By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData Collective
  • Analytics
    AnalyticsShow More
    predictive analytics in dropshipping
    Predictive Analytics Helps New Dropshipping Businesses Thrive
    12 Min Read
    data-driven approach in healthcare
    The Importance of Data-Driven Approaches to Improving Healthcare in Rural Areas
    6 Min Read
    analytics for tax compliance
    Analytics Changes the Calculus of Business Tax Compliance
    8 Min Read
    big data analytics in gaming
    The Role of Big Data Analytics in Gaming
    10 Min Read
    analyst,women,looking,at,kpi,data,on,computer,screen
    Promising Benefits of Predictive Analytics in Asset Management
    11 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-23 SmartData Collective. All Rights Reserved.
Reading: Decision Automation: How To Augment Predictive Analytics with Human Intelligence
Share
Notification Show More
Latest News
ai digital marketing tools
Top Five AI-Driven Digital Marketing Tools in 2023
Artificial Intelligence
ai-generated content
Is AI-Generated Content a Net Positive for Businesses?
Artificial Intelligence
predictive analytics in dropshipping
Predictive Analytics Helps New Dropshipping Businesses Thrive
Predictive Analytics
cloud data security in 2023
Top Tools for Your Cloud Data Security Stack in 2023
Cloud Computing
become a data scientist
Boosting Your Chances for Landing a Job as a Data Scientist
Jobs
Aa
SmartData Collective
Aa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Business Intelligence > Market Research > Decision Automation: How To Augment Predictive Analytics with Human Intelligence
AnalyticsBusiness IntelligenceMarket ResearchMarketing AutomationText Analytics

Decision Automation: How To Augment Predictive Analytics with Human Intelligence

Anna Zelenskaya
Last updated: 2012/12/13 at 3:32 PM
Anna Zelenskaya
4 Min Read
SHARE

This article examines the perfect combination of automated decisioning with advanced analytics and the human interaction.

Let’s start with a simple brainteaser. Take a look at this picture:

This article examines the perfect combination of automated decisioning with advanced analytics and the human interaction.

More Read

ai digital marketing tools

Top Five AI-Driven Digital Marketing Tools in 2023

Is AI-Generated Content a Net Positive for Businesses?
Predictive Analytics Helps New Dropshipping Businesses Thrive
Combat AI-Powered Threats with Cybersecurity Simulations & Other Practices
Utilizing Data to Discover Shortcomings Within Your Business Model

Let’s start with a simple brainteaser. Take a look at this picture:

There is a set of four cards lying on a table. Your task is to verify the rule: “If there’s a vowel written on one side of the card, then an even number is on the other side.” Identify which card(s) you need to turn to check the validity of this rule.

Most of respondents give an answer straight away: it is enough to check the other side of the card “A”. Another popular answer is: you need to turn both “A” and “2” cards.

Sure, we need to flip the “A” card, since this card has a vowel on it, and we have no data on what’s on the other side of this card. Is it really necessary to turn the “2” card? Our rule says nothing about the even numbers – therefore, we have no interest in checking this card. But this doesn’t mean that checking the “A” card is sufficient. We must flip the “7” card as well to see if the other side of this card has a vowel written on it. If it did, that would refute the rule.

This task is called “Wason selection task” and was created by Peter Wason, a leading cognitive psychologist. According to his experiments, four out of five respondents fail to solve this puzzle correctly. Cognitive psychologists have found that people are wary of speculating on factors with high level of ambiguity; they prefer to base their decisions only on known facts. In other words, they tend to lose out of sight uncertain information.

But sound and insightful decision making is impossible without the information that is “hidden” in the data. Paul Rogers and Jenny Davis-Peccoud at Bain & Company have comprised a list of 10 Decision Diseases That Plague Companies, and this rating is topped by a lack of relevant insights or, as they call it, Blurred vision.

Below we’d like to provide just a few examples of how predictive analytics and decision automation paltforms can enhance decisioning in various areas.

Embedding scorecards and advanced analytical models into loan origination systems allows lenders to acquire most reliable and profitable accounts, render the optimal decisions for loan pricing, and capture cross-sell opportunities. This way, forward thinking lenders can reduce costs of customer acquisition campaigns, improve their loan portfolio and overall profitability.

Marketers can leverage decision automation platforms to design, test and implement customer lifecycle management activities and marketing campaigns. With sophisticated data analytics and behavioral scorecards, they can identify white spaces in the market and gain information advantage over their competitors. Furthermore, marketing automation solutions enable them to monitor performance of the product and services across different target groups, and keep their focus on changing customer demands.

Decision automation technologies streamline business flow and allow companies of all sizes to embed intelligence into their daily operations. Smart market players who can leverage predictive analytics to optimize their decisioning and risk management will step beyond accessing relevant insights: they will be able to automatically transform the information into profitable actions.

Anna Zelenskaya December 13, 2012
Share this Article
Facebook Twitter Pinterest LinkedIn
Share

Follow us on Facebook

Latest News

ai digital marketing tools
Top Five AI-Driven Digital Marketing Tools in 2023
Artificial Intelligence
ai-generated content
Is AI-Generated Content a Net Positive for Businesses?
Artificial Intelligence
predictive analytics in dropshipping
Predictive Analytics Helps New Dropshipping Businesses Thrive
Predictive Analytics
cloud data security in 2023
Top Tools for Your Cloud Data Security Stack in 2023
Cloud Computing

Stay Connected

1.2k Followers Like
33.7k Followers Follow
222 Followers Pin

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

[mc4wp_form id=”1616″]

You Might also Like

ai digital marketing tools
Artificial Intelligence

Top Five AI-Driven Digital Marketing Tools in 2023

6 Min Read
ai-generated content
Artificial Intelligence

Is AI-Generated Content a Net Positive for Businesses?

5 Min Read
predictive analytics in dropshipping
Predictive Analytics

Predictive Analytics Helps New Dropshipping Businesses Thrive

12 Min Read
cybersecurity simulations
Artificial IntelligenceExclusiveITSecurity

Combat AI-Powered Threats with Cybersecurity Simulations & Other Practices

7 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

giveaway chatbots
How To Get An Award Winning Giveaway Bot
Big Data Chatbots Exclusive
ai is improving the safety of cars
From Bolts to Bots: How AI Is Fortifying the Automotive Industry
Artificial Intelligence

Quick Link

  • About
  • Contact
  • Privacy
Follow US

© 2008-23 SmartData Collective. All Rights Reserved.

Removed from reading list

Undo
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?