Increasing Need for Data-Driven Decisions is a Key Factor Driving Decision Intelligence Industry
Decision intelligence is an emerging and trending domain that comprises a wide range of decision-making methods and strategies that enables designing, modelling, alignment, and execution of decision models and processes. Decision intelligence helps organizations by providing an automated way to make informed decisions to help them gain a competitive edge in the market and cater to the growing and changing market demands. Decision intelligence can be defined as a discipline of the engineering field that augments data science with theory from social science, decision theory, and managerial science. Decision intelligence is majorly based on the recognition that decision making can be drastically improved if a more structured approach is applied. Decision intelligence often represents a practical application of the field of complex system that helps organizations to seamless navigate the complex systems they are often in.
Decision intelligence is a practical domain that includes a wide range of decision-making techniques that combines numerous traditional and advanced disciplines that include decision management, and decision support, along with techniques such as descriptive, diagnostic, and predictive analytics. Decision intelligence has gained significant prominence in the recent past, particularly with the emergence of COVID-19 pandemic and the subsequent digital disruption that has brought to the front the complexity of business problems and decision-making processes. Decision intelligence acts as the connecting link between massive structured and improved decision making. Decision intelligence has proven to be pivotal in fields such as financial services, healthcare, and supply chain that are increasingly relying on reliable decision-making. Decision intelligence can enable them to gain valuable insights from their data and optimize the capability and potential of artificial intelligence (AI).
In April 2022, Converson, which is the leading AI-powered consumer intelligence technology and insights company, announced the launch of industry’s first suite of subscription-based “Decision Intelligence” solutions that have been specifically designed to leverage conversation data to predict business outcomes such as sales, shareholder values, and customer loyalty metrics along with quantifying the impact of specific actions before they are applied. The company provides flexible delivery of the solutions and is accessible through API, select partner platforms, and through subscription-based dashboards.
Major companies operating in the market include Baidu, Inc., Advanced Micro Devices, Inc., Arm Limited, H2O.ai, Inc., AiCure LLC, Clarifai, Inc., Enlitic, Inc., Ayasdi AI LLC, HyperVerge, Inc., and Iris.ai AS. In April 2022, Pyramid Analytics, which is a globally leading provider of next-generation business analytics for enterprises, announced a strategic collaboration with Amazon Web Services (AWS) by joining the AWS ISV Accelerate Program. The program enables Pyramid and AWS to collaboratively offer customers and partners with resources to accelerate adoption of the Pyramid Decision Intelligence Platform globally to help organizations achieve faster time to value. In May 2022, Pyramid Analytics ranked first in the 2022 Gartner Critical Capabilities for Analytics and Business Intelligence Platforms for the Augmented Analytics Use Case.
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