Decision intelligence (DI) is the process of combining data-driven techniques and technologies to make more accurate and faster decisions. Gartner analysts not only declared DI as one of 2022’s top strategic technology trends, but defined it as:
An overarching framework combining various (traditional and modern) methods and disciplines to help support, augment and automate a company’s decision models and decision-making processes.
Lidia Palmi, the Head of Business Intelligence at Wonderflow, firmly believes that Decision Intelligence for businesses can help predict an accurate future for better sales and scalability. Understand better in this 2-minute video!
The special techniques decision intelligence deploys include, for example, decision mapping, decision theories, machine learning (ML), artificial intelligence (AI) or natural language processing (NLP), automation, descriptive, diagnostics, predictive analytics, and more.
In a nutshell:
Data + Artificial Intelligence + Insight = Decision Intelligence
72% of Executives Report Bad Choices Occur More Than Good Ones: Why Is Decision Intelligence Important?
“Decision intelligence is the art of blending data, technology, and human expertise to make better decisions in an increasingly complex and uncertain world.”
– Dr. Lorien Pratt, Co-founder of Quantellia and pioneer in decision intelligence
72% of executives report a higher occurrence of bad decisions than good ones, highlighting the need for decision intelligence to bridge the gap between data and effective decision-making.
Decision Intelligence consists of three levels: support, augmentation, and automation, as identified by Forber’s AI expert Pascal Bornet. While AI and ML excel at data collection and insights generation, they lack a focus on decision execution and outcomes. On the other hand, business process applications automate tasks but have a limited impact on decision effectiveness.
DI integrates these technologies to outperform individual approaches. It:
✔ Links data with decisions, actions, and outcomes
✔ Generates insights
✔ Formulates decisions using 100%-accurate insights
✔ Executes decisions
✔ Continuously improves the system through closed-loop learning
This empowers companies to swiftly act on actionable insights, enabling fact-based decision-making for better outcomes while saving time, costs, and manual labor.
The DI market is expected to reach $39.3 billion (USD) by 2031, growing at a CAGR of 15.2% from 2022 to 2031, opening massive opportunities for growth. Factors driving this growth include the demand for quicker and more accurate decision-making, the need for technologies addressing specific business problems, and the empowerment of various industries through AI and ML to leverage DI.
