Decision intelligence is a new field that helps support, augment and automate business decisions by linking data with decisions and outcomes. It uses a combination of methods (e.g., decision mapping and decision theories) and technologies (e.g., machine learning and automation) to improve the way decisions are made in companies. Decision intelligence includes continually evaluating decision outcomes and optimizing them through a feedback system.
The term “decision intelligence” was popularized in Lorien Pratt’s 2019 book, Link: How Decision Intelligence Connects Data, Actions, and Outcomes for a Better World, after Google launched its decision intelligence department in 2018. In October 2021, Gartner analysts identified decision intelligence as one of the most impactful tech trends for 2022.
Why is decision intelligence important?
Companies’ successes depend on decisions. These decisions range from market selection to talent hiring to invoice payment authorization. Nearly three billion business decisions are made annually, and research results by Bain show a 95% correlation between decision effectiveness and financial performance.
However, decision making is fraught with challenges, and important or complex decisions are often made by people without enough information, time or experience. According to findings from McKinsey, 72% of executives report that bad decisions are as frequent as good ones, and the average S&P 500 company wastes an average of $250 million per year due to ineffective decision making.
Continue reading: https://www.forbes.com/sites/forbestechcouncil/2022/05/25/is-decision-intelligence-the-new-ai/?sh=1725320f4e42
The term “decision intelligence” was popularized in Lorien Pratt’s 2019 book, Link: How Decision Intelligence Connects Data, Actions, and Outcomes for a Better World, after Google launched its decision intelligence department in 2018. In October 2021, Gartner analysts identified decision intelligence as one of the most impactful tech trends for 2022.
Why is decision intelligence important?
Companies’ successes depend on decisions. These decisions range from market selection to talent hiring to invoice payment authorization. Nearly three billion business decisions are made annually, and research results by Bain show a 95% correlation between decision effectiveness and financial performance.
However, decision making is fraught with challenges, and important or complex decisions are often made by people without enough information, time or experience. According to findings from McKinsey, 72% of executives report that bad decisions are as frequent as good ones, and the average S&P 500 company wastes an average of $250 million per year due to ineffective decision making.
Continue reading: https://www.forbes.com/sites/forbestechcouncil/2022/05/25/is-decision-intelligence-the-new-ai/?sh=1725320f4e42
