How decision intelligence supported by AI and analytics help businesses?

With the rapid proliferation of technology advances, businesses nowadays are looking to get the most of their technology usage than just insights. They need access to recommendations that help them simplify complex decisions around how scarce resources should be allocated. Most companies make and treat data-driven decision-making as a key objective that helps in executing comprehensive plans effectively. Businesses are also looking to integrate decision intelligence to establish a cohesive decision strategy across the organization.

Decision intelligence refers to a decision model that frames a wide range of decision-making techniques and brings multiple traditional and advanced disciplines together to design, model, align, execute, monitor and tune decision models and processes. It helps turn information into better actions at scale. Garter predicts that over a third of large organizations will have analysts practicing decision intelligence throughout 2023.

Applying decision intelligence provides a structure for organizational decision-making and processes with the integration of machine learning algorithms. Businesses often face challenges when it comes to effective decision making, leading to unsuccessful outcomes. However, integrating intelligent decision models helps them in profitable decision making. Decision intelligence substantially works on major steps, including collecting and observing information, investigating the data collected, modeling actions, and contextualizing and executing the model.

Through intelligent decision models, businesses will be able to make decisions faster, more easily and less expensive than before. It will boost the ability of decision-makers within an organization to make better and more consistent decisions. Decision intelligence software leverages analytics to enable employees, customers and business partners to make decisions using data, analysis and predictions. Companies can also build on top of the machine learning platforms offered by cloud service providers.

As decision intelligence utilizes the most sophisticated technology, its core principle is to reduce the friction between people and systems so that people within an organization can work in partnership. DI tools represent a quantum leap in practical applications of the information that surrounds people. It plays a crucial role in a company's performance improvement. Product leaders who harness best practices have the opportunity to shape outcomes by offering solutions that can be widely adopted.

Though the right DI platform can provide the next level of intelligent automation, businesses must ensure that the platform should allow them to apply decision automation in different levels and a wide array of use cases. A decision intelligence platform must coalesce the process automation, business rules, data and analytics and machine learning technologies. It also should enable human intervention when required for both stateless and stateful decision-making processes. Machine learning is integral to intelligent decision models as it allows people to learn from data, recognize patterns and envisage and categorize cases with certain accuracy.

A true DI model has the potential to make more accurate decisions that provide better outcomes. It also enables faster decisions while eliminating errors like biases and accommodating the benefits of human judgments like intuitions.

Incorporating both human and machine capabilities to reach optimal decisions, decision intelligence can be useful in logistics optimization, demand forecasting, and detecting cause-and-effect chain links. For instance, the Canary Islands-based electricity company Red Eléctrica de España uses IBM's hybrid cloud solution for electricity demand forecasting and optimizing their electricity production. NASA's Frontier Development Laboratory also used DI to build a system that decides the best action to deflect an incoming asteroid.

In the future, decision intelligence may have a major impact on businesses and affect organizations through higher computational power and AI systems.