Decision Intelligence has evolved from Business Intelligence to deliver more effective decisions and better business outcomes. Where Business Intelligence tools enable data-driven decisions, Decision Intelligence goes beyond that to combine the cause and effect of a decision to determine the best outcome.
So, what does this mean? It means you don’t worry about processing data, you just get told which decisions fit your organisation best.
Decision Intelligence (DI) is still an emerging topic, so in clear terms we’re going to explain what it is, how it works, and how it can benefit you.
What is Decision Intelligence?
DI goes beyond Business Intelligence by combining intelligent technology and decision-making to create better business outcomes. It uses predictive analytics to allow us to look ahead and see what’s coming to create a practical approach to improving organisational decision making.
Machine learning and Artificial Intelligence (AI) are growing at a faster pace than any of us would have expected just a few years ago, so we have incredibly large amounts of data available. But all the data in the world is of little use if it doesn’t drive the best decisions.
That’s why Decision Intelligence is so important. Each decision we make influences the next decision. DI analyzes the chain of cause and effects to optimise decision processes. Models improve over time, learning as more data is processed, to make better predictions and enable some decisions to become automated.
Machines do the learning for you, saving you the time of gathering and assessing data and compiling reports. Instead, insights are delivered to you so you can focus on taking action.
The result is that you can make higher quality, faster decisions with less effort.
How does Decision Intelligence work?
Decision Intelligence is the link between human decision-makers and machine learning. Decisions aren’t made just by a human, or just by a computer, but by combining the best of both. You are enabled to make faster and higher quality decisions without having to understand how to implement machine learning.
DI combines the logic of data with an understanding of what drives behaviours and how decisions are made. It goes beyond assessing what actions your customers are taking to drill into the reasons behind the actions.
The simplest example of DI in use are recommendation engines. Analytics are used to suggest new products for customers, broadening their initial search to related items. Through this you can understand the context behind a customer’s decision. A DI solution can provide answers to questions like ‘why aren’t my customers buying this product?’
It doesn’t just apply to human behaviour – it also applies to machines. Machine learning and AI can deliver a competitive edge in all aspects of a business, from back office through to customer engagement.
But many organisations stumble in deploying AI. They invest in resources but don’t know how to implement them. They lack a clear strategy or even an understanding of what AI can do. The process seems too complex and time-consuming. A KPMG survey of Global 500 companies reported that 30% of respondents said they used AI in their business but only 17% were using AI at scale throughout the organisation.
A DI solution is what connects humans with machines to drive the best decisions.
How can Decision Intelligence benefit you?
Machine learning and AI may be what divides successful organisations from those who fail. Decision Intelligence provides the set of tools that enable businesses to access all that machine learning and AI have to offer.
If you find yourself unsure of how to take full advantage of AI and machine learning, then a DI solution is for you.
In the coming articles, we’ll discuss the impact DI has had – and will have in future – on specific industries. Until then, contact our team at Toustone today to see what a DI solution can do for your organisation.