Insights-based decisioning goes beyond technical and tactical point solutions and fragmented pockets of excellence to unite the organization on a single, common journey.
Over the past several years, data has taken on a reverential or even mystical quality in board rooms around the world. Enter technology. Advanced applications, such as artificial intelligence (AI) and machine learning (ML), have been presented as one way for companies to harness the power of data. With these tools, it is possible for organizations to gather, analyze, and distil vast amounts of data into digestible observations. Indeed, many CP companies that have begun experimenting with AI and ML have uncovered interesting findings about the landscape, their customers, and their business.
Unfortunately, there is a difference between an interesting finding and a useful one. Data on its own has no real value to the business. Neither do analytic tools and technologies such as AI and ML, the likes of which have been around for decades. In fact, there is no meaningful link between investments in AI technology alone and business success. There is, however, a strong link between defining business needs and determining what AI can do to help. For these reasons, we think of the shift to insights-based decisioning not as a capability but as a new operating model – one that has the power to transform every CP organization.