Leading organisations are using AI, analytics and data to generate value for their customers, employees, partners, investors and communities, according to a report by IDC commissioned by Decision Intelligence company Aera Technology.
The new whitepaper, ‘What Every Executive Needs to Know About AI-Powered Decision Intelligence,’ and global survey of Fortune 1000 companies found decision velocity and AI-enabled decision making are key factors in value generation, revealing 75% of executive, VP and director-level respondents expect to gain significant or very significant improvements if investments in Decision Intelligence initiatives are made.
The IDC research also revealed Decision Intelligence drove up to 20% improvement across product and service innovation, employee productivity, customer and employee retention, and more, since last fiscal year.
“While today’s headlines speculate about potential benefits and the future of AI, our research indicates that leading organisations are using AI, analytics, and data to generate value for their customers, employees, partners, investors, and communities,” said Dan Vesset, Group Vice President, Analytics and Information Management at IDC. “What unites these organisations are clear goals and KPIsto measure them, investments to accelerate decision velocity, and pragmatic use of enabling AI, analytics and data technologies and skills.”
Enterprises see the potential in AI-enabled decision making
The report highlights key factors contributing to decision-making challenges — including the number of variables to consider when making decisions, lack of access to the required data, difficulties integrating the necessary technology, and more. IDC revealed that 33% of decisions are made primarily based on intuition and experience and 25% of decisions that should be made are not.
There was also a disconnect found between executives’ understanding of lower-level, in-the-field decision making practices of employees — respondents sharing that only 55% of executives mostly, or fully, know how these decisions are made.
However, enterprises see the potential in AI-enabled decision making and characteristics of the leaders support the value: with nearly double the number of leaders vs followers (33% vs 17%) indicated that they have a program for ongoing monitoring, review, and transformation of decision-making processes.
“IDC’s research clearly shows the value creation divide among enterprises operationalizing decision intelligence and those that are not,” said Fred Laluyaux, CEO at Aera Technology. “The next wave of enterprise digital transformation can no longer be another data lake or planning tool. People must be empowered with innovative, intuitive technology that accelerates accurate decision making at scale and enables companies to be self-driving, self-learning, and ready to compete in a digital world.”
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