Do you ever feel like you’re making too many decisions and just aren’t feeling their significance or business impact? Well, you are not alone. Even the good old data analytics aren’t making things easier, are they? With so many things to consider and weigh in, how do you even know if you made the right call? So many questions are popping up, and we haven’t even started yet. Let’s just say there’s a genuine answer to your troubles – decision intelligence.
But what could be the benefits of decision intelligence? And how could you develop it? In this blog post, we’ll explore the benefits of decision intelligence and discuss ways to improve your decision-making ability. So, if you’re interested in exploring this possibility further, read on.
What is Decision Intelligence?
We can not begin an article about the benefits of decision intelligence without explaining what decision intelligence is in the first place. Decision intelligence is essentially the application of actionable data insights to deliver efficient, significant, and timely decisions at scale throughout the organization. By utilizing data, decision intelligence aims to assist businesses in making better decisions which leads to an increase in their revenue, a lot of time-saved, optimized processes, and more business opportunities.
Do Businesses Need Decision Intelligence?
Decisions affect a company’s success. These choices encompass everything from hiring new talent to handling business expenses. After all, a 95% correlation between decision effectiveness and financial performance has been found in research by Bain, which looked at nearly three billion business decisions made annually.
At the end of the day, businesses typically follow a similar decision-making process: they gather data, visualize it, identify key insights, and then apply those insights to decisions. However, through this process, the complexity and unpredictability of traditional decision-making is still present. On the other hand, using cutting-edge technologies like ML or AI eliminates this concern and streamlines the decision-making process, thus incorporating decision intelligence within the organization and evolving it into its optimal form.
Need more persuasion that decision intelligence is the way forward? Well, according to McKinsey research, 72% of executives claim that making poor decisions is just as common as making good ones, and the average S&P 500 company loses $250 million annually as a result of poor decision-making. That is why it is really important that businesses invest in advanced decision intelligence processes that can save them a lot of time, money, and problems.
What are the benefits of Decision Intelligence?
Now that we cleared the definition and need for business intelligence let’s state the primary advantages by including decision intelligence in your decision model.
In today’s world, just 57% of businesses rely on their data, even though 91% believe it could aid in their expansion. If a business wants to gain a competitive advantage it must accurately evaluate the information at hand, make projections, and decide on their best course to follow. Including AI in your decision-making process will enable you to closely examine your data sets and identify previously undetected patterns and potential anomalies that could significantly affect your final judgments.
Quickly make crucial decisions
By giving you access to all the information and resources you need, decision intelligence enables you to base your decisions more accurately on sophisticated data rather than intuition or suspicion. Furthermore, since the necessary information is already easily accessible, decisions made with the aid of decision intelligence technologies require less time to complete than those without.
No more biases and errors
Even when your decisions are data-driven there is always the emotional factor that can mislead you. In some situations, such biases can aid in our decision-making. When they go unnoticed, they can also result in fatal errors. Well, with the help of decision intelligence, your biases can be identified, allowing you to take them into account when making important choices.
Multiple Problem-Solving Options
As we mention earlier AI algorithms are used in decision intelligence. These processes can highlight how decisions change outcomes which you can use to solve multiple problems flexibly.
Additionally, you may determine which component of the process functions best and select the finest alternative from a wide range of choices while keeping your goals and growth strategies in mind.
Do intelligent systems always make better decisions than people? Well, not exactly. Despite the fact that they are guided by vast amounts of data and are immune to cognitive bias, they still require human validation. This is especially true when the decision made may lead to conflicts of interest or other issues that haven’t or can’t be quantified through a variable.
That’s why decision intelligence is much more than just AI-powered analytics; it’s a whole new approach to business intelligence. So, if you want your company to be at the forefront of the new BI revolution it is essential that you adapt and integrate decision intelligence within your key processes. The topic is just picking up speed and we’re sure that you’ll be hearing this new buzzword a lot more from now on.