Decision Intelligence: Frequently Asked Questions - SmartKarrot Blog

Decision Intelligence: Frequently Asked Questions

In this blog, let us take a look at some frequently asked questions (FAQs) about decision intelligence.

Decision Intelligence FAQs
Decision Intelligence FAQs

Decision intelligence is a combination of AI, BI, machine learning, and other information to uncover data and help make faster, accurate decisions. Decision intelligence translates AI models into recommendations for the user. DI reduces dependence on human judgement and eliminates bias by finding patterns and relationships. A decision intelligence system addresses tough situations and identifies analysis. In decision intelligence, technology makes things simple for humans and accelerates decision-making abilities. Let us look at some FAQs about decision intelligence.

What is the difference between decision intelligence and business intelligence?

Bi systems are created for reporting about pre-defined questions. Decision intelligence is more outcome-driven. You can look at predictions and recommendations to get the best path. The three key differences between BI and DI are-

  • Business intelligence tools can support a static truth in a portfolio. DI offers a consistent response on best actions and recommendations. In simple terms- if BI provides the dashboard to look at insights, DI makes the recommendations
  • BI collects only historical data and shows insights. DI collects all information- predictive and new to give recommendations.
  • BI gives the information but reaching the end goal is time consuming. DI delivers a plan in real time leading to quick, accurate decisions.

What is the thinking process behind decision intelligence?

Decision intelligence process can be improved with testing and feedback loops-

  • Decision intelligence can be used to understand the problem and its scope. It has been noted that even the most complex or simple problems are not understood in their depth. You can focus on understanding the problem with adequate research.
  • DI will also help you frame the decision, define its limits, and act as per capabilities and resources.
  • You can also know where to put the money into and which options to ignore. For example- If your company has no budget to implement a certain decision, you can know through DI whether pursuing it will yield the expected ROI or not.
  • With decision intelligence, you can know and ascertain the outcomes and costs of every option. You can pick anything- a list of pros and cons, or SWOT table, or a formula, or maybe even a complex algorithm.
  • The next step would be to pick the preferred outcome. You can know which decision is positive and which is not. This will help you arrive at decision making in an intelligent manner.
  • Rational decision making allows you to know the outcomes. You can work backward and map the best method to reach your goals. You can also establish processes, determine tools, and chalk the path. This will help you realize the impact you have created.
  • Keep testing the processes regularly. This will ensure adjustments can be made to realise business value.

Where is the decision intelligence market at this moment?

Decision intelligence is a rising field and the market is quite early. Many analysts feel that data intelligence and decision intelligence will grow rapidly in the next two years. As per a Gartner prediction, decision intelligence is set to grow. As of now, many companies are investing in business intelligence. This delivers amazing insights, but it is not focused on decision-making. Decision intelligence market is now all set to become pervasive and an important aspect of analytics. Decisions can be made in an easier, faster, and simple manner. In a few years, the importance of decision intelligence will grow. Decision intelligence will identify key challenges and drivers of growth. You can also assess and uncover potential demands in any market.

What are the benefits on decision intelligence?

A decision intelligence platform improves decision-making and offers recommendations, insight, and context. Organizations can derive value from investments. Let us divert our attention towards the key benefits of decision intelligence.

  • Identify hazards based on past and existing data to suggest actions and management solutions
  • Go beyond dashboards to understand analytics
  • Accelerate insight discovery and automate actions
  • You can also deliver actionable recommendations
  • Eliminate errors like bias
  • Accommodate human judgements like intuitions
  • Make faster decisions
  • Make accurate decisions to take business forward
  • Reduce time taken to take a decision
  • Eliminates chance for mistake

How does decision intelligence use AI?

Decision intelligence leverages machine learning and AI to improve decision-making and augment human intelligence. Decision intelligence helps make the right decisions. With AI-enabled growth, it is possible to handle complex situations that would be ideally beyond human understanding and cognition. You can also automate data analysis and receive meaningful insights and recommendations. AI is like the digital tool that helps you harness AI power with keeping human judgement as the main pillar.

Who can use decision intelligence tools?

Decision intelligence tools can be used by any company. Companies who realize BI dashboards are not enough can use DI to make effective decisions. This can empower the entire organization. The social media strategists, data scientists, business analysts, front office staff, sales managers, product folks, senior executives, C-suite leaders, and tech teams. You can improve targeting for marketing campaigns, engage with customers better, optimize supply chain operations, estimate product placements, and enhance outcomes.

Why does a business need AI?

Any business- small or big needs DI to improve decision making and manage decisions with less effort. Even small businesses have a lot of data and analytics. This needs to be channelized to make the right decisions. Decision intelligence answers major questions like- what is the event? What is the outcome? Decision intelligence helps improve business profit. AI and decision intelligence can

  • Personalize the software and make it adaptive
  • Prevent customer churn
  • Improve product recommendations
  • Optimize price for businesses

How to get started with decision intelligence?

Decision intelligence is being termed as the biggest B2B movement of this generation. Decision intelligence is AI with a purpose and will lead growth, efficiency, profit, and sustainability. Here are the key steps to keep in mind to get started with decision intelligence-

  • The company must have a data fabric in place
  • An experienced SME team is necessary
  • Investment in machine learning and artificial intelligence models
  • Begin with a focused use case
  • Empower employees to decide and act on data
  • A business culture that focuses on driving value as opposed to self-service

Decision intelligence allows users to find connections, patterns, and arrive at the best solution. DI is a powerful tool that can be used to scale effectively by organizations of all size.

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