Using an AI-based Decision Intelligence Platform is not just the “It” thing that’s in today; it actually unleashes valuable insights based on the data you feed it. In this post, you’ll learn more about what decision intelligence includes and what you need to boost your business using this.
Artificial Intelligence (AI) has been emerging loudly and quickly into the technology industry over the past couple of years. It offers incredible use-case scenarios in many situations, particularly in helping humanity’s everyday needs. As a business owner, you probably know that constant growth is critical for future endeavors, and using an AI-based Decision Intelligence Platform could help improve your business efficiencies. Luckily, you probably won’t even have to do much as artificial intelligence (AI), and machine learning handles more and more with each interaction.
What is a Decision Intelligence Platform?
Let’s first take a look at the roots of a Decision Intelligence Platform: decision intelligence. It is an area of artificial intelligence that focuses on supplying data-driven insights and recommendations to assist enterprises in making better decisions. It uses algorithms and machine learning models to collect and analyze enormous amounts of data and offer useful insights to enhance overall decision support for business decisions.
The Decision Intelligence market is expected to reach $17bn by 2027 (ReportLinker). More businesses and more products are joining this ecosystem to be a part of the technology of the future that fully utilizes massive amounts of data to create decision models and processes to streamline data-driven decisions.
At the heart of it, these platforms help you with analyzing data while improving decision-making techniques in order to accelerate the decision-making processes. Large amounts of data can be analyzed using an AI-based decision intelligence platform, offering insights and suggestions to help people make better-informed decisions. Apart from making better decisions, it will also save large amounts of time and money that could be spent on a whole team to do the job, which may not make “as good” of decisions as a rules-based AI could.
Benefits of using an AI-based Decision Intelligence Platform
An AI-based Decision Intelligence Platform can predict future company results, lower risks, enhance operations, minimize expenses, and boost revenue. Honestly, what more can a company ask for?
Decision intelligence can be used in a vast amount of applications across multiple different industries. Decision intelligence combines different sources of data, such as Salesforce CRM data and data pipelines, to feed into this decision intelligence technology. These tools will help you grow your business, and because it is computer-based, there shouldn’t be as many human-error-prone mistakes compared to human calculation.
How is AI used in decision intelligence?
AI has huge advantages compared to human-based processes, especially in data science, data collecting, and calculation. Evaluating and comparing data can take time for us, and there is also a strong possibility of making countless mistakes while calculating possible future outcomes, strategies, and expenses. This is the most important part that differentiates AI from humanity.
There is a slight possibility of calculation errors, and because AI doesn’t have feelings or emotions, it aims directly at logical solutions and ideas. There might be different occasions where our feelings and emotions could block our vision or capability of making the optimal call. With AI, you eliminate that possibility and aim directly to result.
Decision intelligence is the application of data and algorithms to assist decision-making. It assists employees and companies in making faster and more accurate decisions. It could impact employee productivity, company analytics, etc.
AI helps companies analyze historical and current data to have an idea of the current situation as well as future endeavors. Oftentimes, companies using AI to make faster and more accurate decisions find increases in efficiencies – and sometimes with revenue.
As always, organizations always need to take thoughtful steps to use AI meaningfully so that it helps them complete the job with the best possible outcomes.
Organizations might face difficulties with complex problems, and even a whole team might not be able to solve them optimally. Designing a new product for a new market would be an example of this matter. As long as you have the right data, AI will lend you a hand in every multilayer problem you face.
It’s also a tool to improve risk management as AI will help you label a price that will be on-point both for the business and their customer. Risk management has always been complex for the majority of businesses, but with AI’s help, it is no longer one of the biggest issues.
Using Contextual Decision Intelligence to perform better
In most businesses, there are some milestones and crossroads that are met with hard-to-take decisions that are needed for the future. Using Contextual Decision Intelligence (CDI) is the best tool that you could use in these situations. CDI will make decisions and help you out with its recommendations on a certain contextual scenario. For example, e-commerce businesses benefit greatly from it as it helps them grow their business by making decisions by looking at real-time and old data to draw a new way to the firm.
Retailers hold a vast amount of customer data, and they must know which product is selling fast, which makes more money, or which product is sold the least. In this case, using an AI-based Digital Intelligence Platform will help you find your best product and make decisions around it to boost business.
Supply Chain Management
We have seen how supply chains save lives after the global COVID-19 pandemic. Even without a global health emergency, supply chain management is a vital area for many sectors. As the chain gets bigger and more complicated, tech can be used to optimize it all for the better. AI-based decision-making helps predict crisis situations in the supply chain and proactively take precautions to prevent any disruptions. It could help an organization understand if they need to alter storage locations, the number of operators, or other factors to optimize costs.
Marketing and Product
Customer related decisions can also be made with AI-based decision intelligence platforms. Using sales, service, and customer data – such as the data set found in Salesforce, can help predict the next product your company needs to develop and sell, as well as determine how it should be sold.
Performance evaluation decisions that can be made without including human emotions in the mix and by assessing data more transparently, quickly, and effectively. AI can also be used to help guide decision-makers in finding weaker points to optimize the workforce by recommending training or courses.
How to get started with decision intelligence?
You can start with the more straightforward datasets, which could be the data with many historical sets and presents low-risk for your company to test a decision intelligence platform. By starting with these low-risk data sets, you can see the impacts clearly and build an experience with the process so that you can better determine how your company can streamline the process and benefit from decision intelligence sooner.
Once you start feeding the tool(s) with more complex and structured data, you can also tweak settings and algorithms to improve outcomes. After yielding better outcomes, you can also change how you collect data to better feed the decision-making technology in the company. This can be anything from creating more data points to streamlining data availability by reusing your backup CRM dataset to hiring more data scientists.
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