If you are still mining data to get crucial insights, you could be at the losing end. It’s high time for you to reverse this process and make smarter decisions that directly target your set goals—wondering, how? Here decision intelligence comes into the picture.
Emerging technologies like artificial intelligence and machine learning have changed the business world’s standards. These technologies have completely evolved the business intelligence platforms. Their combination is like the cherry on a cake, empowering decision intelligence significantly.
Generally, many organizations make data-driven business decisions following a four-step process, including:
- Data collection
- Data mining with some tool combinations
- Analyzing data with dashboards and visualization
- Data interpretation
The information generated with the above process enlightens the organization with some crucial information, but they are still left questioning what to do with the information they have learned. The dependency on the wide range of tools, systems, integration, and workaround creates huge confusion and leaves organizations with more questions than answers.
This is where Decision intelligence plays a key role. This emerging principle is a new evolution of business intelligence. Before exploring how and why let’s take a quick look at this discipline.
What is Decision Intelligence?
Nicole France, an analyst at Constellation Research, describes Decision intelligence as the ability to help organizations process large amounts of data to make decisions. It is almost similar to Business intelligence; the only criteria making it slightly different is that it is easily accessible throughout the enterprise.
Decision intelligence has evolved from BI to deliver more effective decisions and better business results. BI has very powerful tools that help enterprises make effective data-driven decisions. However, when it comes to determining the cause and effect of a decision as a whole, decision intelligence goes beyond the levels. Hence, decision intelligence is now considered a new BI that lets you make smarter and result-driven decisions for your business processes.
The global decision intelligence market size was estimated at USD 8,928.79 million in 2020 and is expected to reach USD 15,602.06 million by 2026.
What are the key challenges in modern decisioning?
The current business rules have served its proponents for many years. But as automation came into the picture, these traditional rules have seen a downfall. “Decisioning” has taken over the conventional concepts, helping enterprises expand their business reachability.
Back in the 2000s, if you searched for the term “Decisioning,” there were zero results, but today it has become one of the central concepts followed by hundreds and thousands of the companies out there.
Customer behavior and expectations are indeed shifting constantly, and due to this, uncertainty has become the new normal. This variability creates pressure on the leader of modern enterprises as they must make multiple decisions quickly.
Intelligent or modern decisioning help companies to remain competitive, but it has its distinctive barriers that organizations are required to overcome in time:
- Time constraints
- Data-driven culture
- Managing the use of business intelligence tools
- Escalation of commitment
- End-user training
- Data silos with information
Why does decision intelligence matter?
Artificial intelligence has become a buzzword so often that the real value or meaning it brings has been lost somewhere. Undeniably, this technology holds the capability of going beyond human abilities to serve multiple purposes. It can easily read or analyze a large amount of data and even build forecast models for future predictions. Still, it misses a crucial part.
In recent years, how AI technology caters to commercial decision-making and business growth has become a topic of discussion. This is where decision intelligence has come into play.
Decision intelligence is the commercial application of AI that drives profits and growth for enterprises.
“Faster, accurate, consistent decisions are the key offerings enterprises get from decision intelligence.”
Below are a few core benefits enterprises can get from adopting decision intelligence solutions.
1. Faster decisions
Data can improve decisions, but it requires the right process and medium to get the most from it. AI-based decision intelligence will help you; this solution offers critical tools that let enterprises get insightful data with guaranteed accuracy. AI-driven workflows process the vast amount of data in a one-go and help companies fully leverage the value contained in the data to make better business decisions.
2. Data-driven decisions
According to market experts, B2B companies now have access to more data than ever before. Companies that leverage data to drive the decisions have gained competitive advantages, reduced operational costs, and increased profit to a great extent. AI-powered decision intelligence takes a better look at the data array and considers all the patterns, models, and possible anomalies that influence better decisions and results.
3. Biasness elimination
Biasness is a critical consideration that greatly hinders the decision-making process. At least 6 crucial types of biases influence the decision processes and their outcomes. Conservatism bias, highlight bias, confirmation bias, framing bias, availability bias, and anchoring are a few biases that create huge cognitive errors in the decision-making process. AI-enabled decision intelligence uses programmed algorithms that play a crucial role in eliminating all these biases and allow enterprises to make more accurate decisions.
4. Problem-solving techniques
Decision intelligence offers multiple problem-solving solutions. Whenever specific changes happen in any process or parameters, the AI-powered algorithms highlight the probable outcomes. It gives options to enterprises to choose the best results that cater to their current goals and strategies.
What technologies make the decision intelligence model work?
This whole set of emerging technologies and algorithms empowers the decision intelligence models to work accurately and faster.
Data democratization: A quick overview
Data democratization is explained as barrier-free access to data; everyone within the organization benefits from accelerated access to data. In simple terms, it is the process that makes the digital information accessible even to a non-technical user of an organization.
It is considered as the future of managing big data and realizing its values. Ultimately, data democratization benefits businesses by allowing employees to make faster, insights-driven decisions without intervention from technical team members.
Why should enterprises adopt data democratization?
An organization that empowers every employee with complete access to data can save time, uncover more valuable insights and make better business decisions. This section has mentioned the 6 best reasons that explain why businesses should adopt enterprise-wide data democracy.
- To get a 360-degree view of your customers
- Streamlining the internal processes
- Fosters innovation
- Increases data literacy and understanding
- Enhances productivity and efficiency
- Increases trust in data and decisions
Decision intelligence use cases across industries
Let’s see which businesses from different sectors use decision intelligence solutions to make smarter decisions and establish sustainability and resiliency.
Banking & Finance
Morgan Stanley is a global leader in financial services. The company helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. The wealth management platform used by Morgan Stanley is powered by decision intelligence. The company advises AI-suggested winning strategies to the customers to invest more smartly. These strategies are also cross-verified by human consultants before being offered to the final customers to ensure its success ratio.
In the retail sector, Remi AI is the software that helps retail businesses to make better pricing decisions. The pricing policies suggested by this AI software are wholly tailored to customers’ expectations and solvency. This decision intelligence solution optimizes the supply chain more effectively and makes the revenue volumes more predictable.
Enlitic Cure is the decision intelligence platform that brings healthcare professionals and AI capabilities to a single place. This decision intelligence solution helps medical practitioners analyze the medical reports, suggest the diagnosis, help the doctors by prioritizing the cases, and improve medical results.
In a nutshell, decision intelligence is the ultimate key that helps businesses to achieve more with less. This solution ensures that the organizations can achieve their goals by maximizing the data, analytics, and new technologies to make more informed and better decisions.
Using decision intelligence-powered with AI helps you unlock the new possibilities of making faster and accurate decisions and bringing value to your business. With this solution, you uncover the ultimate benefits of being data-driven and get the possible array of the vast information that lets you decide your next step.
Rapidops can help you create highly sophisticated and intuitive business intelligence solutions tailored to your current business needs. Reach out to us and discuss your requirements; we ensure to provide the best-in-class decision-making solution that perfectly matches your business needs.
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