The Future of Decision Intelligence
Authors: Maria Casey and Benjamin Trinh
Published: March, 2021
Decision intelligence impacts lives...
Infervision has developed AI and deep learning technologies trained to review scans and detect any early signs of lung cancer. It makes the radiologist's job easier because they can use the data from the AI and diagnose cancer more accurately and efficiently, making treating the cancer that much quicker and improving patient prognosis.
...And safeguards livelihoods
Financial institutions are assuming a risk of accepting fraudulent loan applications and enduring losses. To reduce such losses, Underwrite.ai assesses credit risk for small business and consumer loan applications by analyzing numerous data points from credit bureau data sources. This allows them to apply predictive assessments of credit risk for individual customers. Their system applies advanced artificial intelligence algorithms that use portfolio data to find patterns for low-risk and high-risk loan applications.
The Future of Business Decisions
Decision Intelligence offers profound innovations to the way we assess and make decisions. The process aligns companies' best practices to be more successful, more often.
Through industry evolution, the augmentation of business intelligence platforms with artificial intelligence and machine learning are resulting in comprehensive decision support services. As tools become increasingly embedded and universal an overarching “decision intelligence” emerges as a rapid method for aligning data and providing decision recommendations at the right time and place to increase a decision-makers efficiency.
Decision intelligence is most visible through recommendation engines, which use analytics to predict consumer behaviour and target recommendations that will encourage them to buy more, watch more, consume more of your product. Putting analysis into context quickly allows company representatives to sell quickly and increase their rate of lead to customer conversion. Using decision intelligence to align to company frameworks for best practices creates a unified company approach to decision-making better aligned to company goals.
Decision Intelligence and the Future
The unprecedented acceleration of digital transformation, fueled by the COVID-19 pandemic in 2020, has demonstrated that the adaptability of AI is fueling the digital transformation of every economic sector. Innovative solutions that help solve the complex restrictions of the pandemic will allow businesses to excel through the time of challenge and be in a better position to adapt to the next challenge to be thrown at the globalized business environment next.
The acceleration of AI adaptation is proving to drive economic growth through unprecedented business challenges and is set to remain a driving factor for growth and efficiency throughout the transformation of the 4th industrial revolution. The natural evolution of business intelligence from providing data insights to then predicting outcomes and recommending specific actions.
Incorporating Decision Intelligence into your Business
When the Micado expert team looks into your business data. Our primary goal is to make your business more effective for you.
1. Assessing and cleaning data to make it ready-to-analyze
We will get your business data ship shape and ready for our expert analysis.
2. Doing exploratory analysis
We will analyze your historical data, using descriptive analysis to pick key patterns, trends and common behaviours in the past to customize a solution for your business to reach its optimal potential.
3. We build your recommendation engine
Using predictive analytics and advanced statistical modelling, old data and new data become one as your solution learns and grows with your business.
4. Take action on recommendations
By making decisions faster and more analytically informed your business can ensure reliable improvement in customer experiences.
5. Measure the performance of the model
With real-time data, we keep enhancing your solution. We keep your solution refined and running perfectly so you make the most informed decisions possible and focus on your business.
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