Introduction to Intelligent Decisioning System
Intelligent Decisioning is the discipline that augments Data Science with theory from social science and decision theory. It is an autonomous approach for making a knowledgeable and concise decision about the systems. Also, it helps the system to process more accurately and concisely. It helps in the decision-making process depending upon the previous knowledge and insights about the taken decision.
The intelligent decision is cognitive-based systems that make an in-depth analysis of decision systems upon their previous insights and forecast a new intelligent, driven system for the intelligent decision making for a particular problem. Intelligent decision software is a combination of an AI-based intelligent system that helps optimize further and make an important decision about the plans or complex problems without using human intervention.
The astonishing pace at which global threats are evolving requires new approaches and fresh-thinking to the way we develop our ideas and technology. Source: How Artificial Intelligence Will Make Decisions.
What is the Role of AI in Intelligent Decisioning?Artificial Intelligence is a key player of technology nowadays as it addresses various problems and helps develop an intelligent solution for the issues. Technologies like Deep Learning and Artificial Intelligence are transforming the world vary immensely and rapidly because of their power to analyze and predict data class and real-world problems without or extremely less human intervention.
- It helps in making the decision system more intelligent by developing intelligent algorithms heuristically when humans do it. To make better decisions, one requires smart data.
- Transforming the industry from its growth to production with a major role.
- AI helps in intelligent decision making, pattern finding from complex data, internal visualization of the images, or getting insights from problems.
Why do we need Decision intelligence platforms?
Organizations need decision intelligence platforms for several reasons. Here are a few of the most important:
- Data Overload: Organizations today generate and collect more data than ever before. This data can come from a wide range of sources, such as customer interactions, supply chain logistics, and market trends. However, this abundance of data can be overwhelming and difficult to process. A decision intelligence platform can help organizations manage and analyze this data, turning it into actionable insights to inform decision-making.
- Complex Decision-making: Many modern organizations' decisions involve multiple factors and stakeholders. Decision intelligence platforms can help simplify and streamline this process by providing data-driven insights to inform decision-making.
- Competitive Advantage: In today's fast-paced business environment, organizations must make informed decisions quickly to stay competitive. Decision intelligence platforms can give organizations the insights and intelligence they need to make decisions quickly and effectively, giving them a competitive edge in their industry.
- Efficiency: Making decisions can be time-consuming and resource-intensive, mainly if the decision involves multiple stakeholders or requires extensive data analysis. Decision intelligence platforms can automate and streamline this process, allowing organizations to make decisions more quickly and efficiently.
Overall, decision intelligence platforms can help organizations manage the complexity of modern decision-making, turn data into insights, gain a competitive advantage, and improve efficiency.
What is Intelligent Decisioning Models?
This software is based on artificial intelligence and intelligent Deep-Cognition models developed using the data and appropriate algorithms. Traditionally, the experts were required to manually identify features that may be useful for a model based on various conditions to detect the most appropriate algorithm. That helped prevent a common machine-learning problem in any problem, i.e., overfitting.
Those models often failed to discern similar patterns in previously unseen subjects in testing. Instead of learning significant features, a model sees patterns and says this belongs to that class or something fuzzy about the data. Intelligent Decisioning models define the rules in which a complete system operates. Standardized analytical models are used to develop and deploy their systems.
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How Intelligent Decisioning is helping the Industries?
In the digital world, where automation is at its rapid growth and adoption, artificial intelligence makes the system more intelligent and scalable. Every organization wants to implement these newer technologies and change its current production work environment and systems. To manage and implement a new system, they first need a proper working plan and then decide based upon it to make it possible in the execution workflow. Humans are already capable of making some profitable and essential decisions for decades. But increasing the complexity of problems might make some instant results and changes in the system. Which is created by humans has proven to be less effective in these instant situations.
To overcome this situation and promote the ad-hoc nature of decision-making systems through an intelligent machine, Artificial Intelligence comes under existence and wants to prove its trade-off. Various organizations, including Microsoft, IBM, and SAP, are currently using a system powered by artificial bots based on AI algorithms to make their decision more productive and effective in very little time.
