Revolutionizing Decision Making using AI

WebinarNovember 2023

An average adult makes 35,000 decisions in a day. In the work setting, we are constantly making decisions based on a changing set of variables.

One of the key drivers of commercial success for an enterprise is improving the process to make better decisions. How can we use data and analytics to make our decisions more intelligent? Better yet, how can we create solutions that take away the ambiguity, inconsistency and fatigue that humans are prone to, and replace that with autonomous and cognitive skills.

AI has a significant role to revolutionize decision making. But our AI is only as intelligent as we design it to be. How can we revolutionize decision-making using AI?

Key Takeaways:

The foundational bedrock of AI is good data
Decision design requires sound business knowledge
AI can unlock significant benefits transforming organizations

Additional Resources

Slides

Connect with Arun on Linkedin

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Summary

Decision science is emerging as the next development for organizations striving for precise and efficient decision-making. AI plays a key role in this evolution by offering tools that enhance decision-making beyond traditional data science capabilities. Arun Nandy, Senior Director and Head of Data and Analytics at Unilever, shared his insights on the transformative ability of AI in business processes. A significant focus was on building a strong data foundation, which is important for effectively using AI. The discussion also highlighted the role of 'purple people'—individuals who connect data and business functions. Additionally, the potential of AI to drive innovation and efficiency, particularly through large language models (LLMs), was explored. AI's ability to revolutionize industries and boost GDP was noted, with examples ranging from customer service to healthcare. The conversation emphasized the need for a sustainable investment in data infrastructure and the cultural shift required for organizations to embrace AI-driven change.

Key Takeaways:

Decision science is becoming critical for precise business decisions, supplementing traditional data science.
A strong data foundation is necessary for effective AI implementation.
'Purple people' are vital for connecting data and business strategies.
AI is driving innovation, efficiency, and new revenue streams across industries.
Sustainable investment in data infrastructure and organizational change is necessary for AI success.

Deep Dives

Decision Science and AI

In the era of data-driven decision-making, decision science is gaining pr ...
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ominence as organizations seek to enhance their decision-making processes. AI is at the core of this transformation, providing tools that allow businesses to make more informed and precise decisions. Arun Nandy emphasized that while data science is important, it is not sufficient on its own. The integration of AI into decision-making processes enables organizations to achieve a higher level of sophistication, reducing reliance on instinct-based decisions and enhancing trust in data-driven insights. Arun shared a real-world scenario where a lack of explainability in AI solutions led to a return to traditional decision-making methods, highlighting the importance of transparency and credibility in AI-driven decisions.

Data Foundations and Infrastructure

Building a strong data foundation is necessary for effectively using AI. Arun discussed the evolution of data infrastructure, noting that many organizations are burdened by legacy systems and silos that hinder efficient data utilization. A sound data strategy involves treating data as a product, reengineering midstream layers, and making sustained investments in data infrastructure. Arun cautioned against the misconception that modern data architecture can solve all data quality challenges, stressing the need for ongoing checks and balances. He emphasized that data-driven decision-making relies on clean, well-organized data to serve downstream applications and drive business processes.

The Role of 'Purple People'

The concept of 'purple people'—individuals who can connect data and business functions—is vital for organizations aiming to integrate data strategies with business objectives. Arun highlighted the importance of these interpreters who can speak both the language of data and the language of business. He noted that nurturing this talent within organizations is important for achieving successful data-driven outcomes. By encouraging collaboration and shared responsibility between data and business teams, organizations can break down silos and work towards common goals. Arun's insights noted the need for a cultural shift towards viewing data as an enabler of business strategy rather than an isolated function.

AI's Transformative Potential

AI is poised to drive significant transformation across industries, offering opportunities for innovation, efficiency, and new revenue streams. Arun discussed AI's role in enhancing productivity and decision-making, highlighting its potential to revolutionize industries such as healthcare and retail. He noted that AI's impact extends beyond cost savings and efficiency gains, with the potential to create new products and services. Arun provided examples of accidental innovations resulting from AI models, illustrating the transformative power of AI in generating new business opportunities. He emphasized the importance of associating AI initiatives with commercial value and ROI to ensure sustainable investment and success.