Decision intelligence uses AI to improve insights, collaborate better and make the best and most profitable decisions.
To be able to act with speed and confidence in an ever-changing market environment, traditional BI is not enough. Research from Forrester shows that only 20% of organizations are using their business intelligence platforms effectively. The main reasons are that the BI platforms are:
- not actionable – and therefore not delivering impact
- based in silos
- reaching data scientists but not the management
A top trending technology
Gartner has listed decision intelligence among top trending technologies and predicts that a large number of companies will implement it already during 2023. Here are a few of the reasons why.
Get to where the action is with AI
Decision intelligence is the application of artificial intelligence (AI) techniques, such as machine learning, to support decision making. In other words, it doesn’t stop at looking at the data.
The goal of decision intelligence is to:
- break down the silos in your organization
- enable cross-functional collaboration between for example data scientists and management
- take more profitable decisions with speed
Identify patterns to make the best decisions
Decision intelligence uses data and algorithms to identify patterns, make predictions, and provide insights that can inform decisions across a wide range of domains, such as finance, healthcare, manufacturing and transportation.
Decision intelligence systems can also be used to automate routine decisions, assist with more complex decisions, and improve the overall efficiency and effectiveness of decision making processes.
What’s the difference, then?
Decision intelligence isn’t only about the data itself. It also takes into account the need for real humans to interact and act. A decision intelligence method includes tools for seamless collaboration and a shared language for data scientists as well as frontline personnel and business owners.
Improved insights & increased automation
For data scientists, decision intelligence is of great help for improving the accuracy and efficiency of their models. By offering more explainable models that are easier to understand and communicate, it enhances collaboration with other stakeholders. Not the least, business management, who are the ones making the decisions. Decision intelligence also increases possibilities for automation of for example data cleaning and feature engineering.
Gaining a competitive edge
Decision intelligence can provide a wide range of benefits for business managers by helping them make better decisions, improve performance, and gain a competitive advantage in the market.