Context is everything – especially in times of uncertainty and volatility. Organizations are making millions of decisions every day, but when they base those decisions on experience alone, the results can become disconnected from reality. Data ensures decisions are based on facts, especially when automation is added to data – saving time and effort, and enabling a true digital experience for customers.
To make these data-driven decisions, you need the right data in the right context. Without it, there’s a domino effect resulting from poor decision-making. Contextual Decision Intelligence (DI) enables private and public-sector organizations to go from “guess-work” recommendations and decisions to informed and confident ones derived from trusted data. Contextual DI supports nuanced decision-making at every level – strategic, operational, and tactical – to provide confidence in techniques such as artificial intelligence that help automate businesses and enable faster, more accurate decisions.
Context plus confidence: It’s the combination that gives you data with meaning, supports your decisions, and builds lower-cost business resiliency. Decision Intelligence is the latest step in the evolution of business intelligence. Instead of combining all available data, context-free, and presenting it to a decision-maker, DI uses artificial intelligence to provide a single analytical view – to either fully automate decisions, or to help data professionals make faster, more accurate decisions through augmentation.
What is Decision Intelligence?
As defined by Gartner, Decision Intelligence improves decision-making by understanding and engineering how decisions are made, and how outcomes are evaluated, managed, and improved by feedback.
Using artificial intelligence, Decision Intelligence unlocks the power of entity resolution and graph analytics to turn data into accurate decisions at scale. This means that data becomes more than the sum of its parts – not piecemeal, siloed, and afflicted with poor quality. Decision Intelligence connects all data from previously siloed and scattered points, and creates a single trusted, connected, and reusable resource.
Why Decision Intelligence now?
Running an efficient and resilient business is harder than ever before. And decision-making is becoming more demanding, with little margin for error. As Gartner notes, decision-making competency can be a significant source of competitive advantage. Gartner predicts that by 2024, one-third of large organizations will use Decision Intelligence for structured decision-making to improve competitive advantage and optimize efficiency. DI was also named one of Gartner’s top strategic technology trends for 2022.
Here's some of the reasons it's harder to run an efficient and resilient business than ever before:
It’s clear that Decision Intelligence is a critical must-have. The key reason, says Joseph Sieczkowski, CIO and Chief Architect of BNY Mellon, is that data and contextual decision-making are core to the bank’s digital transformation.
“Our hard-won vantage point is allowing us to use data science to highlight future opportunities, which in turn, we can present back to our customers to help them increase revenue, reduce costs, and reduce risks,” says Sieczkowski.
That point is echoed by Bina Mehta, Chair at KPMG, who explains that data is at the core of enterprise decision-making.
“It’s about making better decisions and about managing our risk,” Mehta says. “But it’s not just about our financial performance – it’s about the other commitments we make. In our world, that might be quality, customer service, and ESG commitments. Those measures are harder to pinpoint. That’s why data is really valuable in the broader sense.”
By investing in Decision Intelligence today, organizations can build trust in their data and establish a culture of confidence in automated or augmented decision-making to protect, optimize, and grow the business.
The platform to modernize decision-making
Quantexa’s Decision Intelligence (DI) Platform is a new generation of software designed to automate or augment processes – empowering operational teams to make faster and more accurate strategic, tactical, and operational decisions. With the power of artificial intelligence, the platform connects billions of data points across internal and external data sources to provide a trusted and reusable data hub enriched with vital intelligence about the graph of relationships between real-world entities such as: people, organizations, events, and places.
Integrate any source at scale to build a trusted data foundation
With multi-source data ingestion, you can rapidly onboard any source – internal, external, structured, or unstructured
Using Entity Resolution, you can bring siloed, disparate, and messy data together at scale for accurate single views.
Continuously improve data quality as part of the unification process.
