Tag: Decision Intelligence

• Embracing AI to Enhance Decision-Making

  In today’s fast-paced and ever-changing business landscape, making informed decisions is crucial for success. As businesses strive to stay ahead of the competition, they are turning to the latest technology to streamline their decision-making processes. One technology that is revolutionising the way businesses make decisions is Artificial Intelligence (AI).

  AI is the ability of machines to replicate human intelligence, enabling them to learn from data, recognise patterns, and make decisions. Its significance in the business world cannot be overstated. In this article, we will explore the rise of AI in business decision-making and how it is changing the game for businesses across the globe.

  Using AI to enhance decision-making processes has numerous benefits. It improves accuracy and efficiency, reduces human error, and enables businesses to analyse large amounts of data quickly. Many businesses have already started using AI in their decision-making processes, from predicting customer behaviour to optimising supply chain management.

  However, implementing AI in decision-making is not without its challenges. One of the biggest hurdles is the lack of understanding and knowledge of AI. Some businesses also resist change, while others are deterred by the cost of implementing AI technology. Ethical concerns also arise, especially in industries where human judgement is crucial.

  Despite these challenges, the future of AI in business decision-making looks promising. Experts predict that AI will continue to evolve and play an even bigger role in decision-making processes. Its potential impact on businesses and industries is enormous, making it imperative for businesses to adapt to the changes brought by AI.

  It is clear that AI is playing an increasing role in the business decision-making processes and its significance cannot be ignored. As we move towards an AI-driven future, it is crucial for businesses to adapt and integrate AI into their decision-making processes to stay ahead of the competition.

  The Role of AI in Business Decision-Making

  AI is being used to enhance decision-making processes in businesses across various industries. By analysing large amounts of data quickly and recognising patterns, AI can provide valuable insights that humans may not be able to identify. This technology is being used in various ways, from predicting customer behaviour to optimising supply chain management.

  One of the biggest benefits of using AI in decision-making is improved accuracy and efficiency. With AI, businesses can make decisions based on data-driven insights, reducing the risk of human error. This can lead to better outcomes and increased profitability.

  Another benefit of using AI in decision-making is the ability to analyse large amounts of data quickly. This is particularly useful in industries where data is constantly being generated, such as finance and healthcare. AI can sift through this data and provide insights that humans may not be able to identify.

  Many businesses have already started using AI in their decision-making processes. For example, Amazon uses AI to predict customer behaviour and recommend products, while UPS uses AI to optimise its delivery routes and reduce fuel consumption.

  Overall, the role of AI in business decision-making is becoming increasingly important. As businesses strive to stay ahead of the competition, they are turning to AI to provide valuable insights and improve decision-making processes.

  The Future is Now: Embracing AI Technology in Your Business Decision-Making

  AI technology has fundamentally changed the way businesses make decisions, and its impact on businesses and industries is only set to increase. With its ability to improve accuracy, efficiency and analyse large amounts of data quickly, AI is becoming an indispensable tool for businesses seeking to stay ahead of the competition. As we move towards an AI-driven future, businesses must adapt and integrate AI into their decision-making processes to keep up with the changing landscape. So, why wait? Embrace AI technology now and revolutionise your business decision-making today!

  August 18, 2022

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  Baibi Australia

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  Insights

  Artificial Intelligence, Decision Intelligence

• Using AI to Boost Decision Intelligence

  Decision intelligence (DI) connects AI and human decision-making to form more intelligent conclusions, leading to improved results.

  Many business decisions rely heavily on data and analytical models designed for the current business conditions and when the context changes, the effectiveness of the decisions may be compromised or fail to keep pace with the rapidly evolving marketplace.

  Effective decision making in today’s complex and disrupted business environments must be contextual, connected and continuous to drive good outcomes.  It is systems, it is people, it is management, and its is directional.  DI needs direction to be impactful.

  With the evolving requirement to make ever-faster decisions leveraging disparate data systems that are constantly in use, organisations are using increasingly complex techniques, involving multiple stakeholders and choices, that must bring together a wide array of data to facilitate effective decision making.

  In a recent Gartner survey on making better business decisions, 65% of respondents said the decisions they make are more complex than just two years ago, and 53% said they face more pressure to explain or justify their decisions.

