial Intelligence (GenAI) confers about a class of AI systems proficient in engendering new content—such as text, images, music, or code—grounded on input data. Leveraging advanced models like Generative Adversarial Networks (GANs), Variational Autoencoders (VAEs), and autoregressive transformers (e.g., GPT models), GenAI mimics human ingenuity and cognition. This capability allows GenAI to create accurate synthetic data, draft documents, create designs, and simulate scenarios, among other applications. This paper examines the application of three prominent GenAI models—ChatGPT, GitHub Copilot, and DALL-E—in real-world management scenarios. In all these LLM, the user must identify the problem, analyze, deciding what AI tools can be used and what type of decision support reports to be generated. The user must develop prompt engineering knowledge for working with wide range of LLMs. Chat GPT are effective because of their high context understanding, wide range of domain support. Copilot can be used as a rapid prototype builder. DALL-E is widely used in visualization, branding, product design. Case studies highlight their effectiveness in customer support, software development, and creative marketing campaigns, respectively. The results indicate significant efficiency gains (up to 50%), cost savings (up to 25%), error reduction (up to 30%), and increased engagement (up to 40%). Despite these benefits, challenges such as ethical concerns, data security, and the need for human oversight persist. The study underscores the importance of strategic integration and robust governance frameworks to harness GenAI’s potential while mitigating associated risks.