{"id":11829,"date":"2022-09-20T14:43:34","date_gmt":"2022-09-20T19:43:34","guid":{"rendered":"https:\/\/flevy.com\/blog\/?p=11829"},"modified":"2022-09-20T14:45:49","modified_gmt":"2022-09-20T19:45:49","slug":"strategic-decision-making-with-machine-learning-ml","status":"publish","type":"post","link":"https:\/\/flevy.com\/blog\/strategic-decision-making-with-machine-learning-ml\/","title":{"rendered":"Strategic Decision Making with Machine Learning (ML)"},"content":{"rendered":"<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-11834\" src=\"http:\/\/flevy.com\/blog\/wp-content\/uploads\/2022\/09\/pexels-harun-benli\u0307-3701276-scaled.jpg\" alt=\"\" width=\"2560\" height=\"1707\" srcset=\"https:\/\/flevy.com\/blog\/wp-content\/uploads\/2022\/09\/pexels-harun-benli\u0307-3701276-scaled.jpg 2560w, https:\/\/flevy.com\/blog\/wp-content\/uploads\/2022\/09\/pexels-harun-benli\u0307-3701276-300x200.jpg 300w, https:\/\/flevy.com\/blog\/wp-content\/uploads\/2022\/09\/pexels-harun-benli\u0307-3701276-1024x683.jpg 1024w, https:\/\/flevy.com\/blog\/wp-content\/uploads\/2022\/09\/pexels-harun-benli\u0307-3701276-768x512.jpg 768w, https:\/\/flevy.com\/blog\/wp-content\/uploads\/2022\/09\/pexels-harun-benli\u0307-3701276-1536x1024.jpg 1536w, https:\/\/flevy.com\/blog\/wp-content\/uploads\/2022\/09\/pexels-harun-benli\u0307-3701276-2048x1365.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/>Automation has a profound role in <a href=\"https:\/\/flevy.com\/operational-excellence\">improving Operational Excellence<\/a> and Decision making.\u00a0 Organizations, these days, are increasingly using <a href=\"https:\/\/flevy.com\/browse\/flevypro\/strategic-decision-making-with-machine-learning-ml-6382\">Machine Learning (ML) to improve the Strategic Decision making expertise<\/a> of their leaders.<\/p>\n<p>Global research by MIT Sloan Management Review in collaboration with Google\u2014involving 4,700 executives and a number of Key Informant Interviews\u2014indicates that ML is gradually transforming the way enterprises build and analyze value.\u00a0 This is attributed mainly to Machine Learning\u2019s ability to render Key Performance Indicators (KPIs) more analytical and rigorous.\u00a0 More rigorous KPIs allow executives to augment business processes by using strategic measures to guide ML algorithms.<\/p>\n<p>Organizations that are already spending resources on and employing ML to serve their customers are fundamentally distinct from those that don\u2019t invest in ML.\u00a0 They have a broader perspective of their customers and analyze KPI data and reports regularly. \u00a0It allows enterprises to liberate people from routine tasks and focus their attention on strategic initiatives.<\/p>\n<p>Machine Learning-focused enterprises consider data as one of their most valuable assets and embrace ML and other technological tools of this age to <a href=\"https:\/\/flevy.com\/business-toolkit\/competitive-advantage\">create a Competitive Advantage<\/a>.<\/p>\n<p>Key findings of the MIT SMR study indicate that:<\/p>\n<ul>\n<li>Around 75% of the study participants considered that investing in <a href=\"https:\/\/flevy.com\/browse\/flevypro\/artificial-intelligence-ai-machine-learning-ml-3336\">Machine Learning and Automation<\/a> allows them achieve their functional KPIs efficiently.<\/li>\n<li>The organizations with most exciting and impressive ML programs were quite determined in managing data as a notable asset.<\/li>\n<li>Data-driven enterprises have a clear competitive advantage over businesses that are sluggish in adopting data or ML competencies.<\/li>\n<\/ul>\n<p>The Marketing unit is typically the foremost adopter of Machine Learning in an enterprise.\u00a0 Advertising, Segmentation, and Customer Intelligence are the areas where ML is most widely used.