Find out what decision intelligence is and how it can change your business by reading this helpful article!
In the ever-changing world of modern business, companies are having to make important decisions faster than ever in order to adapt and maintain their market share. In order to do this effectively, they must consider large amounts of data and gain valuable insights on the next best move quickly.
One tool to support them with this, that has been catching more and more of the industry’s attention recently, is decision intelligence. In fact, forecasts claim that around a third of large organizations will be leveraging it by 2023. So, what exactly is intelligence decision making and how can it benefit your business? Let’s find out.
Table of Contents
What is Decision Intelligence?
Decision intelligence is essentially using data science applications in the context of business problems and decisions, merging theories of social science, business intelligence, managerial science and decision theory.
This powerful tool uses a wide range of methods in order to analyze data and provide with the best possible outcomes, predictions and suggestions, including artificial intelligence, machine learning, deep learning, predictive analytics and visual decision modeling.
Human VS Machine Decision-Making
There are many limitations involved when it comes to humans making decisions as opposed to an AI-powered machine. When analysing given information, humans will be looking at the presently available data, environment and situation, while also using memories of previous issues, their knowledge on the topic, intuition, emotions, personal desires and so on. As much as we try to be unbiased, we are influenced by various subjective perceptions on the issue as well as external factors.
Artificial intelligence, on the other hand, will take into account every bit of information available and analyze it without any subjective, emotional factors. It is unlikely to make errors in its calculations and it’s able to look through huge amounts of data at high speed. It can provide multiple options to solve a single problem, all of which will be completely data-driven.
The Effects of Decision Intelligence on Business Processes
With the use of this smart technology, businesses in a number of different industries will be able to make much faster and better-informed decisions, resulting in significant effects on their profitability as well as ability to cut costs and improve overall efficiency.
This is true in any type of area or decision within a business – starting with what product to develop and new markets to enter, through to decisions on mergers and acquisitions or best methods to cut carbon emissions.
As such, decision intelligence will positively impact every process of a business, whether that’s marketing, customer support, video production, IT, accounting or production.
As for the use cases of decision intelligence in different industries, we can already see examples of it being successfully leveraged within a wide range of markets. For example, in retail, there is a possibility to forecast the most competitive prices for specific goods by using a large pool of data on consumer trends, competitor research, market predictions and so on.
Is Decision Intelligence Right for You?
Retail businesses can also use decision intelligence to optimize their warehouse management and inventory, using predictions on demand for certain products. It is clear how fast and well-informed decisions in various processes within the retail industry would make a huge impact on solving common issues and delays, cutting costs, improving team productivity and the overall profitability of a given business.