In this article, we talk about the profile of the Chief Decision Officer, a key figure that will be boosted thanks to the technological discipline in vogue: Hyper-automation.
You may have heard in recent years the famous phrase “data is the oil of the 21st century”. Companies saw the potential of using data to improve their bottom line and started investing in Big Data environments and collecting large volumes of data.
But what good is oil if we don’t treat it and turn it into a fuel, plastic or other product? The same goes for data – why do we want to have lots of data if we don’t use it for something? We need to extract knowledge and value from it in order to make better business decisions. From strategic (long term), to tactical (medium-short term) and operational (day-to-day operations) decisions.
The criticality of decisions
Decision-making is therefore an essential and critical process in the life of any organisation. Every day managers and decision-makers must make decisions about how to allocate their resources and manage their processes. Decisions that directly affect the daily operations and results of the company.
In order to be competitive, companies must be able to control and manage their decisions in an agile and efficient way. Decisions must be centralised in one place to be accessible to the different areas of the company and always be aligned with the strategy and general objectives. It is also important to be able to be agile in changing those decisions, especially in today’s context of immediacy and continuous change. In regulated environments, it is especially critical to have good traceability of decision flow and information, as decision-making cannot be a black box. Finally, it is crucial to be able to monitor and control decisions for a continuous improvement of the process.
At decide4AI we ask ourselves: Is it not necessary to have a point of reference in the decision-making area of a company that guarantees the above points?
Chief Decision Officer: the person responsible for the quality of decisions.
Many companies have incorporated the profile of Chief Data Officer (CDO), responsible for ensuring the quality and availability of data across all departments of the company.
In the same way, we believe that it is necessary to have a profile that centralises business decision-making in an integral and transversal way for the organisation, the Chief Decision Officer. To ensure that all decisions taken in the different departments are aligned with the company’s objectives, that they do not contradict each other, and that they can be changed and improved in a quick and agile way.
Although innovation investments in recent years by companies have been focused on ‘cooler’ technologies such as Machine Learning or Artificial Intelligence rather than on improving business decisions, a new discipline has come into play that can change things: Hyper-automation. Different technologies coexist in the Hyperautomation ecosystem, and intelligent decision-making is one of the key areas. We can see this technological discipline as a trend in the annual studies and predictions of innovation and digital transformation of large technology consultancies such as Gartner, Forrester or IDC.
Surrounding yourself with technological solutions is not synonymous with success. Many companies are disenchanted with Digital Transformation because they have not obtained the expected ROI from their past technological investments. Perhaps the solution lies in betting on specific profiles and technologies focused on improving business decision-making. There are robust and reliable platforms with proven ROI that help to have that agility when managing decisions, Digital Decisioning platforms. A tool that would be extremely useful for this new profile that we propose.
Do you find the profile of the Chief Decision Officer and intelligent decision-making technology interesting?