Strategic Decision-Making Support Using Large Language Models (LLMs)
Year: 2024
Type: article
Abstract: This paper investigates the role of Large Language Models (LLMs) in enhancing strategic decision-making within complex business environments. As organizations grapple with increasing data complexity and volatility, traditional decision-making methods often fall short. LLMs, as advanced AI tools, offer the ability to analyze vast amounts of both structured and unstructured data, generate predictive insights, and support real-time scenario planning. Through a detailed case study of a multinational retail corporation, the paper illustrates how LLMs can improve business forecasting, facilitate dynamic scenario planning, and provide real-time decision support. The implementation of LLMs in the case study led to more accurate forecasts, better risk management, and a more agile strategic response, ultimately strengthening the organization’s competitive position. The findings underscore the potential of LLMs to serve as critical components of decision support systems, offering significant advantages in navigating today’s rapidly changing business landscapes.
Authors: Alexander Changeux, Stephen Montagnier
Language: English
Subfield: Artificial Intelligence
Field: Computer Science
Domain: Physical Sciences
Open Access status: green
OpenAlex ID: W6930531379