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AI and Strategic Decision Making Processes - An empirical study on how Large Language Models can be utilized in Strategic Decision Making Processes

Hed Dahl, Louise LU and Holmqvist, Johan LU (2023) BUSN09 20231
Department of Business Administration
Abstract
The purpose of this study is to contribute with an understanding of what role AI has, and might have, in strategic decision making processes. The literature review of the study builds upon research within Resource Based Theory, Strategic Decision Making Theory and is supported by technical reports on Large Language Models. It is a qualitative single case study with empirical data collected from six semi-structured interviews with professionals in knowledge-intensive firms from various consultancy and professional service firms.

The empirical results showed that LLMs are utilized mainly in the early stages of the decision making process due to the novelty of the technology and it being encountered with several challenges, hindering a... (More)
The purpose of this study is to contribute with an understanding of what role AI has, and might have, in strategic decision making processes. The literature review of the study builds upon research within Resource Based Theory, Strategic Decision Making Theory and is supported by technical reports on Large Language Models. It is a qualitative single case study with empirical data collected from six semi-structured interviews with professionals in knowledge-intensive firms from various consultancy and professional service firms.

The empirical results showed that LLMs are utilized mainly in the early stages of the decision making process due to the novelty of the technology and it being encountered with several challenges, hindering a wide application of LLMs in firms. It also indicates that there is an increased demand in seeking consulting for strategic solutions supported by LLMs, either in internal processes or as a product (Less)
Please use this url to cite or link to this publication:
author
Hed Dahl, Louise LU and Holmqvist, Johan LU
supervisor
organization
course
BUSN09 20231
year
type
H1 - Master's Degree (One Year)
subject
keywords
Strategic Decision Making Processes, Artificial Intelligence, Large Language Models, ChatGPT, Data Privacy
language
English
id
9131458
date added to LUP
2023-09-12 13:21:57
date last changed
2023-09-12 13:21:57
@misc{9131458,
  abstract     = {{The purpose of this study is to contribute with an understanding of what role AI has, and might have, in strategic decision making processes. The literature review of the study builds upon research within Resource Based Theory, Strategic Decision Making Theory and is supported by technical reports on Large Language Models. It is a qualitative single case study with empirical data collected from six semi-structured interviews with professionals in knowledge-intensive firms from various consultancy and professional service firms. 

The empirical results showed that LLMs are utilized mainly in the early stages of the decision making process due to the novelty of the technology and it being encountered with several challenges, hindering a wide application of LLMs in firms. It also indicates that there is an increased demand in seeking consulting for strategic solutions supported by LLMs, either in internal processes or as a product}},
  author       = {{Hed Dahl, Louise and Holmqvist, Johan}},
  language     = {{eng}},
  note         = {{Student Paper}},
  title        = {{AI and Strategic Decision Making Processes - An empirical study on how Large Language Models can be utilized in Strategic Decision Making Processes}},
  year         = {{2023}},
}