Knowing and understanding your customers is an important key to a company’s success. By understanding patterns of how customers work, how they use provided products or services, act on pricing and so on, a company can effectively meet customers’ needs and preferences and thus improve delivery to customers. However, obtaining an understanding of every customer …
The value of data is continuously increasing and data is becoming an important asset in companies, but only if companies use the data to improve business performance. To create a data-driven culture where decisions are made based on data, it is important to have secure data sharing capabilities, so that the right data reaches decision …
Business Intelligence (BI) has become an important part of most businesses. BI powers decision making, encourages smart and fact-based decision-making, improves business productivity, and facilitates access to critical information. Trending is also more complex BI that is dependent of real-time data and machine learning. However, BI can never be more right or wrong than the …
No Business Intelligence without data governance Read More »
The importance of using artificial intelligence and machine learning to create more advanced analytics and predictive decision support to drive business outcomes to the next level is growing. And as AI/ML becomes more commonplace to increase competitiveness, it will also create strong incentives for all companies to use it. The main benefits of using AI/ML …
In the business world, classical financial auditing serves the important purpose of providing an external opinion as to whether financial statements are correct and have been created in accordance with relevant international and national standards and regulations. As such, financial auditing ensures both external compliance and correctness, so that internal operational decisions can be made …
Towards Auditing Modern Data-Driven Decision Making Read More »
Analyzing data to make informed and insightful business decisions is not a new concept. However, making such decisions is more complex, as data is being generated and collected on an ever-increasing scale. As a result, data analysis using more advanced techniques such as artificial intelligence becomes a necessity. At Decision Labs, we implement advanced decision-making …
Combine Business Strategy with Artificial Intelligence to Increasing Business Efficiency Read More »
A commonly discussed issue with machine learning and artificial intelligence solutions is the lack of trust from the users. This originates from the fact that it is often not understandable to the users why methods provide a particular output, and therefore machine learning solutions are not used to the extent that they could. This has …
Challenges with Machine Learning Transparency and how they can be Handled Read More »
Digitalization drives the development of a fierce competitive landscape Digital penetration is helping to improve efficiency in virtually every business activity imaginable. In many cases, its benefits have been dramatic and obvious enough that companies have quickly adapted or become obsolete. This development has made it harder for companies to differentiate their products and services, …
Your team has bought a new deep learning-based machine learning solution to predict when any one of the 10 000 machines needed in your product production line will fail. The team is excited by the new predictive maintenance AI model that reports “prediction accuracy is 98%” in predicting if a given machine will fail in …
Explore how Accuracy Measures can Impact your Decision Making Read More »
Pitfalls when Communicating Data-Driven Insights to Decision Makers Machine learning-based predictive models are increasingly being adopted by decision makers across small and large organizations. These automated models can produce predictions to assist in problems ranging from predictive machine maintenance to customer churn prediction. However, with the ever-increasing adoption of these methods, product owners often focus …