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AI in finance industry

The new era of AI is focused on delivering better decisions

by Mike Jones in Other Cat 07/01/2022

We are entering a new level of intelligence, but many businesses are yet to harness the potential of AI. Big tech companies have been data-focused since the beginning. Smaller businesses with more conventional foundations, however, weren’t built with the capability to utilise AI in their daily operations. Until now, utilising such potential was completely out of reach.

What is evolving within the intelligence space for businesses is a new element of AI designed for the commercial environment referred to as Decision Intelligence (DI). This innovative technology supports companies outside of the tech space in generating AI-driven decisions through every aspect of the business, from supply chain to marketing. 

DI is expected to support more companies with harnessing the potential of their data and to make more informed and accurate decisions. Gartner predicts that over a third of larger businesses will be applying DI within the next few years, and it makes sense that the commercial side of AI should be more focused on the decision-making process.

DI is regarded as a significant step from hoping a decision will create value for an organisation, to knowing it will generate positive change. In previous years, used historical data to assume good forecasting, pricing or marketing decisions. In the era of DI, real-time data becomes critical to the decision-making process, and we can be assured of the outcome.

In this new stage of business, data teams are not hidden away within an organisation. They are an important part of consistent communication with the commercial side of the business, utilising information from every department and converting this into immediately actionable insights and recommendations. Today, we are seeing more workforces where every employee, from all levels, is empowered to use AI in their daily decision-making.

What steps need to be taken for businesses to adopt and embed DI? There are three key areas to consider:

  • A prepared AI data sets
  • Intelligence fit your specific business requirements
  • A platform available to all members of the business that enables non-technical teams to utilise and engage with the information and its outputs

For many businesses, developing these stages is challenging and many industry professionals believe there will be an increased demand for off-the-shelf DI platforms in the coming years, similar to the progress experienced with CRMs.

In the early 2000s, approximately 80% of businesses were developing CRMs in-house. Today, the majority of companies would never consider taking this approach. Businesses are focused on time and value, investing in designed solutions, and DI is ready to follow a similar path of innovation.