Decision Intelligence Industry Use Cases

With anywhere and anytime access to enterprise data and self-service analytics tools, decision makers still have to face the problem of “too many”. Too many insights, too many metrics, too many reports, and too many dashboards! They need to spend a great amount of time and effort, not in finding insights, but deciding which ones are relevant and which to choose for making the right decision. Louis Freeh summarized the problem of too much information very well in his statement “Collecting intelligence information is like trying to drink water out of a fire hydrant.” Decision makers get inundated with an influx of insights on a daily basis. The key to rise above and get focused relevant insights is Decision Intelligence.

What is Decision Intelligence?

Decision intelligence refers to the process of distilling data and extracting insights that are focused, contextual, and personalized to make accurate decisions quickly and easily.

Decision intelligence uses AI-based technologies to offer targeted recommendations and personalized insights, thus greatly enhancing and supporting human decision-making.

Recognized as one of the top technological trends, decision intelligence is being widely adopted in various sectors to boost the decision-making process. Decision intelligence is solving problems and improving productivity by:

• Supporting human decision-making
• Helping overcome analysis paralysis
• Automating time-consuming processes

Top Use Cases of Decision Intelligence across Industries

Decision intelligence isn't just a buzzword; it's a transformative force reshaping how industries operate in the digital age. Across sectors as diverse as banking, retail, healthcare, manufacturing, and beyond, decision intelligence is revolutionizing operations, enhancing productivity, and unlocking new opportunities. Let's delve into the top use cases of decision intelligence across these varied industries:

Banking and Financial Services Use Cases

Financial Risk Assessment: Decision intelligence can help banking and financial institutions assess, mitigate, and anticipate risks. Bankers can use decision intelligence to detect anomalous transactions, identify high risk customers, and decide credit worthiness of customers.

Fraud Detection and Prevention: Using decision intelligence, banks and financial institutions can identify patterns of suspicious transactions and unusual activities. This way, they can be better prepared to address red-flag situations speedily and protect themselves from frauds and financial losses.

Upselling and Cross-Selling: Decision intelligence provides insights into customer needs and preferences. Banks and financial institutions can use these insights to identify upselling and cross-selling opportunities and service customers with relevant products and offers.

Regulatory Compliance: Banks and financial institutions are required to follow many regulations and compliances. Decision intelligence can be used to detect deviations and suspicious activities that can help avoid breaches, prevent violations, and help comply with regulations.

Retail and Ecommerce Use Cases

Sales and Market Share Improvement: With decision intelligence, sales managers can track latest sales figures across geographies, products, and outlets easily. They can use insights on demand, highest sold products, and competitor pricing to create sales and pricing strategies, boost revenues, and improve their market share.

Personalized Customer Experience: Providing a personalized customer experience ensures high customer satisfaction and retention. Decision intelligence can analyze customer profiles, past transactions, purchase histories, and preferences to provide recommendations and useful insights to improve the overall customer experience.

Inventory Management: Decision intelligence can analyze market demand, popular products, buying patterns, and customer preferences to predict the inventory levels retailers need to maintain to fulfill demand. They can use decision intelligence to maintain optimum stock levels and ensure smooth operations.

Promotion Strategies: Decision intelligence can help retailers craft promotion strategies by deriving insights on preferred channels, effective messaging, and customer response to past campaigns. This way, retailers can identify opportunities, time their promotions effectively, and offer targeted campaigns to boost customer loyalty and satisfaction.

Supply Chain and Procurement Use Cases

Supply Chain Risk Assessment: Supply chain operations are prone to several risks such as transport breakdowns, shortage of product, risky routes, and financial status of suppliers. Decision intelligence can analyze past and present performance to identify potential risks and prevent losses.

Smooth Operations: By identifying potential risks and roadblocks, decision intelligence can help organizations track real-time progress, monitor inventory levels, and prepare contingency plans. This preparedness ensures that optimum supply chains are maintained and operations are run smoothly with minimal disruptions.