  People are making a lot more decisions in today’s organisations.  Not all of them are correct, not all of them are incorrect.  With DI, it’s not the amount of decisions, it’s the impact of the decisions you make and moreover “don’t make” that has the greatest impact.  So how do you choose the right ones to make?  Which will have the greatest positive impact?

  Capabilities must improve to make the best possible decisions in an agile and flexible manner, rapidly, accurately and in the shortest possible time.

  As lines between strategic, tactical and operational decisions also become more blurred, leveraging Decision Intelligence to improve decision making can drive better business outcomes while creating a new core competency by reengineering decisions in a way that deals with the increased complexity and uncertainty of your marketplace.  There is just as big an improvement in people, their output and their resilience/commitment to the business, as there are revenue increases and cost savings.

  Decision Intelligence delivers cross-organisational decision sustainability by building models that use principles aimed at enhancing their traceability, relevance, trustworthiness and replicability to develop decision making systems that are increasingly contextual, connected and continuous. 

  Decisional awareness requires systems that are more connected on all levels, hierarchically and operationally, in a manner that facilitates sharing of data and insights across organisational boundaries.

  Every decision affects other parts of the enterprise and ecosystem.  No decision stands on its own and decision alternatives need to be evaluated in a context-sensitive manner that looks beyond the scope of the individual transaction or event.  DI wants you not to see just linear steps.  DI needs you to see panoramically…and set up the right way Decision Intelligence can help you to do that.

  Decision making is becoming a continuous process that needs to be responsive to opportunities and disruptions across the entire enterprise.  Effective decision making that is contextual, connected and continuous can result in a host of business benefits, including greater transparency, accuracy, scalability and speed, that result in improved results and increased profitability.

  Decisions should be a trusted, reliable core capability for every business. Without making effective and efficient decisions, the organisation will be blind to changes in market conditions, customer perceptions and behaviours. DI sets up the business to have multiple ‘Canaries in the Mine’.  After all, who likes surprises.

  Effective decision making, reengineered to be contextual, connected and continuous, accounts for any uncertainty and improves the ability to add clarity across the entire operation.  This is part of the human touch where communication is paramount.  DI solutions do not exclude the need for communication in any organisation.

  If you are able to handle more uncertainty than others, comfortably and with skill, then you create a way to differentiate in a competitive environment and a competitive advantage that allows you to evolve and thrive as market conditions change.

  May 12, 2022

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  Baibi Australia

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  Insights

  Artificial Intelligence, Decision Intelligence

• Gartner Research Insights On Making Better Business Decisions

  In today’s complex and disrupted business environment, effective decision making must be connected, contextual and continuous to drive good outcomes.

  Understanding how to make better business decisions is a challenging concept.

  If you’ve ever heard the phrase “we’d be able to make a much better decision on this if only we had data on that”, then you’re not alone.

  By relying heavily on data and analytical models designed for the current market conditions, it is often hard to keep up when market conditions or context change.

  In a recent Gartner survey, 65% of respondents said the decisions they make are more complex than just two years ago, and 53% said they face more pressure to explain or justify their decisions.

  Decision making is a core activity that is becoming increasingly more complex, involving broad considerations and their potential impact.

  Leveraging data and analytics to improve decision making requires reframing what is essential and who or what is involved, resulting in a new core competency that drives better business outcomes.

  Developing decision intelligence competencies does not require every decision to be reengineered, rather it’s about applying a reengineered thought process around decisions that can’t be made effectively with a traditional approach.

  Start using decision intelligence in your business by considering the data you need and what data you could exploit to understand the elements of the decision making process that are best left to people or what should be handled by technology and determining what collaborations are most important to get the business intelligence to make better decisions.

  Consider how to make decisions with a contextual, connected and continuous mindset.  Engage stakeholders early in the process to discover what data and which insights would enable more impactful outcomes.

  Decisions should be a trusted, reliable core capability for every business.

  Decision making, reengineered to be contextual, connected and continuous can account for uncertainty while adding new clarity to business decisions that can become a competitive advantage.

  Follow the link to read the complete Gartner Analysis on How to Make Better Business Decisions.

  April 29, 2022

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  Baibi Australia

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  Insights

  Decision Intelligence