<\/p>\n<p>Technology leaders employ 3 crucial Machine Learning best practices to enable Strategic Decision Making:<\/p>\n<ol>\n<li><strong>Employ KPIs to Enable an Integrated, Single View of Customers.<\/strong><\/li>\n<li><strong>Analyze and Interpret Factors Driving KPIs.<\/strong><\/li>\n<li><strong>Evaluate KPI Reports Carefully and Regularly. <\/strong><\/li>\n<\/ol>\n<p><a href=\"https:\/\/flevy.com\/browse\/flevypro\/strategic-decision-making-with-machine-learning-ml-6382\"><img decoding=\"async\" class=\"aligncenter size-full wp-image-11831\" src=\"http:\/\/flevy.com\/blog\/wp-content\/uploads\/2022\/09\/Strategic-Decision-Making-with-ML.png\" alt=\"\" width=\"1282\" height=\"722\" srcset=\"https:\/\/flevy.com\/blog\/wp-content\/uploads\/2022\/09\/Strategic-Decision-Making-with-ML.png 1282w, https:\/\/flevy.com\/blog\/wp-content\/uploads\/2022\/09\/Strategic-Decision-Making-with-ML-300x169.png 300w, https:\/\/flevy.com\/blog\/wp-content\/uploads\/2022\/09\/Strategic-Decision-Making-with-ML-1024x577.png 1024w, https:\/\/flevy.com\/blog\/wp-content\/uploads\/2022\/09\/Strategic-Decision-Making-with-ML-768x433.png 768w\" sizes=\"(max-width: 1282px) 100vw, 1282px\" \/><\/a><\/p>\n<p>Let\u2019s dive deeper into the details of the best practices.<\/p>\n<h2><strong>Employ KPIs to Enable an Integrated, Single View of Customers<\/strong><\/h2>\n<p>A data-powered, comprehensive customer perspective is essential for business leaders today.\u00a0 Organizations that incentivize their people to use Machine Learning with relevant quantifiable metrics tend to have an all-encompassing, broader picture of their customers.<\/p>\n<p>Rewarding the use of ML and <a href=\"https:\/\/flevy.com\/browse\/flevypro\/strategic-key-performance-indicators-kpis-4031\">establishing appropriate practical and realistic KPIs<\/a> to assess that assists the businesses in developing a single view of the customers. \u00a0This enables the businesses to create proper customer segmentation and plan effective engagements with the customers.<\/p>\n<h2><strong>Analyze and Interpret Factors Driving KPIs<\/strong><\/h2>\n<p>The next best practice to <a href=\"https:\/\/flevy.com\/browse\/flevypro\/strategic-decision-making-4011\">enable Strategic Decision Making<\/a> through ML use is to interpret the underlying factors that impact their performance indicators. \u00a0The corporations that reward the use of ML are more inclined to agree to the point that they can evaluate the factors and data that become the basis of their KPIs. \u00a0The competence to analyze and interpret the elements that make up organizational KPIs helps to enhance Operational Excellence.<\/p>\n<p>This competence promotes improved common understanding of organizational data and customer requirements, thereby steering data-driven, Decision making. \u00a0<a href=\"https:\/\/flevy.com\/browse\/marketplace\/big-data-analytics--implementation-toolkit-6019\">Data, analytics, and ML<\/a> are employed by leading enterprises to run software and applications essential for predicting clients\u2019 requirements, manage systems needed to interpret business needs, and make these systems learn and become more intelligent.<\/p>\n<p>Interested in learning more about the Machine Learning best practices to enable Strategic Decision Making ? You can download <a href=\"https:\/\/flevy.com\/browse\/flevypro\/strategic-decision-making-with-machine-learning-ml-6382\">an editable PowerPoint on <strong>Strategic Decision Making with Machine Learning <\/strong>here<\/a><a href=\"https:\/\/flevy.com\/browse\/flevypro\/core-competence-model-6264\"><strong>\u00a0<\/strong><\/a>on the\u00a0<a href=\"https:\/\/flevy.com\/browse\">Flevy documents marketplace<\/a>.<\/p>\n<p><strong>Do You Find Value in This Framework?<\/strong><\/p>\n<p>You can download in-depth presentations on this and hundreds of similar business frameworks from the\u00a0<a href=\"https:\/\/flevy.com\/pro\/library\">FlevyPro Library<\/a>.