Decision Intelligence Platform — What is it?
If you are a business/operations/technology leader, you must have considered automating decisions in your organization either partially or entirely with the irresistible influence of AI in today’s world. While AI is revolutionizing how organizations work, Will decision intelligence platforms be a game changer in automating business decisions? Let’s find out.
Decision intelligence platforms empower organizations to model, execute, and deploy partial or fully automated decisions for any use case.
Today decision automation is a buzzword with all the advanced technologies complementing the hassle-free AI adoption for organizations in different industries. Research shows that 85% of AI projects do not meet the key business objectives of an organization, whereas only 10% of AI pilot projects are productized.
IDC reports that in 2023, global AI spending will reach $154 billion, a 26.9% increase from 2022, and by 2026 the AI-centric system’s investment is expected to exceed $300 billion. This shows the potential growth of AI in the coming years and the gap between the expected ROI and the AI projects success rate., especially in decision automation.
A decision intelligence platform aims to bridge this gap by providing a unified, comprehensive platform housing all the requirements of decision automation, including traditional and advanced techniques to support semi and fully-automated decisions.
How to identify the right decision intelligence platform?
A true decision intelligence platform provides the next level of intelligent automation, enables organizations to apply decision automation at many different levels, and caters to a wide range of use cases. A comprehensive platform must combine technologies like process automation, business rules, data & analytics, robotics, and machine learning to process human intervention when needed for stateful and stateless decision-making processes.
Here is an outline of what a decision intelligence platform must include. They are,
Operational Decisions
A significant part of business decision automation is understanding how operational decisions work and their impact on the business. It is essential to include operational decisions and decision modeling as important parts of the decision intelligence platform.
Business Rules
Business rules are an essential part of organizations. They are crucial as they include laws and regulations and incorporate internal and external policies. A decision intelligence platform must model, understand, and automate business rules.
Data and Analytics
The Decision intelligence platform should bridge the data and analytics gap. It is more than just dashboards when it comes to decision intelligence platforms. It collects, receives, and connects to different data sources and shares the required structure from the raw data for decision-making. The insights you get from the dashboards should be translated into decision-making suggestions.
Machine Learning
Machine learning enables learning from data, identifying trends and patterns, and accurately predicting, forecasting, and categorizing cases, which makes it a critical part of decision automation and decision intelligence platform. Business rules mining enables organizations to change the problem of probabilistic scenarios to more deterministic cases.
Decision Robotics
In decision automation, parts of it will need manual intervention, like interacting with systems, validating applications and forms, and accessing data inside the existing solutions and processes of the organizations. Decision robotics will address this challenge by automating manual touchpoints as part of the solution.
Business processes
Business processes orchestrate everything around decision automation, manage the states of different components, and enable human intervention as part of the decision intelligence platform. Orchestration is a critical part of the decision intelligence platform as it brings all the components together and integrates the solution successfully into organizations.
Decision-Centric Approach®
All the above-discussed elements are the required technology and the tools. The most crucial aspect you need is the right approach to build a comprehensive platform. As the decision intelligence platform will combine multiple mindsets and techniques to deliver business value, a methodology on what to make, how to make, and how to deliver is as important as the tooling. The decision-centric approach provides benefits like Increased business agility, better business-IT alignment, Better customer-centric experience, Faster high-quality decisions, Improved business value, better collaboration, better innovation, and empowered leaders.
Takeaway:
With the right technologies and the right approach in place, Decision Intelligence platforms enhance the transparency and improves the speed and quality of business decisions. Now, you can make decisions that are aligned right with your key business objectives, helping you to achieve your goals even in the constantly changing complex business environment. For a comprehensive Decision Intelligence Platform, you can check out FlexRule X-The Next-Gen Decision Management and Automation Platform.
To know how to get started with your first decision intelligence project, stay tuned for the next blog in the decision intelligence series.
