#65: 3 Steps To Implement Decision Intelligence in Your Enterprise🪜
Hello,
It’s raining news and articles on Generative AI. What’s new in this space, and importantly, how can leaders leverage it for decision-making? Let’s dive in.
This newsletter will take you about 4 minutes to read.
I. Spotlight: 3 Steps To Implement Decision Intelligence in Your Enterprise🪜
On average, firms invest over $38 million in data and analytics. However, more than 79% of these firms end up with zero or negative returns on this investment.
Why is it rare for analytics projects to identify valuable insights for the target audience? Why do most teams fail to translate insights into actionable decisions? And, when initiatives manage to bridge the gap between data and effective decisions, why do teams struggle to repeat it at scale across the organization?
Chances are that most teams are missing decision intelligence (DI).
DI is the use of actionable data insights to deliver effective, impactful, and timely decisions across an organization at scale.
We previously discussed why DI is the most important data analytics trend and we looked at three elements of every good decision to understand the factors that influence decision effectiveness. We reviewed the three disciplines that makeup DI, namely Cognitive Science, Data Analytics, and Organizational Intelligence.
This article covers a step-by-step approach to implement DI and highlights fundamental principles from each discipline with an industry example. We’ll also discuss how a semantic layer helps orchestrate DI at scale across businesses.
1. Cognitive Science: Better Understand the Decision-Maker and Their Audience
Decision-making is the cognitive process of selecting a course of action among several possible alternatives.
The two key parties involved in any decision are the decision maker (self or a third party) and the target stakeholder (those who act on decisions or get impacted by them). The discipline of cognitive science helps understand both these sets of stakeholders using techniques to decipher how the human mind works.
II. Industry Roundup:
1. Article: What’s New in Artificial Intelligence from the 2023 Gartner Hype Cycle
05 minutes | Gartner | Lori Perri
Generative AI has surged, reshaping industries and workflows. The 2023 Gartner Hype Cycle™ highlights transformative AI innovations, pinpointing generative AI and decision intelligence as key areas for investment. With AI impacting content discovery, creation, and more, there are innovations both fueled by and fueling generative AI's advancement. Early adopters will gain a significant competitive edge.
2. Article: How Capital Group Is Mobilizing For A Generative AI Future
05 minutes | Forbes | Randy Bean
Capital Group, a $2.3 trillion investment giant, is diving headfirst into Generative Artificial Intelligence (GenAI). Amid both hype and skepticism, 56% of global executives feel pressured to adopt GenAI within a year, says an IDC/Teradata survey. From generating marketing content to code development, the company is rolling out GenAI experiments. All this while keeping a "human in the loop" for checks and ethical balances.
III. From my Desk:
1. Recognition: LinkedIn ‘Top Voice’
1 min | LinkedIn
Happy to share that I've been recognized as a LinkedIn 'Top Voice' in Artificial Intelligence! My focus on AI has been to help leaders drive Decision-making and deliver transformational business growth. Conversations on LinkedIn have been truly two-way for me: I've learned as much (or perhaps more) through conversations and comments from you. We are at a critical juncture with AI & we need to have a lot more critical conversations on impact, ethics, and trust. Let's continue...
2. Video: My latest Speaker Reel is out!!
05 min | YouTube
My keynotes and executive workshops are all about the power of AI & Data storytelling in transforming business decisions. Over the past decade, I've helped hundreds of global orgs & executives deliver value from data through advisory workshops, consulting, and corporate training. My speaker reel offers a snapshot of what the audience can expect from my talks, highlights of my sessions, and some client reactions.
3. Article: Pharma firms must plan for these 10 steps to avoid foundering in a sea of data
09 min | The yuan
Aren’t journeys with data as unpredictable as sailing in unchartered waters? In this article, I draw a fun parallel between these two worlds to demystify Data Strategy. Sail with me on this voyage of data, strategy, and innovation!
Thank you for subscribing and reading the newsletter. I appreciate your attention,
Ganes.
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My Website | LinkedIn | Twitter | YouTube
I’m Ganes Kesari. I publish ‘Data-Driven Future’ to help understand how data shapes our world, explore key trends, and explain what they mean for you today. I speak and write to demystify data science for decision-makers and organizations.
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