Imagine you’re the captain of a ship navigating through a treacherous sea. Your decisions will determine whether you reach your destination safely or succumb to the dangers of the unknown.
Similarly, data-driven decision-making is the cornerstone of success in the business world. Every year, about three billion decisions are made that impact a company’s bottom line, ranging from product development to marketing campaigns.
With the advent of big data, decision-making has become more complicated than ever, and it’s easy to feel lost or overwhelmed. That’s where decision intelligence (DI) comes in, an emerging discipline that helps bridge the data-decision gap for marketers.
If you’ve ever felt like navigating the sea of data-driven decision-making is like sailing without a compass, you’re not alone. But fear not, because this blog post will help you explore the question on every marketer’s mind – what is decision intelligence – and reveal how it can take your marketing performance to new heights with its informed decisions and insights.
From the visionary mind of Dr. Lorien Pratt, the term “Decision Intelligence” was born, offering a groundbreaking solution for decision-makers that would soon capture the attention of industry titans such as Google and Alibaba.
According to Gartner, ‘Decision intelligence is a practical domain framing a wide range of decision-making techniques bringing multiple traditional and advanced disciplines together to design, model, align, execute, monitor, and tune decision models and processes.”
With its commercial application of AI to the decision-making process, decision intelligence (DI) is a smart framework for businesses that overcomes the deficiencies of traditional AI and machine learning, leveraging data science and automation to enable rapid, sophisticated, and granular decision-making.
AI is an invaluable tool for marketing automation. Still, humans and machines have different strengths and weaknesses in the decision-making process. Recognizing this, DI takes it one step further and combines the best of both worlds to create a holistic decision-making mechanism that makes decisions based on actionable insights.
That’s why a decision intelligence model or platform includes analytics and AI technologies such as machine learning, reporting, Natural Language Processing, and alerting.
Think of it this way: AI and machine learning can answer the question “If I see X, what can I conclude?” while DI goes beyond and answers “If I take action X, what will be the outcome?” This is particularly important when dealing with systems like complex event processing that involve feedback loops and a variety of moving parts.
What decision intelligence is not is removing humans from the decision-making process entirely. It’s about empowering decision-makers with AI and machine learning to provide a more holistic and accessible view of all their business data. This enables them to use the insights and predictions they need to make accurate, efficient, and consistent decisions.
Today, an astounding 71% of global customers expect companies to deliver hyper-personalized experiences. Therefore, it is imperative for businesses to equip themselves with smart, real-time decisioning capabilities to cater to the unique behavior and preferences of each customer.
Leveraging the power of real-time decision intelligence is paramount in creating connected journeys for customers. However, the potential benefits extend far beyond that for marketers. Let’s take an in-depth look at all of these advantages.
Without accurate and relevant data, any decision made will be flawed. DI provides a structured approach to data management that enables marketers to identify specific quality requirements for data that is fit for use in decision-making.
By doing so, decision intelligence empowers marketers to explore data and its context more effectively, leading to the use of accurate and timely data to make the right offerings at the right time, with the right messages.
Businesses that fail to offer personalization through contextual customer engagement risk losing 33% of their customers. As the smartest enabler of personalization, DI can function as the basis for delivering personalized and relevant interactions with customers based on their current context or situation.
DI technologies or platforms use real-time analysis of customer data, such as behavior, preferences, and location, to help marketers engage with customers in the most effective way at the right moment and offer tailored customer experiences.
Reach Your Customers in Moments that Matter with Evam
Decision intelligence can expand the capabilities of marketing professionals in numerous ways by enabling decision automation.
Firstly, DI can help marketers solve the complexity ceiling of overlapping and contradicting decisions. This means no more shooting in the dark, but rather adopting a strategic and calculated approach to making informed decisions.
Secondly, DI provides marketing teams with advanced analytics tools to detect emerging trends in customer behavior, and define the right persona and offerings. Armed with this information, teams can make informed decisions about resource allocation and prioritize campaigns for maximum impact.
And, last but not least, DI enables marketing teams to measure the success of their campaigns with more accuracy than ever before with comprehensive and granular data.
Taking advantage of actionable data, wherever and whenever it presents itself, cannot be overstated for marketers. Such data can provide opportunities to seize the next big moments of customers and create memorable experiences that leave a lasting impression.
Here at Evam, we believe in transforming every customer touchpoint into a meaningful experience using a data-driven approach. That’s why we provide our partners with holistic DI platforms with real-time action-taking capabilities. With Evam Decisioning Module, you can harness the power of DI and convert resulting actions into a campaign model while handling communication with Evam Marketing Suite.
Get in touch with Evam today to keep smart decision-making capabilities at your fingertips and reach your customers in the moments that matter!