Decision-making

Combine Business Strategy with Artificial Intelligence to Increasing Business Efficiency

Artificial Intelligence, Decision-making / Av

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 …

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Explore how Accuracy Measures can Impact your Decision Making

Artificial Intelligence, Decision-making / Av

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 …

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Accurate Machine Learning Models are not Enough

Artificial Intelligence, Decision-making / Av

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 …

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Data-driven Decision-making to Reduce Biased Decisions

Business Understanding, Decision-making / Av

All decisions concern future operations. When a company prepares decision-making materials for important matters, macroeconomic trends such as unemployment, consumer confidence indices and purchase prices must be taken into account. Each business must pay attention to the economic environment they are operating in to use the effect of these trends to its advantage.  Each company …

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