October 27, 2021
5 Reasons Why You Need Decision Intelligence
Data-driven insights are at the core of every business in the digital era. Decision intelligence (DI) is the answer to the legacy approach of creating spreadsheets and dashboards to consume the data required to inform important day-to-day decisions. Decision intelligence transforms the massive amounts of data businesses collect today into insights and recommendations for action delivered when and where stakeholders need them. It empowers business users to make faster, more accurate, more consistent decisions to drive profit and growth. Decision intelligence does this by leveraging AI, contextual intelligence, and machine learning to continuously monitor your business and then presents users with a unique natural language interface to tell you what’s going on and recommend what to do.
Decision intelligence can help answer follow-on questions such as “why” things are happening or “how” you can affect change by making better and faster decisions. A recommendation is delivered when it is needed and in-context of the business situation faced by the decision maker. By providing context around the recommendation, DI allows decision-makers to understand how their choice will affect their key business objectives before they execute their strategies and how that decision will affect other parts of the business. Ultimately, decision intelligence augments human capabilities and improves the decision-making process with data, algorithms, automation and a modern, interactive user experience.
The ability to instantly go from “what” to “why” to “how” in an agile and adaptive way, is vital for every business in the digital era. Decision intelligence enables a much more contextual and data-driven decision-making process than traditional BI tools and dashboards. According to Gartner, “By 2023, more than 33% of large organizations will have analysts practicing decision intelligence, including decision modeling.” If you’re still on the fence about decision intelligence, here are five reasons why you need it for your business.
A recommendation requires business context applied to data and insights. Decision Intelligence will apply context to the data, effectively correlating and synthesizing multiple related insights into a business strategy. DI can help “test” the strategy and assess the ripple effect of a specific course of action downstream, so decision-makers instantly understand the impact of their decision on adjacent areas of the business. DI continuously monitors your environment and delivers recommendations to optimize business outcomes that make sense for the entire enterprise, not just one department.
2. Actionable Recommendations
Decision Intelligence goes deeper than a dashboard by accelerating data exploration and looking at every factor in your data fabric to surface key drivers impacting your metrics, in seconds. It then delivers recommendations, not just insight, to accelerate and simplify decision-making. Business users immediately see the potential benefits and risks of their actions, in alignment with their business objectives. Clear, intuitive recommendations presented through a unique UX engage and empower users to make the best decision.
3. Reduce Decision Latency
”A decision in time can save nine”, stands true in today’s business environment where inefficient decision making wastes time, money and productivity. As time goes by after a critical event, your ability to optimize the results of your decision steadily declines. Decision intelligence reduces the time it takes to make a decision in response to a business or marketplace change. It helps users immediately evaluate different scenarios and outcomes so they can make decisions and take action when it matters most – in the business moment. DI delivers time sensitive recommendations to support collaborative decisions while fully explaining and defending the recommendation with evidence.
4. Eliminate Biases
Many decisions are made on gut feelings, especially when humans have to dig through dashboards for insights. Decision intelligence will augment human capabilities in the decision-making process with data and algorithms, thereby eliminating bias and enhancing the quality of decision-making. DI-powered recommendations deliver consistent and unbiased recommendations driven from the data itself. The system learns from user interactions, content consumed, data sources used and data attributes frequently employed to personalize the experience for every user and improves itself over time, increasing trust with a decision-maker.
5. Unlock Immediate Business Value
Decision intelligence eliminates the long, manual data analysis process (and biases) that keeps your organization from making smarter, data-driven decisions. It can handle complexity beyond human cognition and fundamentally improves the speed, consistency and impact of your decision-making. Decision intelligence eliminates the guesswork and decision latency traditional dashboards can pose by presenting insights and recommendations in-the-business-moment to support decisions-making. Decision-makers can easily comprehend data points in the context of their business responsibilities and deliver immediate business value.
These are just five reasons why decision intelligence is being embraced by businesses across industries from retail to finance and manufacturing. You can learn more about Diwo’s Decision Intelligence platform at diwo.ai/faq