Volatile, uncertain, complex, and ambiguous or VUCA is the acronym used to describe the world we are living today. The catalyst is a microscopic creature from virus category named Covid-19 that appears in 2019. The impact is profound to business and society where the survival depends on flexibility and resiliency. In VUCA environment, every decision need to be made cautiously as it holds the key to the sustainability of an organisation. Dependencies on traditional decision making practice alone is no longer reliable. Business leaders and decision-maker in organisations need a better solution that can help them make the right choice in adopting a business strategy to not only ensure the longevity of their organisation but also enhances its growth. With the world today is all about data, one of the best solution is adopting decision intelligence model. What is decision intelligence and its model?
What is decision intelligence?
In 2021, Gartner listed decision intelligence in their top strategic technology trend for 2022 report and defines the term as a practical domain that include a wide range of decision-making techniques where multiple traditional and advanced disciplines are brought together to design, model, align, execute, monitor and tune decision models and processes.
Decision Intelligence Model
Decision intelligence model are based on various decision centric approach which include:
1. Machine learning – A branch of artificial intelligence that centered around the utilisation of data and algorithm to provide suggestion for decision based on specified parameters.
2. Deep learning – An advanced machine learning approach that took into account the previous decision and outcome to make a new or better decision.
3. Visual decision modeling – A part of feature of decision intelligent software that provide visual options and outcomes to human decision makers (business owners/leaders).
4. Complex system modeling – A system that applies mathematical, computational and and statistical techniques to build a complex business logic according to available data and business goal.
5. Predictive analytics – The use of historical data with various analytics techniques such as data mining, statistical modeling and machine learning to make accurate future prediction.
All in all, making the right decision is crucial in every business strategy. With technology or approach like decision intelligence, organisation will be able to make the right decision for the future of their business.
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