In the growing world of supply chain, industry leaders must look to innovative methods of development to advance the decision making process in their businesses. Decision Intelligence combines elements of decision management and decision support with artificial intelligence. This creates more efficiency, promotes sustainability, and improves predictability and alignment. With the shakeup of 2020, decision intelligence has come into focus as supply chain leaders’ choices become ineffective due to their execution time – taking too long (Gartner). With the infusion of artificial intelligence, we are able to create stronger connections that lead to a better outcome.
What is decision intelligence?
Decision intelligence is a data-driven process that helps businesses make efficient, more accurate, fact-based decisions. According to Gartner decision intelligence is a practical discipline that assembles a broad range of decision-making techniques that bring together multiple traditional and advanced disciplines to design, model, tune, implement, monitor, and tune decision-making models and processes
Concerns with current decision making models
In a survey of 1,200 business leaders, those in the C-Suite said they spend more than 30% of their working time on decision making. With greater emphasis on urgency than ever, decision making speed is no exception. By constructing higher level decision intelligence, businesses are able to combat the ineffective points of the decision making process such as:
- The time span endured to execute a decision, as it can often prolong to a point where it becomes detrimental and data expires
- Unpreparedness for the outcomes of decisions being made
- Disconnect between the steps of the decision-making process, leading to combatting result
Decision Intelligence – Best Practices for Implementing
What is business intelligence? When implementing decision intelligence, there are three principles to follow as outlined by Gartner: relevance, transparency, and resilience. These principles go hand-in-hand with the decision intelligence model created by Gartner. They lead to more sustainable decisions that are likely to lead to more success.
Relevance refers to ensuring that every decision being made has a contribution to the final goal of the process. When decisions remain relevant to the goal, it can help combat the issue of the decision-making process. Often this lasts longer than anticipated and delays final results. Relevant decisions lead to more timely actions.
Transparency involves creating clarity in the outcomes of actions, as well as clarity between those involved in the decisions. With the use of artificial intelligence, it allows for clearer predictions and implementations of decisions being made.
Resilience is immensely important in any decision-making process, especially in today’s society. This is because of unpredictability. They can affect businesses and the supply chain when we least expect it. Creating decisions that are resilient allows for more security and more intelligence.
How can supply chain leaders make better decision with business intelligence?
Is your business looking for ways to make better decisions? Business intelligence will help you do just this.
As decision intelligence software expands, AI Multiple predicts that businesses will be impacted as:
- Managers will be better supported through the power of AI so they can make improved decisions with better insights and more accurate results
- “AI agents can make decisions of their own,” which leads to better timeliness
ConverSight imposes stronger decision intelligence on the supply chain through an AI assistant, Athena. She understands user behavior, context and intent to offer personalized insights and actions. The insights provided are used in the decision-making process to increase intelligence and create sound outcomes.
Regarding transparency and the automation of data sharing, ConverSight has an option to provide the insights embedded in a webpage. These insights can be shared with anyone inside or outside the organization through a simple conversation.
As a response to the unprecedented disruption brought on by unpredictable changes in customer demand, ConverSight launched a COVID-19 initiative. This initiative directly addresses these challenges and increases resilience and relevance through:
- Decluttering and achieving visibility across distributed data sets to see inventory levels, price fluctuations, customer demand and stock levels
- Identifying and adjusting supply and demand to optimize cash flow
Request a demo of ConverSights decision intelligence platform.