Gone are the days when businesses were run solely based on intuition. The market has become extremely competitive and fast-paced so decisions need to be accurate, and they need to be made fast. For years, companies have relied on Business Intelligence (BI), but a new technology is fast emerging—Decision Intelligence (DI). Learn how these two differ and how they can change how you make decisions.
Business Intelligence consists of tools used to analyze business data and turn it into actionable insights. BI focuses its analysis on current and historical data and presents a simple descriptive report on the business’ performance.
Business Intelligence helps answer questions pertaining to past and present performance or what happened. It is also capable of providing insight as to what needs to change. However, BI cannot provide insight on why something happened or predict what will or might happen in the future.
Nevertheless, BI is a valuable support system for decision-making because it gives decision-makers access to relevant data that enables them to make informed decisions. Thus, BI may help in analyzing customer data, but it is still up to the people to interpret the results and make the decisions.
Decision Intelligence, on the other hand, focuses on decision-making. DI integrates machine learning algorithms to analyze the chain of cause and effect and design decision models and processes.
DI analyzes historical and current data to provide insight into more dynamic questions. Its analyses extend beyond the descriptive. It provides insight on why something happened, presents possible decisions, and provides predictive insight on what might happen next.
Decision Intelligence makes decision-making faster and more accurate by making available relevant data, analyzing customer data and all of the company’s data, and providing answers that can be acted on immediately based on the query.
Aside from its ability to provide actionable insights, Decision Intelligence is also much easier to use. It operates on natural language and answers it with a straightforward decision based on insight from data. Thus, the decision-maker does not need to ask multiple static questions then process the insight, just to answer a singular business question.
DI provides a different experience for employees. Analyzing data and making accurate decisions can be done in a matter of minutes with DI.
Business Intelligence is an older discipline that provides valuable insights. However, compared to DI, its insights are rudimentary, heavily relying on human analysis and intuition. Decisions, thus, still take some time, but they are also vulnerable to errors. With Decision Intelligence, analysis and insights are done in a matter of minutes and are free from errors. Yet, DI accommodates human intuition, since it is the decision-maker who makes the ultimate call. Their decisions, however, are well-informed and more accurate.
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