What is “Decision Intelligence” and How Do I Get It?

Almost everything we do as humans is based on a decision. Sometimes, that decision is minor, such as, “Do I need a jacket today?” Other decisions can affect us and others on a much larger scale. “Should we eliminate a line of products from our business?” When it comes to high-stakes decision-making, it is important to make sure all the possible information and data is considered to inform our decisions and achieve the best possible outcome. However, there are a lot of decisions, and a lot of data, to consider. This is where decision intelligence comes in. 

Decision intelligence is a rapidly growing business practice that combines data science, social science and managerial science to inform business decisions. It is a multi-pronged approach that interprets data like a computer while considering risks and rewards of decisions like a human. By incorporating decision intelligence into your business practice, businesses can expedite their decision-making process by quickly interpreting data, considering the risks and rewards of all possible outcomes and achieving their goals more efficiently.

How Decision Intelligence Works

Simply put, decision intelligence is artificial intelligence that can learn and interpret business trends, scenarios and guide decision-makers on the next big decision. To do this, the system needs to collect data. The more data collected, whether it be purchase history or social media followers, the better the algorithm will understand how your business operates. Include variables and scenarios to make the algorithm learn like a human: what if a barge gets stuck in a canal? What happens if a new COVID variant emerges? Different scenarios help the computer learn how your business can be affected and will come up with different answers to these situations. 

What makes decision intelligence stand apart is by taking data interpretation one step further by considering how actions lead to outcomes. Leverage tools like machine learning and natural language processing to make your machine think like a human does. 

What Can Decision Intelligence Do for You?

With effective decision intelligence, businesses can be better informed on how trends, data and other factors can affect decision making. According to AI Multiple, the amount of data for businesses to interpret is quickly approaching 175 zettabytes, which is an overwhelming amount of information for people to sift through and base decisions on. With decision intelligence in place, decision making can be streamlined and simplified for the most optimal outcomes. The algorithm also can help businesses prepare for different situations and scenarios, and based on the data it receives, can help interpret waves and trends while offering projections and ideas on how to manage upcoming scenarios.

Inform Your Decision-Making with IT/IQ

Decision intelligence is the new way to run a business and inform your decision making. When there is an overwhelming amount of information and decisions to consider, decision intelligence can step in and take on the heavy lifting of managing data and projecting outcomes. This new business practice can benefit all kinds of operations, including retail companies, banks, credit card companies and more. 

If you’re looking to take your business to the next level with advanced analytics and technology like decision intelligence, IT/IQ can help find the right minds for you. We specialize in recruiting the most qualified tech candidates for businesses and can help you find what you’re looking for. Learn more about how we can help you, and contact us when you’re ready to get started recruiting. 

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