Utilization of Robo-Advisory Tools in Decision Support Systems

Abstract

Decision Support Systems are essential tools for helping business organizations navigate the decision-making processes. Through the use of technology, Decision Support Systems significantly improve decision-making processes by offering thorough, data-driven insights by utilizing robo advisory tools. Automated, algorithm-driven platforms are known as robo advisory tools. Robo advisers are renowned for being easily accessible, reasonably priced, and able to offer financial services to a larger range of clients. The integration of robo advising tools with Decision Support Systems provides decision-makers with advanced algorithms and data analytics functionalities. With technology and regulations changing constantly, using robo advising tools in Decision Support Systems is becoming a trend. This chapter has emphasized how critical it is to recognize the constraints, legal framework, and compliance issues related to the use of robo advisors.