\u00a0<a href=\"https:\/\/flevy.com\/pro\">FlevyPro<\/a>\u00a0is trusted and utilized by 1000s of management consultants and corporate executives. Here\u2019s what some have to say:<\/p>\n<blockquote><p>\u201cMy FlevyPro subscription provides me with the most popular frameworks and decks in demand in today\u2019s market. They not only augment my existing consulting and coaching offerings and delivery, but also keep me abreast of the latest trends, inspire new products and service offerings for my practice, and educate me in a fraction of the time and money of other solutions. I strongly recommend FlevyPro to any consultant serious about success.\u201d<\/p>\n<p>\u2013 Bill Branson, Founder at Strategic Business Architects<\/p><\/blockquote>\n<blockquote><p>\u201cAs a niche strategic consulting firm, Flevy and FlevyPro frameworks and documents are an on-going reference to help us structure our findings and recommendations to our clients as well as improve their clarity, strength, and visual power. For us, it is an invaluable resource to increase our impact and value.\u201d<\/p>\n<p>\u2013 David Coloma, Consulting Area Manager at Cynertia Consulting<\/p><\/blockquote>\n<blockquote><p>\u201cFlevyPro has been a brilliant resource for me, as an independent growth consultant, to access a vast knowledge bank of presentations to support my work with clients. In terms of RoI, the value I received from the very first presentation I downloaded paid for my subscription many times over! The quality of the decks available allows me to punch way above my weight \u2014 it\u2019s like having the resources of a Big 4 consultancy at your fingertips at a microscopic fraction of the overhead.\u201d<\/p>\n<p>\u2013 Roderick Cameron, Founding Partner at SGFE Ltd<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Automation has a profound role in improving Operational Excellence and Decision making.\u00a0 Organizations, these days, are increasingly using Machine Learning (ML) to improve the Strategic Decision making expertise of their leaders. Global research by MIT Sloan Management Review in collaboration with Google\u2014involving 4,700 executives and a number of Key Informant Interviews\u2014indicates that ML is gradually&hellip;&nbsp;<a href=\"https:\/\/flevy.com\/blog\/strategic-decision-making-with-machine-learning-ml\/\" rel=\"bookmark\"><span class=\"screen-reader-text\">Strategic Decision Making with Machine Learning (ML)<\/span><\/a><\/p>\n","protected":false},"author":110,"featured_media":11834,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","footnotes":""},"categories":[84,408],"tags":[2061,1800,2396,122,811,700,2973,328,1285,2551,824],"class_list":["post-11829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-information-technology","category-management-leadership","tag-algorithms","tag-automation","tag-business-processes","tag-competitive-advantage","tag-key-performance-indicators","tag-marketing","tag-ml","tag-operational-excellence","tag-strategic-decision-making","tag-strategic-initiatives","tag-transformation"],"_links":{"self":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts\/11829","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/users\/110"}],"replies":[{"embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/comments?post=11829"}],"version-history":[{"count":7,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts\/11829\/revisions"}],"predecessor-version":[{"id":11839,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts\/11829\/revisions\/11839"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/media\/11834"}],"wp:attachment":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/media?parent=11829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/categories?post=11829"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/tags?post=11829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}