Decision Intelligence: Must-have for Data-driven Success
5 mins read
Decision Intelligence is an intelligent collation of artificial intelligence, business intelligence, and automation to improve decisions. To make better business decisions, it is important to harness the potential of technology and automation. You can draw a line of relevance with decision management, decision-making conflicts, and complicated processes.
Companies have a bunch of data that is wired in a complex way. It is possible to match links and chalk better strategies based on relevant data.
According to Gartner, by 2023 more than 33 percent of large organizations will need to use decision intelligence to modify business performance.
What is Decision Intelligence?
Decision intelligence is the usage of AI, automation, machine learning, and business intelligence to improve how decisions are made. Data is used to model, create, develop, and track decision models to amplify business performance. Decision intelligence helps make progressive decisions powered by data intelligence and business intelligence. In decision intelligence, you get better insights and can take action based on what works best. According to Peak’s State of AI Report of 2022, the decision intelligence market is set to grow to $17 billion by 2027.
Why is Decision intelligence essential in this age of business?
Decision intelligence can solve multiple business problems in different industries. Decision intelligence reduces effort and time in getting to the right choice for any plan. For any business, it is necessary to get personalized recommendations to make better decisions. This will help make intelligent decisions based on precision. You can get calculated outcomes when you use data-driven intelligence tools.
Businesses can save money by choosing intelligent data-driven options with decision intelligence.
- Artificial intelligence-enabled decision making also helps spot inaccurate patterns and notice aspects that can be of potential.
- It is also possible to make decisions faster and accelerate the journey for improved outcomes.
- The technology also reduces errors and biases in business decisions. Since it accounts for all differences, it is possible to reach better outcomes.
With Decision Intelligence, you can make great business decisions at any time in a simple and fast manner. With Decision Intelligence, AI and machine learning are no longer exclusive. The technology is great for saving time and effort for business users across the organization.
From marketing to demand planning to supply chain and logistics, organizations now use Decision Intelligence to transform their operations.
Use cases of DI
Though decision intelligence is important and essential, there is still scope for improvement in usage across niches and industries. Here are some use cases of decision intelligence:
- Healthcare: Decision intelligence platforms can help detect anomalies in health reports to improve patient outcomes. Decision intelligence also helps doctors use artificial intelligence to analyze patient problems.
- Retail: Decision intelligence powers better price prediction in the retail space. This helps companies plan the price point to meet customer expectations and pay capacity.
- Logistics: With decision intelligence technology you can reduce transport and freight costs drastically.
- Finance: Finding mortgage options, loan credits, credit scores, and more can be easier with data-driven decision intelligence. For example – Morgan Stanley powers its wealth management platform with decision intelligence to help its financial consultants suggest smarter plans to clients.
- Environment: Decision intelligence helps ecological companies stay aware of risks and disasters they are susceptible to. Aspects like choosing the right location, taking geographic conditions into mind, and accounting for possible hazards are made simple when using a decision intelligence tool.
How DI improves Decision making
Decision intelligence assists decision making by helping manage risks, increase profitability, reduce overall unnecessary expenses, bring down overhead costs, and more. In a McKinsey survey, it was revealed that very few companies are truly happy with the process of decision making. You can improve decision making with all the stakeholders involved.
Data-driven decision making
With decision intelligence, business decisions are more data-driven. It is possible for companies to get an edge over the competition and make better choices. They can choose better options based on available data insights. If data is driving a choice, you know there is logic and objectivity to it. There is no bias or human sentiment involved in a specific decision. This makes data-driven decision making the go-to for business success.
Companies spend a lot of time on decision making. Despite that, they may not actually factor in all the data available. Reduce the time spent on taking decisions that are made with the wrong data universe. In most growing companies, there is an expanding data universe that gets lost in the silos of information and addition. Keep track of this data universe and account for all data points when making a decision. Is this humanly possible? Highly unlikely.
Components of Decision Intelligence
Decision intelligence modeling uses data and predictive analysis to make consistently accurate business decisions. The AI can account for all the massive data load and suggest possible smart predictions. Decision intelligence also doesn’t account for emotional factors.
The core components of decision intelligence include-
- Deep Learning
- Visual decision systems modeling
- Predictive analytics
- Machine learning
Driven by Decision Intelligence with Lumenore
Smart business decision-makers can take their business to the next level with a powerful BI platform that incorporates conversational intelligence and predictive intelligence. Analyze nuanced data relationships and ask targeted questions. For example: How will a specific change affect my revenue next year? A robust data universe and solution can help improve decisions and overall choices. The business landscape requires a gamut of analytics intelligence to really perform and win it.
Lumenore’s business intelligence platform allows business users to combine the benefits of predictive analytics, powerful data visualizations, and conversational intelligence with solutions like Ask Me to create powerful, winning patterns that make decisions easy and smart. AI and data are used in Decision Intelligence to enable companies to make fast, accurate, consistent decisions and address certain business needs. In order to make optimal commercial decisions, data can be collected and modeled with machine learning.
Accelerate decision-making across the organization
By using business intelligence solutions powered by AI, businesses can make quicker and better decisions within crucial business processes. By doing this, companies can not only harness the full potential of being data-driven, but also ensure that the most relevant information is considered when making decisions. There are no slips and cracks for data to be lost or unaccounted for.
The power of Decision Intelligence lies in providing insight-informed decision-making abilities to business users across the organization. To accelerate decision-making across an organization, organizations need a growth multiplier. A smart solution like a business intelligence platform does all this and more for your business. Combine the strength of business intelligence platforms with conversational intelligence solutions like Natural Language Query (NLQ) to leverage decision-driven insights.