What is a decision? More important, what precedes the decision? What factors, variables, feelings, data, and other intangibles go into the process?
It’s a question that first seems obvious, but it’s hard to pin down. For instance, imagine the last important decision you made at work. Did you think about how you would go about deciding before you decided? Did you first think, “Is this a trust-my-gut decision, or is this a data-driven decision?” And was the right data even on-hand and ready to analyze?
So, the question, “what is a decision?” is more than an interesting thought experiment: the answer has real consequences, not least in the world of work. Perhaps the more important question is:
Many smart people from a variety of disciplines are working on that question today. In business analytics, the growing consensus is that decision-making is growing increasingly difficult, and that a new approach—one better suited to the complexities of today—is urgently needed.
The amount of information that must be considered, the number of choices faced, and the way these can interact in unforeseen ways to produce disturbingly unexpected results, all accumulate to overwhelm the ad hoc techniques that most decision makers typically rely on.
Next, consider this observation from Gareth Herschel, VP Analyst at Gartner:
[I would really focus on understanding] how the decision is made today. Is this decision made using data and analysis? Is it made by getting a group of smart people together and saying, you guys figure it out, you guys make a decision? Is it by applying business principles or ethics? Is it made with instinct? Or, is it made on principle?
Here’s the whole thing, which we highly recommend.
If you’re familiar with Dr. Pratt’s work or have read some of Gartner’s recent research, you know that decision intelligence is central to their vision of the future of decision-making.
In her book, Dr. Pratt argues that the emerging discipline of decision intelligence can connect data, actions, and outcomes, and provides concrete examples of how people can use strategies to model decisions and use technology to drive them.
Gartner, in its Top Strategic Technology Trends for 2022 report, argues that “[integrating] data, analytics and AI allows the creation of decision intelligence platforms to support, augment and automate decisions” and predicts that “[by] 2023, more than a third of large organizations will have analysts practicing decision intelligence, including decision modeling.”
So, the right way to make a decision starts with decision intelligence?
We couldn’t agree more. In fact, you can hear it for yourself from our CEO and Co-Founder, Omri Kohl. Check out Omri’s conversation with Mike Vizard at Digital CxO as they unpack decision intelligence, discuss the role of AI, and describe how our behaviors around decision-making may need to change in response to our tech- and data-rich world.
As always, we hope you find these resources helpful as you discover what’s next in your analytics journey.
And now … on with this month’s Decision Intelligence Digest!
Two new reports are also available, along with many more on our website.
Ventana Research has published a new Market Perspective report called Pyramid Analytics Earns Analytics Digital Innovation Award for 2022. And, we are excited to announce a new guide called The Future of Analytics on SAP: A Guide to Decision Intelligence for SAP Data.
Don’t miss our more recent customer story! You’ll learn how one of the UK’s leading food businesses is ramping up decision intelligence to process 25 million records a day on AWS.
No Bad Decisions Roadshow | Event Series
We’re coming to a city near you! Check back often for additional dates.
Thank you for reading the Decision Intelligence Digest. If you would like to learn more about Pyramid Analytics, the Pyramid Platform, or want to hear how others in your industry are changing their approach to enterprise analytics, let’s set up a time to talk.