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When reading the title you may assume that decisions are solely made based on people's knowledge and experiences. However, the decision-making process can depend on more than collective knowledge through the use of artificial intelligence. By utilizing Decision Intelligence, people are able to analyze large sets of data to help them make better and faster decisions.
Decision Intelligence can help companies make accurate, consistent, and timely decisions to solve specific problems in their line of work. This doesn't necessarily mean that a human’s role will be diminished or become obsolete, rather AI will enable professionals to build a comprehensive picture of the status quo and make the best possible decision at any given circumstance. There is no doubt that Saudi Arabia is making use of Decision Intelligence as it strives to achieve the goals of Vision 2030. In this context, the government organized the “Launch” event in 2021 to support creators, innovators, programmers, and developers, with the aim to assist companies in project implementation and expansion plans.
Important figures and statistics
Research shows that the use of more data is always better when making strategic decisions. Utilizing the power of data, research indicates that by the end of 2024, 75% of organizations will leverage AI such as machine learning and natural language processing to provide powerful insights into operations and supply chains. By 2023, research suggests that one-third of large organizations will use Decision Intelligence technology and decision modeling to support their decision-making process. The sector is rapidly evolving globally and the Decision Intelligence market is expected to grow to $17 billion by 2027.
Tips to get started with decision intelligence
1- Start slowly
The best way to start is to use a specific, low-risk process with a wide range of applications, because it’s important to realize that decision intelligence is not a one-off task, but instead a continuous process. The approach should be continually adjusted based on the feedback received. The key is to look at Decision Intelligence as a viable option to develop a business. One example would be for online retailers to use product recommendation engines to take advantage of all optimal options provided.
2- Take advantage of new data and tweak your algorithms
The more Decision Intelligence is used, the better the results will be, and the more opportunities a business will have to improve. Many companies use algorithms to sort transactions into behavioral profiles in order to predict if a particular transaction is fraudulent. More data should be incorporated into a Decision Intelligence strategy as decisions become more and more complex, and tweaking algorithms will also help improve the quality of results.
3- Rely on decision intelligence in complex processes
When the decision-making process includes many complex steps, final decisions are more likely to be ambiguous and carry greater risk. Intelligent systems may not be able to replace all decision making, but they are able to increase the likelihood of reaching effective decisions. In this matter, relying on Decision Intelligence to generate reports, trends, and correlations is a necessity.
4- Watch out for biased data
People unconsciously rely on their experiences, interpretations, and even gut feelings when looking at a particular set of data which can potentially lead to biased and unbalanced decisions. Therefore, it’s important to carefully manage these biases when they occur, especially if they are under the influence of diverse cultural settings. There are instances or situations where data-driven recommendations go against any logical reasoning, a result of misusing technology which can set an organization back many years. Therefore, there will be a strong need to have a data analyst involved when reviewing data to assist in the decision-making process.
5- Use unusual contexts
In many cases, making the right decision is near impossible, since there are many unpredictable external factors that can influence an outcome, such as a financial crisis. So Decision Intelligence technology alone won’t help in making the right decision. As a leader you have to use your capabilities, insights, and experience to solve problems and overcome challenges.
Increasingly, the business sector is moving towards widely adopting Decision Intelligence and the use of AI in the decision-making process. Every business will need data-driven intelligence to help them make more accurate strategic decisions faster. Anyone can always start experimenting with Decision Intelligence technology to better guide the business that they are working in.
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