Advantages of Decision Intelligence Platforms
Decision Intelligence Platforms offer several advantages that greatly benefit organizations' decision-making processes. Here are some key advantages of using Decision Intelligence Platforms:
- Data-driven Decision Making: Decision Intelligence Platforms enable organizations to make data-driven decisions by providing access to advanced analytics and machine learning capabilities. These platforms can analyze large volumes of data, identify patterns and trends, and generate insights to inform and improve decision-making processes.
- Improved Decision Accuracy: Decision Intelligence Platforms leverage advanced algorithms and models to optimize decision-making. By considering multiple variables, scenarios, and potential outcomes, these platforms can help organizations make more accurate decisions, reducing the risk of errors or biases associated with manual decision-making.
- Automation and Efficiency: These platforms automate various aspects of the decision-making process, such as data collection, analysis, and visualization. Organizations can save time and effort by automating repetitive tasks, allowing decision-makers to focus on more strategic aspects of their work.
- Scalability: Decision Intelligence Platforms are designed to handle large volumes of data and complex decision-making scenarios. They can scale their computational power and processing capabilities to accommodate growing data sets and evolving business needs.
- Collaboration and Knowledge Sharing: Many Decision Intelligence Platforms provide collaborative features that enable teams to work together on decision-making processes. These platforms allow for sharing insights, collaborating on models, and facilitating knowledge exchange among team members, leading to more informed and well-rounded decisions.
- Real-time Insights: Decision Intelligence Platforms can provide real-time or near-real-time insights, allowing organizations to respond quickly to changing circumstances. This capability is precious in dynamic business environments where timely decision-making is critical.
- Integration with Existing Systems: Decision Intelligence Platforms often offer integration capabilities with existing systems and data sources. This allows organizations to leverage their existing data infrastructure and tools, ensuring smooth integration and maximizing the value of their investments.
- Compliance and Governance: Decision Intelligence Platforms often include data governance, security, and compliance features. These platforms ensure that decision-making processes adhere to regulatory requirements and data privacy standards, protecting sensitive information and maintaining transparency.
One thing to remember is that the specific advantages may vary depending on the platform and its features. Organizations should carefully evaluate the offerings and capabilities of Decision Intelligence Platforms to determine the best fit for their specific needs and goals.
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What are the Principles of Intelligent Decision System?The principal architecture of an intelligent decision system is described below:-
- Observe and understand the specified problem
- Develop a problem statement and formulate the decision
- Acquire information relevant to the decision that supports the decision
- Identify criteria for the decision.
- Identify different events
- Develop decision models that can be used to evaluate systems
- Evaluate decision alternative
- Recommend decisions according to the given alternative
- Meets the best decision criteria
- Consider the consequence of the decision.
- Gain confidence in decision
- Generation of intelligent decisions
- Implement into actions
In recent years, many system software is being used in different industries to make critical and instant decisions around various topics. Various tools are already running in organizations, making their decision-making process smarter and intelligent.
What are the Tools for Intelligent Decisioning?
There are quite a few tools and software adopted by industries that help them drive real-time insights about decision-making and automate operational decisions at a large scale. Some of the primary tools are:
SAS Intelligent Decisioning combines decision processing, real-time event detection, and decision governance to automate and manage decisions across the enterprises. It helps to make intelligent decisions and make the organization more efficient. Also provides a streamlined analytical model deployment with a combination of real-time analytics and provides rapid decision process creation and management. The advantages of the SAS tool are:
- Reduce risk and improve results by automating operational decisions.
- Manage high volume customer interactions and other enterprises' decisions effectively.
- Streamline business rule management and control operational decisions and policy compliance.
Nexidia turns customer interactions into valuable insights. It helps unlock the insights from the massive amounts of unstructured data such as audio and text contents, makes it searchable, and increases operational efficiency. The advantages of Nexidia are:
- Analyze the large volume of data with efficient order
- Increases operation efficiency and decreases the processing time
- It can be used on various data such as text, audio, video, etc.
