What is Decision Velocity?
Decision velocity is the use of data to rapidly make informed decisions. Through the combination of analytics, automation and AI, organizations can vastly improve decision accuracy and velocity.
Why it matters
While human teams may require weeks or months to reach strategic or operational decisions, computational systems can execute hundreds or thousands of decisions per second. Closing this velocity gap — without sacrificing accuracy or accountability — is the core competitive advantage unlocked by decision intelligence platforms.
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Related concepts
Decision intelligence is a data-driven process that enables you to rapidly make faster, more accurate fact-based decisions rather than relying on intuition or gut feel. The approach combines decision-making techniques with AI, ML, contextual intelligence, and automation to generate actionable business recommendations. Rather than replacing human judgment, Decision Intelligence augments human ability to make better and more consistent decisions.
The OODA loop (Observe, Orient, Decide, Act) is a framework for decision-making that emphasizes filtering available information, putting it in context, and quickly making the most appropriate decision while remaining adaptable as new data emerges. The process involves collecting relevant information, recognizing potential biases, deciding and acting, and understanding that adjustments can be made with additional data.
Intelligent automation (IA), also called cognitive automation, is the use of automation technologies — artificial intelligence (AI), business process management (BPM), and robotic process automation (RPA) — to streamline and scale decision-making across organizations.
Machines generate recommendations for decisions, including an expected business outcome — for example: "Buy X units from supplier Y, then you will save $Z million." The machine proposes the decision, but people make it. The user accepts, rejects, or changes the recommendations for a decision.