Imagine having precise insights into how your business is performing, what you can do to improve it, and what results you can expect.
Data-driven decision making has been a hot topic for many years now. It is based on the belief that the increasing complexity of the world and the speed of change have created a context where data is essential for making informed decisions. And for the most part, this is true.
The challenge is that enterprises now have access to more data than ever before, but the sheer volume is leaving many feeling overwhelmed and unable to make sense of it – let alone rely on it to inform critical decisions.
So why, in the age of AI, are business leaders relying on gut instinct instead of accurate predictive insight?
At Faculty, we’ve found very few business leaders have been able to improve decision-making or answer the hard questions with the influx of data and business intelligence tools. And reapplying legacy approaches to deploying AI has led to a failure to deliver on value for the business.
The flaws in enterprise decision-making today
Stephen Hawking once said, “the greatest enemy of knowledge is not ignorance; it is the illusion of knowledge.” His words still ring true for business leaders today.
Just having a lot of data is not enough; leaders need to be able to use it effectively to understand what is happening in their business so they can take action to improve things. Without this level of insight, they are essentially operating in the dark, making it difficult to predict the outcome of their decisions or the factors that influence them.
Today’s enterprises are also operationally set up in a way that makes decision-making challenging:
Operations are not built for complex decision-making
In many enterprises, operational models are designed around business process execution and efficiency rather than decision-making and effectiveness. As a result, they are unable to react quickly to changing market conditions or take advantage of new opportunities.
Narrow focus misses the bigger picture
Optimisation efforts that focus on local KPIs alone ignore the complexities of a global system and the nature of cause-and-effect relationships across all value chains. This lack of holistic thinking can lead to data silos, inefficiencies, missed opportunities, and ineffective decision-making.
Rigid linear practices hinder progress
It is still common for enterprises to follow rigid, waterfall approaches that become stale before they are put into production. By following this approach, they are unable to respond effectively to intelligence (insights and predictions) about business performance and act quickly and decisively.
Crucial insights come too late in the game
In many cases, rather than integrating data and modelling into the way enterprises work and make decisions, they are treated as an ‘add-on’. As a result, this can lead to decisions that are based on outdated or inaccurate data, or even worse, on no data at all.
Poor decisions can hit profitability hard
The costs of delayed or poorly informed decision-making are significant. Studies show that on average, companies lose nearly 3% of their profits as a result of poor decision-making, equivalent to an eye-watering $150 million for a $5 billion company.
In light of today’s highly competitive landscape, the stakes of making poor decisions could not be higher. That’s why we are seeing smart enterprises, keen to stand out from the competition, increasingly leverage AI to revamp their decision-making capabilities.
By using AI to tap into the vast data they already have, they can predict shifts in customer behaviour rapidly, get ahead of emerging trends, and accurately assess the risks and rewards of various approaches and strategies.
The solution: AI-powered decision-making with Frontier
With AI-powered decision-making, enterprises can analyse large, complex data sets to help their leaders and operators find the answers they need. By accessing deep analytics and insights tailored to their business needs, they can make the right decisions at the right time, always with a complete and current understanding of the situation.
But how exactly can you put AI-powered decision-making into practice? Meet Frontier, our new AI operating system designed to help you do just that.
How Frontier works
Frontier enables enterprises to apply AI to mission critical problems such as predicting demand for services, fine-tuning operations, or allocating resources efficiently.
In a nutshell, Frontier uses AI to help leaders, operators and employees make better, more impactful decisions. It does this by:
- Integrating with your existing data infrastructure and machine learning (ML) models.
- Connecting data and ML models together to identify dependencies and casualty.
- Connecting these models to business policies and KPIs.
- Providing a central platform to ensure AI oversight and governance.
And the benefits?
Fast, flexible, and informed decision-making
Frontier is a crucial enabler in today’s fast-paced business world. By embedding AI-powered decision-making into the core of your operations, it allows you to analyse data from all areas of your business quickly to provide insights that help guide your decisions and drive better performance.
Predict the future using historical insight and unprecedented variables
With Frontier, you can spot patterns in complex data that are not possible with traditional analytical methods. It provides you with deep and contextualised insights that update as things happen. You can look for ways to increase efficiency based on historical data or prepare for market volatility by simulating different scenarios.
Turn your focus to what matters
The last thing a leader wants is to depend on guesswork when making important business decisions. By using Frontier, you can get a better understanding of your business, so you can act with confidence, identify potential risks and untapped opportunities, and reach a consensus faster.
Getting started with Frontier: what can you expect?
Frontier’s architecture adds value on top of your existing systems to support better, more connected organisational decision-making.
- AI-powered simulation, via a computational twin, configured to the use case, process, and KPIs of your specific business model.
- An easy-to-understand dashboard visualises current and future performance as well as the connections between siloed processes.
- Bottlenecks are proactively identified, and KPI breaches are flagged.
- Future planning is enabled through evidence-based scenario planning, where the cognitive burden of complex questions is reduced through simulations of the impact of various interventions.
Decisions powered by AI, always driven by you
Imagine being able to make business decisions just like using Google Maps to find the best path to follow. This is the power that Frontier gives you. Not only do you get a clear picture of how your business is performing, but you also get insight into what is likely to happen in the future along with practical recommendations on what to do next.
We are excited to be leading the way in helping enterprises use AI to operate better and make smarter decisions every day. Contact us to learn more about how Frontier can help you transform your decision-making and gain a competitive edge in today’s rapidly changing business landscape.
Interested in learning more? Request a demo of Frontier for your business.