AnswerRocket is one of the most efficient tools to make intelligent decisions for enterprises. RocketBots automate the entire analysis workflow in seconds and generate insights from it, which further improves policy making and decision implementing the process. The advantages of AnswerRocket are:
- Automate the complete workflow and analyze the insights from it.
- Provides intelligent decisions upon the generated result.
IBM Watson is an AI platform for business, the combination of cognitive and intelligence. It provides various in-built system platforms used in intelligent decision making, decision optimization, and support application data models and flexible deployment architecture options. The features of IBM Watson are:
- Accelerate intelligent decision making and generate the outcome report based on the generated result.
- Provides smarter decisions based on intelligent and smarter artificial intelligence algorithms.
- Watson is a scalable platform that performs various operations on multiple processes.
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Considerations for Choosing a Decision Intelligence Platform
When choosing a decision intelligence platform, several key considerations must be remembered. These considerations will help you select a platform that aligns with your organization's needs and goals. Here are some essential factors to consider:
- Organizational Requirements and Goals: Understand your specific requirements and objectives for implementing a decision intelligence platform. Consider the types of decisions you must make, the data sources involved, the scale of operations, and any unique industry or business requirements.
- Scalability and Performance: Evaluate the platform's scalability to ensure it can handle growing data volumes and increasing complexity. Consider the platform's performance capabilities, including processing speed and the ability to handle real-time or near-real-time data.
- Integration and Compatibility: Assess the platform's integration capabilities with your existing systems and data sources. It should seamlessly integrate with your data infrastructure, software applications, and other tools you rely on for decision-making processes.
- Cost and Return on Investment: Evaluate the cost of the platform, including licensing fees, maintenance costs, and any additional expenses associated with implementation. Assess the potential return on investment by considering the platform's impact on decision accuracy, efficiency gains, and business outcomes.
- Security and Compliance: Data security and compliance should be a priority. Evaluate the platform's security measures, such as encryption, access controls, and compliance with industry regulations like GDPR or HIPAA. Consider any specific data governance requirements relevant to your organization.
- Future Proofing: Consider the platform's roadmap and future development plans. Ensure the vendor is committed to innovation and up-to-date with emerging technologies and industry trends. This will help future-proof your decision intelligence capabilities.
Taking these factors into careful consideration enables you to make a well-informed choice when selecting a decision intelligence platform that aligns with your organization's requirements and facilitates efficient decision-making.
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Future Trends and Innovations in Decision Intelligence Platforms
Future trends and innovations in decision intelligence platforms shape how organizations leverage data and optimize decision-making processes. Here are some key trends to watch for:
- AI-powered Decision Making: Artificial intelligence (AI) and machine learning algorithms will continue to play a significant role in decision-intelligence platforms. AI capabilities such as predictive analytics, natural language processing, and automated decision-making will enhance the accuracy and efficiency of decision-making processes.
- Explainable AI and Ethics: The need for explainable AI algorithms is increasing as AI becomes more prevalent in decision intelligence. Organizations will focus on developing transparent and ethical decision models that clearly explain the outcomes, ensuring fairness, accountability, and compliance.
- Edge Computing and Real-Time Decision Making: The rise of edge computing technology will enable decision intelligence platforms to process data and make real-time decisions at the network's edge. This trend will be precious in industries where instant responses and low-latency decision-making are critical, such as IoT-driven applications and autonomous systems.
- Augmented Decision-Making with Virtual Assistants: AI-powered virtual assistants will assist decision-makers by providing real-time insights, data analysis, and personalized recommendations. These virtual assistants will act as intelligent decision support systems, enhancing human decision-making capabilities and improving overall decision outcomes.
- Integration with the Internet of Things (IoT): Decision intelligence platforms will increasingly integrate with IoT devices and sensor data to capture real-time information and enable data-driven decision-making. This integration will give organizations valuable insights into operations, customer behavior, and environmental factors for more informed decision-making.
Analytics and intelligent decisions help the current systems become smarter and smarter. The significant advantages of both systems are that they process information in real-time and generate results by finding and correlating insights from the previous data and results. A very keen and deep insight will determine an industry's performance or, more generally, about their works by collecting their previous historical data insights. Intelligent decision systems are significant moves of intelligent minds.