How Decision Intelligence can Benefit Business Organisations By Vishal Pratap Singh

How Decision Intelligence can Benefit Business Organisations

Vishal Pratap Singh | Monday, 13 December 2021, 01:15 IST

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It is always seen that when making a decision in both business and everyday life, people are usually driven by the current situation and environment, knowledge of the issue, previous experience, emotions, partiality, desires and intuition. This is how the human brain processes the combination of external and internal factors to make a choice. That’s why it never takes into account all of the influencing factors and can never imagine a holistic picture. But when it comes to an Artificial Intelligence powered decision machine, it becomes a game changer in the form of Decision Intelligence. The artificial intelligence system processes and analyses huge data arrays in real time, makes smart predictions based on the historical data, and suggests the best possible decisions based on the data sets and initially specified parameters.

The global Decision Intelligence market size was estimated at USD 8,928 million in 2020 and is expected to reach USD 9, 768.98 million in 2021, at a CAGR of 9.74 per cent. Decision Intelligence is not an alternative to current solutions or another tool in the data toolbox. Instead, it is a unifier which brings together complex systems, business intelligence, analytics, machine learning and artificial intelligence into a framework where the decision is the main driver. “Instead of trying to find the tools and methods that store, retrieve, analyse and support data, decision intelligence focuses on the decision first and the data takes on a supporting role”, says Krishna Roy, Senior Research Analyst, 451 Research.

Bridges the Gap

It is common to find a large gap between the decision makers in an organisation, data scientists and analysts. Decision makers feel that they don’t have enough of the right information available to them to make big decisions that could have a significant impact on the business. On the other hand, many data scientists and analysts feel that their models, reports and analysis are not being used to their full potential in the business.

Decision Intelligence helps to bridge this gap, requiring a new way of thinking for both decision makers and analysts. By focusing on decisions first and allowing them to be the driver of everything else, decision makers can do a much better job of working together.

Handles Complexity

Useful data needs to be separated from the junk and business organisations need to draw insights from it. Decision Intelligence could offer a solution by merging data science with social science as it promises to democratise analytics, applying machine learning to data and helping people make decisions. While machines are getting much better at doing the heavy lifting for laborious manual tasks, they still lack the nuance and understanding that humans possess. A Decision Intelligence initiative might mean examining sets of data, running potential outcomes through machine learning models and presenting decision makers with potential courses of action.  

Data Driven Decisions

Almost 91 per cent of companies believe that data driven decision making can boost their business growth but only 57 per cent of them rely on their data. To get a competitive advantage, companies have to correctly analyse the available data, make some predictions, and choose the best option. Artificial Intelligence can take a better look at the data array and find invisible patterns and possible anomalies that can significantly influence the outcome.

Faster Decision Making

According to a recent survey, it is found that only 20 per cent of the organisations are happy with their decision making speed. Others admit that they waste too much time on making the right choice, which is not always actually right. Artificial Intelligence decision making systems speed up the process as much as possible since they are able to process huge amounts of data almost instantly.

Eliminating Chances of Mistake

There are always chances of mistakes that can directly influence the business decision outcomes. Decision Intelligence allows avoiding them all since the correctly programmed algorithms takes an ultimately objective look at the available data. Although smart systems are guided by large input data and they are not prone to mistakes or cognitive biases, they still need human verification, especially in the cases when the decision made can lead to conflicts of interest and values.

Problem Solving Options

Artificial Intelligence powered decision making algorithms can also be quite flexible and highlight several outcomes of a certain decision when one of the parameters is changed. This feature can help the business organisations to make the best choice from a multitude of options, taking into account their current goals and growth strategies.

The Way Forward

Decision Intelligence solutions powered by artificial intelligence will provide an opportunity for businesses to make better and faster decisions within crucial business processes. In this way, the companies can not only unlock the ultimate benefits of being data driven, but also take into account the largest possible array of relevant information when deciding on the next step. To deal with unprecedented levels of business complexity and uncertainty, almost all the organisations will start taking accurate and highly contextualised decisions more quickly with the help of Decision Intelligence in the coming years.

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