The Basics of Decision Intelligence

We all have heard the term AI in our life. In fact, it has a major role in our today’s life. But have you ever heard about decision intelligence? Is it similar to artificial intelligence or an element of it? What are its advantages and roles in the technical era? How is it transforming business?

 

In this blog we will read about the definition of decision intelligence, its characteristics and role in the technical world.

 

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What is the meaning of Decision Intelligence?

 

Before jumping to decision intelligence let us clear the meaning of decision and its relationship with the term decision intelligence.

 

What is a decision?

 

A decision is basically defined as an intermediate process of machine learning. It may be defined as the choice made after considering several possibilities. Basically, decisions are based on understanding between actions and outcomes. 

 

Decision intelligence further helps in taking and making of the decisions. It analyzes the cause and effect of both and studies the decision model to investigate and improve the decision-making process.

 

Now comes decision intelligence. As the name suggests, decision intelligence is related to decision making techniques. Decision intelligence is defined as a practical domain. It helps in framing multiple decision-making techniques. 

 

Decision intelligence combines multiple traditional and advanced disciplines together to design, execute, model, monitor and frame decision models and procedures. 

 

The advanced and traditional disciplines here refer to the advanced non deterministic techniques, decision management systems, agent-based systems, decision support techniques, descriptive analysis, diagnostics analytics and predictive analytics.

 

Definition of decision intelligence

 

In technical words, decision intelligence is termed as an engineering discipline. It helps in augmentation of data science with the reference to the theories such as social science, managerial science and decision theory. The basic application of decision intelligence is to frame decisions for the organization.

 

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Background of decision intelligence

 

The origin of decision making is as old as eternity. People have been making decisions since the very first life on the earth. Few people consider decision intelligence as an old discipline, while others refer to it as a new discipline. The first proven mention of decision intelligence was found in Dr. Lorein Partt’s book.

 

 

How is decision intelligence different from AI?

 

Now comes the most basic question: to spot the difference between AI and decision intelligence. People often get confused between these two terms and that is something obvious too. The two terms are quite similar. But here is the basic difference between the two.

 

AI refers to the phenomenon of evolution of machines. The machines are embedded with technologies and concepts in such a way that they can mimic the human brain and help in decision making. In simple words, the way through which machines can also think like humans is the process of AI. 

 

AI right now is all set to bring evolution in business data. With certain abilities such as analyzing vast amounts of data, business insights, forecasting models, predictive analysis, there is a possibility of AI going beyond human capability. 

 

But during all these years, AI has lacked a commercial decision-making tool and that’s where decision intelligence turns into a savior.  Decision intelligence is a part or application of AI that serves commercial purposes. 

 

Decision intelligence helps organizations to make faster, accurate and consistent decisions. It uses the concept of AI technology embedded in it and has an unlocking value within it. Decision intelligence works on the idea of making quick and effective data driven decisions. 

 

While AI is serving all life forms on the earth, decision intelligence generally supports the business leaders. Decision intelligence is basically an extension to artificial intelligence. 

 

Or in layman terms, AI is an entire tree, and decision intelligence is a fruit from it. Decision intelligence drives its value for artificial intelligence.

 

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What is the process of decision intelligence?

 

Decision intelligence is a complicated process. It involves the analysis of a complex set of data and then driving key decisions from it. Let us discuss the entire working of decision intelligence in key three points.

 

Data is the king

 

Decision intelligence helps the organization to take firm, faster and consistent decisions. To make these decisions, the technology itself analyzes the information from a set of messy and scattered data. 

 

So, ultimately data acts as a north star for any intelligence technology or software. AI supports decision intelligence by selecting the most validated and related data from the heap of unorganized one. More the amount of data taken in the account, ease will be the process of decision making and better will be the quality of decision framed.

 

Data intelligence further works by breaking business expectations and data silos. It tries to discover a way to eliminate the troubles and barrier kinds of silos between systems and business functions. 

 

As mentioned, AI helps in identifying improved data sources and creating predictive models. This task is a blend of right data skills and right platforms. When the right procedure and technologies are applied, it helps in making data driven decisions. Thus, data acts as a window for the future.

 

Employment of empowered team

 

It is rightly said that the team defines the lead. And for a complex process like decision making there must be a right set of analysts employed. The AI further assists these teams with particular technologies to reduce the time required and empowers them to focus on strategies.

 

The decision intelligence further empowers the team and guides them to do more. It gives teams the ability to work on the outcomes of a decision.

 

End goal realization

 

End goal realization is the most basic and key step of decision intelligence. It is essential to set the target before achieving it. Combining and analyzing the complex and disparate data, decision intelligence helps in setting up an end goal for the organization. The end goals and targets further assist the team and help in business transformation.

 

The working of decision intelligence tools sums up the following techniques:

 

1. Deep learning

 

2. Data visualization

 

3. Future predictive analytics

 

4. Machine learning

 

5. Complex models

 

What are the advantages of decision intelligence tools?

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Advantages of decision intelligence tools

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According to statistics revealed by Gartner, around 33% of business owners are using decision intelligence tools. Here are the advantages of decision intelligence tools in business transformation:

 

1. Faster decisions

 

2. Zero logical errors

 

3. Data driven decisions

 

4. Multiple problem-solving capability

 

5. No binding of emotions

 

6. Supports the technical team

 

7. Estimates end goals

 

(Also see the difference between business analytics and data analytics)

 

 

How is decision intelligence transforming businesses?

 

Decision intelligence is the soul of business intelligence tools. It helps in evolving data analytics. By changing the approach, decision intelligence assists the employees and provides them the data required. The data-driven decisions support non-technical employees by making them stable about the process.

 

The decision intelligence and techniques transform the business by following three steps :

 

1. Data preparation: Decision intelligence helps the institution in preparing the data.

 

2. Data science-focused information: Decision intelligence techniques support the data science-focused information.

 

3. Business analytics: Decision intelligence tools assist business analytics and business intelligence tools.

 

Decision intelligence nowadays is serving the top need of the hour. It is a blessing for analytics and AI driven platforms. It helps in addressing the core of the business by implementing faster, assured, consistent, data driven and quality decisions. 

 

It serves as a standard component for all kinds of businesses. By employing right decision intelligence tools, you can take your business to the next level. 

 

Though, these tools vary from organization to organization depending upon their types and requirements. Decision intelligence tools unlock the ultimate benefits in crucial business processes, by implementing data driven, better and faster decisions. Thus, assists your business needs with long-term projections.