Reveal relationships and insights, create stronger analytics
Reveal the relationships and context of how people, organizations, places and other entities interact with each other
Generate insights that build stronger, more meaningful analytical models
Using our open and easy-to-use tools and frameworks, your teams can make use of the full power of innovative Graph, AI, and machine learning methods
Decide and act
Augment and automate decision-making for actionable insights
Automate manual, high-volume operational decisions and maximize your investments in AI for efficiency and cost savings.
Transparent models mean each decision is explainable, with full visibility for security and regulatory requirements as well as model validation and optimization purposes
Empower teams to proactively explore insights and act — making faster, more confident, and more accurate decisions.
Quantexa’s DI platform fits within your existing IT landscape and supports flexible deployment options: native, or containerized for private and public cloud, is future-proof for growing data needs, and also provides quick time-to-value through its modular approach.
Ultimately, Quantexa’s DI platform empowers enterprises to use their massive databases more efficiently by providing the means to:
Enhance data governance: Ingest large external datasets while meeting security and data privacy requirements.
Maximize your data: Make the most of data across multiple use cases with a single repository.
Automate decisions and enable digital channels: Provide customers, suppliers, or citizens with the most accurate, real-time decisions or recommendations through digital channels, while reducing workloads and costs of operational staff.
Make more informed decisions: Get a holistic view of an entity and its hidden connections to make more informed and accurate decisions at every level – strategic, tactical, and operational.
Increase investigative efficiency: Reduce workloads by using context to generate only high-quality alerts, reduce false positives, and reduce investigation time from weeks to hours.
Scale with simple integration: Augment and enhance in-house capabilities using an open architecture, which enables rapid scaling to accelerate risk detection across multiple lines of business including retail, markets, correspondent banking, and trade finance.
How Decision Intelligence can be used across industries
The impact of new digital applications, processes, and business models is transforming the financial world. There’s fresh competition from fintech startups that threaten to siphon off customers and cut into revenues, through more artificial intelligence automation and a lower cost base. Consumers’ embrace of all things digital and mobile demands new products and new levels of service, with an expectation of real-time everything. These demands make it critical that financial organizations identify and manage emerging risks and opportunities, while preserving the ability to quickly respond.
Quantexa’s Decision Intelligence Platform is designed to provide unrivaled context through single views of customers and counterparties with rich graphs of their relationships, enabling banking and financial institutions to increase data availability, while maintaining privacy and security. Tap into the latest advancements in AI to empower digital transformation and enable confident, data-driven decisions and create a digitally resilient, cost-effective organization.
Quantexa’s software has earned the trust of leading banks, fintechs, and regulators in the fight against fraud and financial crime, protecting data privacy, upholding regulatory compliance, and delivering personalized, trusted customer experiences.
Success story: ABN AMRO wins Celent Model Risk Manager 2022 Award for its use of Quantexa’s Decision Intelligence Platform
To help detect financial crime risk, ABN AMRO (a European bank) deployed Quantexa’s Decision Intelligence Platform, powered by entity resolution and network analytics. The platform significantly enhances the intelligence and efficiency of complex Know Your Customer (KYC) investigations and Customer Due Diligence (CDD) processes. Quantexa’s platform reduced the need for repeated requests and outreach to the bank’s clients - helping to improve customer experience – while also reducing the need for manual labor by increasing automation and providing ABN AMRO’s KYC analysts with access to an extensive set of data that improved decision making.
The insurance industry’s increasing effort to meet changing customer expectations is driving rapid digital transformation. “Going digital” puts a greater focus on using complex customer data in near real-time to manage risk and offer competitive services to potential customers. With the continued focus on loss ratios, operational expenses, and providing better customer service, the pressure is on insurance organizations to unlock value from their data to manage risk and offer competitive products and services.
Quantexa’s Decision Intelligence Platform is designed to help insurers connect and operationalize internal and external data that delivers a holistic view. The result: a faster, richer understanding of every applicant, customer, claimant, third-party, and supplier across the value chain.