Contract Negotiation: Decision intelligence can provide insights on costs, contract conditions, and market trends. Additionally, it can be used to investigate supplier background, their past performance, and offerings to become better prepared to negotiate procurement contracts and make profitable deals.

Cost Savings: Decision intelligence can help evaluate supplier performance and market rates to ensure that they are providing their offerings at optimal costs. Informed decisions can results in streamlined supply chain and procurement processes, efficient operations, reduced wastages, and significant cost savings.

Healthcare Use Cases

Healthcare Improvement: The Covid-19 pandemic proved how important data is to make quick and efficient decisions when it comes to securing the healthcare of people and managing hospital operations. Decision intelligence can provide focused insights on hospital admissions, ongoing symptoms, and effectiveness of medicines. These insights can prove valuable to monitor spikes in hospitalizations and deliver immediate healthcare to curb infections.

Patient Satisfaction: Using decision intelligence, healthcare professionals can analyze patient data, past medical history, and allergies and reactions to provide dedicated treatment. It can also help streamline processes which can lead to shorter wait times, improved quality of care, and increased patient satisfaction.

Operation Efficiency: Decision intelligence can help hospital administration identify most used and underutilized resources, monitor bed occupation, and maintain medical equipment. By identifying peak hours and seasonal impact, hospital administration can make informed decisions on scheduling more staff and accumulating sufficient inventory to serve incoming patients better.

Cost Efficiency: Increased operational efficiency translates into significant cost savings. With decision intelligence, hospital administration can track daily inventory of medical supplies, prevent misuse or unnecessary excessive use of medical supplies, and reduce wastage of medicines due to expiry, thereby reducing overhead costs and ensuring savings.

Manufacturing Use Cases

Production Targets: Decision intelligence can help manufacturers identify lags in processes, understand stages where delays are happening, and monitor performance of various teams involved in production. With these insights, manufacturers get a clear idea of their production and actual targets, identify root cause for delays, and tighten processes to ensure that there are no hindrances and delays in the production process.

Quality Control: A major cause of delays, rejections, and losses is lack of quality control. Decision intelligence can help manufacturers track equipment performance and find out if any deviations are happening or certain products are not meeting the set quality standards. In such cases, they can take corrective actions immediately, thus preventing delay or loss.

Proactive Maintenance: Decision intelligence can help in monitoring the health of production equipment and supplies, following their maintenance schedules diligently, and monitor the quality produced using the equipment that is meeting the standards. Using these insights, manufacturers can become proactive in ensuring repairs and care of their manufacturing assets.

Inventory Management: Managing inventory of raw materials and supplies is very important to ensure a smooth production process and meeting the timely targets. With decision intelligence, manufacturers can make informed decisions on scheduling supply orders, gauging future requirements, reviewing warehouse space, and tracking inventory turnovers efficiently.

Top 5 Benefits of Decision Intelligence

Decision intelligence benefits industries in the following ways:

• Support and enhance human decision-making abilities and reduce possibilities of human errors and bias.
• Bridge the insight gap and overcome analysis paralysis by presenting the most suitable option upfront, without overwhelming decision makers.
• Get real-time insights on anomalies, outliers, segments, patterns, trends, and root causes for making accurate decisions and taking quick actions.
• Make decision makers self-reliant and data-driven in their decisions and increase productivity and confidence.
• Scale quickly with changes in business metrics, adapt to influencing drivers, and become sustainable in the long term.

Gain Decision Intelligence with MachEye

MachEye’s decision intelligence platform simplifies analytics, augments the decision-making process, and enables every decision maker in an organization to make confident and quick decisions. MachEye makes the insight discovery process easy and intuitive with its user-friendly interface, intelligent search, and interactive audio-visual data stories. Using robust AI-powered technologies such as natural language processing, generative content, customizable machine learning models, configurable AI algorithms, embeddable analytics, and direct data connectors, MachEye processes real-time data and extracts insights instantly. With actionable insights, personalized recommendations, and automated business headlines, MachEye ensures that every decision maker is empowered with decision intelligence in their everyday work.