The Impact of AI on Financial Decision Making in The Automobile Industry

Abstract: The use of advanced Artificial Intelligence (AI) is quickly changing the way organizations in a wide variety of industries (including automotive) use financial decision-making processes to complete day today tasks. This research specifically looks at how AI technology is changing the way automobile companies make financial decisions, specifically regarding areas of financial forecasting, risk assessment, investment planning and cost efficiency. The primary goal of this research is to analyze how AI-based tools and data analytics can provide automobile companies with more accurate, productive and strategic financial decisions. In this study, I utilized a descriptive research methodology to conduct my analysis using both primary and secondary sources of data. The primary data was collected using a structured survey of finance professionals and managers from selected automotive companies and analysis of their corporate reports and literature in the area of AI and finance. Data analysis revealed that AI has greatly increased the accuracy of financial forecasts, reduced the incidence of operational risk, and increased the ability of companies' strategic planning functions to utilize AI technology in their strategic decision-making processes. I also found that AI provides companies with the ability to analyze large quantities of financial data at a relatively faster rate than what was previously available, providing companies with more timely and informed financial decisions.

Keywords: Financial decision making, Automobile Industry, Financial Forecasting, Data analytics, Risk management.