Gartner defines Decision Intelligence as a practical domain bringing traditional and advanced disciplines together to design, execute and monitor decision processes. It uses techniques such as descriptive, diagnostics and predictive analytics.
Decision Intelligence combines data sources with analytics and simulation tools powered by Artificial Intelligence. It empowers humans at every level of the company with fast actionable data-powered insights. Sounds familiar? This is exactly what Small Data is for – and why at MyDataModels we are preared for the next revolution to come!
What is Decision Intelligence?
Decision-making is key to Business. Everyday, at every stage of a company, people have to make fast, accurate decisions to move the company forward. But how to be sure that this is a good decision? How can business experts assess the risks and guarantee the success of their choices?
The modern-day indecision of business leaders is a much-discussed topic, especially as our post-pandemic habits changed a lot. Moreover, the confusion entailed by too much data didn’t help either. However, Small Data changes decision-making for these exact two reasons with fast, clear, understandable and actionable insights to guide the decisions.
But what if we could go further than Small Data basic analysis to get immediate prescriptions about next best actions? That’s where Decision Intelligence platforms come in. They complete existing Analytics platforms by adding Data Science and Artificial Intelligence through Machine Learning. They allow Business experts to clean data, analyze it and give predictive insights on a specific business issue.
Sounds a bit blurry? Let’s have an example with predictive maintenance. By combining the data coming from all the sensors of a machine before and when a failure happened, a maintenance engineer has a complete view of what happened. But how to identify the key reasons why it happened, and how to make sure it won’t happen again?
Experience plays its part, of course. But a Decision Intelligence platform will complete the maintenance engineer expertise by analyzing the past labeled data with Artificial Intelligence algorithms. It will determine the key reasons why a machine fails and under which conditions it happens. Moreover, it will propose simulations and scenarios to prevent future failures or anticipate them.
Small Data: Big impact on business revenue
In a nutshell, Decision Intelligence platforms complete Human expertise by providing data-driven explanations of events and simulation tools to guide future decisions. Decision Intelligence applied to Small Data will have a Big impact on business revenue of every industry and at every level, as Artificial Intelligence generalizes within our daily work life.
At MyDataModels, we are working on a Decision Intelligence Platform to deliver fast, accurate insights to improve your decision-making. This platform is based on our proprietary trusted AI technology, developed for 10 years. Want to know more about it? Feel free to reach!