72% of executives think bad strategic decisions either were about as frequent as good ones or were prevailing as the norm in their organization. If you can relate to this statistic, you likely are keen to know more about a Decision Intelligence platform. If you’re looking to optimize your decision-making but are looking for some tried-and-tested tips for successfully implementing Decision Intelligence (DI) in the workplace, today’s topic is for you. As the classic, but flopped RadioShack ’90s slogan says: “You’ve got questions, we’ve got answers.”
Tip #1 – Automate Low-Risk Workflows
Like all new digital transformations, employing an effective DI strategy requires planning and foresight. Assuming you already have an existing business intelligence platform in place (and if you don’t, stop reading now and go check out this blog first), the first tip is canvassing your existing processes to best determine where automation can easily take over. As a sort of trial run, select a low-risk and basic business process that your team will find easy to start with.
Additionally, look to implement DI in the business functions where critical decisions are weak and need improvement. Or where more data is needed to make more informed decisions. You’ll gain a quick win, as well as gain expertise and practice executing the DI method on processes that you can better mitigate the risk. Stay focused on one workflow at a time, and then take on other more extensive processes later once you gain some experience and a better understanding of what’s involved.
It can be tempting to try to implement a decision intelligence platform immediately because you’re eager to enjoy the good things that come from it, like better, faster, smarter insights, business agility, and more. We caution against this though. We don’t want to overwhelm you or your staff, and you need time to introduce the concept and its benefits to everyone, including yourself if you’re new to the DI game. Like the hare and rabbit fable, ‘slow but steady wins the race’ is the perfect DI modus.
Tip #2 – Implement Process Optimization
Apply process optimization or improvement cycles when executing DI in the workplace so you can drive performance improvement. The goal is to optimize every step of your end-to-end data-driven decision process. From identifying the key areas to targeting the relevant data and engaging the right stakeholders, everything everywhere all at once (see what we did there?) should be analyzed and optimized to ensure you’re continuously drawing conclusions that support business longevity and growth.
Process optimization isn’t a new concept to most of our clients, or probably many people reading this. If you’ve implemented an Enterprise Resource Planning (ERP) software system with us, you know all about it. Your DI framework requires the same type of optimization strategy. It can’t be implemented and then forgotten about. It must be an ongoing effort that is reviewed and improved upon when necessary, and there’s always room for improvement. Implementing DI without process optimization hinders true cost savings and limits the ability to maximize productivity.
Reporting initiatives that support process optimization in the business help a lot. Implementing effective reporting initiatives makes managers’ lives easier by clearly tracking and highlighting the information and KPIs needed to make informed decisions. Set up, monitor, and trust the numbers to be your guide.
Tip #3 – Learn from Your Data & Don’t Be Afraid to Change Course
According to some estimates, more than 80% of available business data is not used to make decisions. One reason could be that businesses don’t have a solid data stack in place to handle the increasingly high volumes of data. Another reason could be that businesses don’t trust their data so are avoiding making any decisions with it. Whatever the reason, understanding and learning from your data is critical to successfully working with DI.
Adjusting course because the data is telling you something different than originally planned, isn’t anything to be afraid of or deterred by. You’re learning from your data and using the data to challenge corporate “defaults” to try new, possibly better, things.
Radio Shack likely never used a Decision Intelligence platform in their organization, or maybe the company was just too far gone once the DI field started emerging into the market. Otherwise, they might have been able to better adapt and modernize to avoid their iconic downfall. We’ll never know, but what we do know is that more and more businesses today are looking to accomplish more with less using artificial intelligence. To gain a competitive advantage and stay relevant, the choice is easy to make.
DI is still in its infancy, but it’s clear to modern and tech-focused businesses that its potential is enormous. To give you some perspective on this, the Decision Intelligence market size surpassed $10 billion USD in 2022 and will continue to steadily grow over the next 10 years. If you’re interested in hearing more about DI as the next digital transformation to come through your workplace, talk to our subject matter experts at BT Partners. Data-driven decisions are our cup of tea.