Decision intelligence is a term that has caused quite a stir, making its way on lists of top trends for the upcoming year. This discipline aims to assist those who use it, whether it’s small or large businesses, in making more efficient decisions, in a shorter period of time. Its benefits have even caught the attention of several industries, that have either already embraced and implemented the technology, or are thinking of ways in which they can integrate it in the near future. But before we get into how decision intelligence will be impacting industries in the coming time, let’s see how this engineering discipline works.
What is decision intelligence?
Decision intelligence enables systems to arrive to smarter decisions, by helping them analyse huge amounts of information, in order for them to understand how actions give rise to outcomes. Machines are able to therefore assess a series of cause and effects scenarios, and find the best solutions, thus improving the company’s decision-making process considerably. But decision intelligence is not on its own on this complex journey, it partners up with technologies such as artificial intelligence, machine learning, deep learning, or predictive analytics, and together, they assist companies in making the right decisions and meeting their customers’ demands.
Still find intelligent decision-making models a blur? Then, let’s break it down into a few simple steps. The first phase that such a model goes through, is that surrounding the gathering of information from as many sources as possible, among which historical or transactional data can be mentioned. Then, it’s time to analyse the collected data, and draw up potential results; which brings us to the next step, that consisting of tracing available options and seeing exactly how every scenario would play out. So now, after the “contextualize” phase, in which several plans of action are being taken into account, the best solution can be found and the right decision can be made.
Having described the way decision intelligence works, you can probably already spot some of the benefits that this technology has to offer. First off, decision intelligence enables systems to reach data-driven decisions, which means that companies stand a far better chance at catering to the needs of their clients, and therefore gain competitive advantage. Going forward, mistakes and poor decisions are also avoided, and, because we have to highlight what is possibly one of the most appealing benefits as well – decision intelligence provides flexibility. In this sense, in the event that a parameter changes, decision intelligence is capable of offering multiple solutions, from which businesses can choose, while bearing in mind their short- or long-term objectives.
Now that we have explored the concept of decision intelligence and seen how it can assist businesses in their journey to success, let’s look at a few industries too, and discuss how DI can impact them and how they can use it to their advantage.
The medical field has undergone significant changes thanks to new technologies that have revolutionized the industry; and decision intelligence is one of the tools that healthcare will surely make use of more and more in the near future, in order to advance and successfully digitally transform. More specifically, decision intelligence can help physicians in making more accurate diagnoses, interpret medical imagery flawlessly, and prescribe the right treatment for their patients.
Banking and finance
Decision intelligence has various uses in the finance and banking world, making it clear to banks and financial institutions that they must include the technology in their digital transformation strategies, if they wish to keep up with their competitors. In terms of customer satisfaction, DI enables banks to offer more personalized services to their clients, along with suggestions and offers, according to their needs. Furthermore, decision intelligence can also be used in fraud prevention and detection, and in identifying any suspicious behaviour, before it causes any serious issues such as identity theft.
In the “customer era” in which businesses carry out their activity, efforts must be directed towards meeting consumers’ demands and expectations. And in retail, companies know that understanding clients’ needs and wants is all the more important; and decision intelligence is here to help yet again. Retailers use this technology so that they are able to make better decisions in terms of pricing, and therefore, optimise their supply chain. Moreover, DI can assist retailers in keeping an optimal inventory level, and thus obtain maximum profitability and reduce storage costs.
In the transportation industry, if integrated correctly, decision intelligence can help assess the gravity of accidents and identify the best emergency response. And not to mention that the environment can also benefit from the implementation of this technology, given that it contributes to the decrease of carbon emissions.
Decision intelligence is viewed by industries and businesses as a real game-changer. Transportation, retail, healthcare, and finance and banking, are just some of the fields that decision intelligence promises to revolutionize, bringing numerous benefits to all the areas that it’s made its way into.
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