The Surprising Science of How Feelings Help You Think: Artificial Intelligence in Business, Emotions, and Decision Making

The Surprising Science of How Feelings Help You Think: Artificial Intelligence in Business, Emotions, and Decision Making

In today's rapidly advancing technological landscape, artificial intelligence (AI) has become an integral part of businesses across various industries. AI systems are designed to possess several key capabilities, including natural language processing, knowledge representation, automated reasoning, and machine learning. These capabilities enable AI systems to communicate in a natural language, store and retrieve information, answer questions, draw new conclusions, adapt to new circumstances, and detect and extrapolate patterns.

The worldwide spending on cognitive and AI systems has been steadily increasing over the past years, with a staggering $24.0 billion being spent in 2018 alone. This exponential growth in spending highlights the importance and potential of AI in transforming businesses and industries. However, to further advance research on the business applications of AI, it is crucial for AI practitioners and researchers to have a comprehensive understanding of the existing research in different business domains and disciplinary fields.

A review conducted by Tkáč and Verner in 2016 focused on the application of artificial neural networks in business. The review found that most of the examined articles discussed expert systems with applications. This highlights the need for further research and exploration in the field to uncover new and innovative ways to leverage AI in business settings.

In recent years, with the increasing availability of consumer information and the rise of the Internet of Things (IoT), companies have started to enhance their data science skills and business analytics. Gartner has identified four stages of business analytics maturity, ranging from a descriptive use of information to a diagnostic analysis stage that involves understanding the root causes of specific outcomes.

While AI and business analytics have been extensively studied, it is essential to consider the role of emotions in decision-making processes. In the past, emotions were often considered detrimental to effective thought and decision-making. However, recent research has revealed that emotions are an integral part of our cognitive processes, and we cannot make decisions or think without being influenced by our emotions.

Contrary to popular belief, emotions are not distinct and separate from one another. Emotions overlap and are interconnected. They are functional states of the mind, influencing our actions and decisions. Emotions drive us to take immediate and strong actions, raising our consciousness about the decisions we make. Being aware of our emotional state can help us make more informed decisions and revisit them later if necessary.

Emotional contagion, however, is a significant factor that can influence decision-making. Certain media outlets, such as Fox News, understand the power of fear and anger in capturing the attention of their audience. They capitalize on these emotions, drawing people back to their shows for more of the same. This shared emotional experience can shape our preferences and biases, impacting our decision-making processes.

Emotions, such as hunger and disgust, can also influence our choices. For example, if we are disgusted for some reason and come across the perfect item we were looking for in a store, we might still hesitate to purchase it due to the association with that emotion. Understanding these emotional influences can help us navigate our decision-making processes more effectively.

Moreover, studies have shown that individuals with better emotional regulation have significantly lower rates of heart attacks. This emphasizes the importance of emotional regulation and its impact on our overall well-being and decision-making abilities. Developing emotional regulation skills can provide us with greater control over our emotions and enhance our decision-making processes.

In conclusion, the integration of AI in business has become increasingly important, with significant investments being made in cognitive and AI systems. To further advance research in this field, a multidisciplinary perspective is necessary, considering different business domains and disciplinary fields. Additionally, understanding the role of emotions in decision-making processes is crucial. Emotions are not counterproductive but rather integral to effective thought and decision-making. Developing emotional regulation skills can enhance our decision-making abilities and overall well-being.

Actionable advice:

1. Continuously invest in research and development to explore new applications of AI in business domains and disciplinary fields.
2. Foster data science skills and business analytics capabilities within organizations to leverage the expanding availability of consumer information and IoT.
3. Focus on developing emotional regulation skills to enhance decision-making processes and overall well-being.

By combining the insights from the state of the art in AI in business and the surprising science of how emotions help us think, we can unlock new possibilities and perspectives in utilizing AI effectively while harnessing the power of our emotions in decision-making.