Better Decisions with Decision Management
Blog: Jim Sinur
Most organizations have experienced the benefits of Business Intelligence (BI) and Data Science. With AI decisions are about to get better and faster. These are all great leverage points for better decisions, but there is another discipline that will help consistently deliver better decisions. Decision Management is a growing field that helps add some structure to decisions that will he enable many to deliver great decisions with consistency.
An organization’s ability to make excellent decisions will be a huge differentiator in today’s ever changing business environment. The days of leisurely decisions are numbered because of the speed and momentum of business. Also the amount of data, information that is available for any one decision is multiplying in an exponential fashion. More and more decisions will require the assistance from data science and combinations of algorithms with AI assistance.
While organizations will depend on people to leverage their experience and intuition in the best possible decisions, more and more decisions will be leveraging automated assists for human decision making. In the new digital world more decisions will be made in an automated fashion with significant consequences. In fact some decisions will be made at the edge without central control, so learning to manage these kinds of decisions that may be happening in an instant is essential.
Another factor being introduced in the much faster and smarter digital world is the ability to decide on making changes in the operational reaction. These changes could be implemented in procedures/processes, which in turn will help humans change. The ramifications of decisions and their downstream effects require a higher level of decision management.
Decision Management is a new discipline that is growing with importance. Decision Management helps optimize Decisions, Business Intelligence and Data Science. As I write more about this topic in the future, I will rollout a Decisions Management Framework and a Decision Management Platform that will be used together for better decisions. Watch this space.