When insurers have confidence through the right data and context, they can better protect against fraud risk and focus on growing their business – using a deeper customer understanding to limit customer churn, optimize pricing based on customer behavior, and discover cross-sell or upsell opportunities.
Success story: Insurers that adopt Quantexa’s platform realize significant improvements in efficiency and cost savings:
30x faster customer profiling and risk assessment across underwriting and claims
90% “accurate” automation of claims approved, including US$80 million of claims leakage avoidance
50% improvement in customer sales conversion and US$200 million in additional revenue generated
70% improvement in fraud impact and doubling of complex cases set up
Deeper understanding of customer profiles taking from 10% of data analyzed to 80-90-100% of data and reduced duplication of customer profiles
Government and public sector
Quantexa partners with agencies in the public sector to ensure the integrity of payment programs and supply chains, carry out complex operations, counter fraud, enable security, and safely share intelligence. Quantexa’s Decision Intelligence Platform is designed to be interoperable, securely integrating into existing systems to boost efforts to stop fraud, ensure compliance, investigate crime, and improve the safe movement of people and goods. Stopping fraud is vital to the government sector’s bottom line: In the United Kingdom, the government plans to spend £25 million to crack down on fraudsters who steal taxpayer money.
Through the secure utilization of data, Quantexa aids agencies to foster transparency, improve trust, and enable quick decision-making to create safer communities across the globe.
Success story: The UK Government Cabinet Office needed assistance in the fight against financial crime – specifically, fraud in the government’s COVID-19 loan schemes. During the pandemic, fraudulent and illegal organizations are alleged to have abused the Government’s support system to defraud the UK taxpayer. The Cabinet Office has adopted Quantexa’s robust Entity Resolution and Graph Analytics technology to detect and fight this type of crime.
“The COVID loan schemes were designed to help the nation at a time of deep economic need. Decision Intelligence is invaluable when organizations need to dig deeper for better intelligence and insights, spot hidden risks and opportunities, and make better decisions.”
Founder and CEO, Quantexa
Telecommunications organizations are up against an increasingly competitive market as their traditional revenue streams, such as connectivity, infrastructure and voice-centric services are commoditized. Companies are focused on developing differentiated products and go-to-market strategies that enable new revenues, compelling offerings, and excellent customer experiences.
Quantexa’s Decision Intelligence Platform helps telecommunications organizations become data-driven and customer-centric by bringing disparate and ambiguous data together at scale using its unique 99% accurate dynamic entity resolution capability.
This helps telecommunications organizations get full use of their internal and external data to get a full Customer 360 view so they can grow revenue, reduce churn, increase wallet share, and achieve operational efficiency.
Success story: Quantexa’s Decision Intelligence Platform was chosen by Vodafone for its advanced capabilities in data management and customer insights, which enabled Vodafone to provide a better experience for its business customers in the UK. Quantexa’s platform marries difficult-to-match data sets to provide Vodafone with a 360-degree view of customers. As a result, Vodafone can make quick and confident decisions to provide its customers with more relevant offerings and improved service.
Protect, optimize and grow your organization
Quantexa’s DI Platform gives you the ability to protect your most valuable assets, optimize your resources, and identify opportunities for growth.
Quantexa offers various solution suites to address specific use cases including:
Know Your Customer
Fraud & Security
Build your Decision Intelligence strategy
No matter the use case or the business unit, solutions for smart decision-making on every level need to deliver immediate value from day one, using this repeatable framework:
Unlock Value From Day One
Choose a line of business or use case, and build out your data foundation as part of your existing infrastructure.
With a unified data foundation and additional use cases, a culture of continual optimization takes over, as faster, confident decision-making becomes the norm.
Drive Decision Maturity
Continually increase your organization’s capabilities by deploying new technology, along with learning and certification opportunities for your workforce.
Become Resilient and Agile
Your data foundation is ready for any use case – giving your organization flexibility, resiliency, and agility to address any threat or opportunity