Strategic Decision Making with Machine Learning (ML) (PowerPoint PPTX Slide Deck)

DECISION MAKING PPT DESCRIPTION

This product (Strategic Decision Making with Machine Learning [ML]) is a 24-slide PPT PowerPoint presentation slide deck (PPTX), which you can download immediately upon purchase.

Artificial Intelligence has come a long way from playing "chess" against a human. It has not only increased in breadth of applicability, but has also increased greatly in accessibility.

These days, there is an increasing trend in organizations to use Machine Learning (ML) to improve Executive Decision Making. Research by MIT Sloan Management Review in collaboration with Google—involving 4,700 executives and a number of key informant interviews—indicates that Machine Learning is gradually transforming the way enterprises build and analyze value.

First, what is Machine Learning?

The recent advances in Artificial Intelligence are attributed in part to applying Machine Learning to very large data sets. ML algorithms detect patterns and learn how to make predictions and recommendations by processing data and experiences, rather than by receiving explicit programming instruction. The algorithms also adapt and learn in response to new data and experiences to improve efficacy over time.

How does Machine Learning enable Strategic Decision Making?

Machine Learning offers various analytics abilities of increasing complexity for predictions and preparation, i.e., Descriptive, Predictive, and Prescriptive. Particularly related to its predictive and prescriptive capabilities, Machine Learning has a profound role in improving Operational Excellence and Decision Making. Machine Learning renders Key Performance Indicators (KPIs) more analytical and rigorous, which in turn allows executives to augment business processes by using strategic measures to guide ML algorithms.

This PowerPoint presentation on Strategic Decision Making with Machine Learning provides a detailed summary of the 3 best practices on the use of ML in enabling Strategic Decision Making in executives.

1. Employ KPIs to Enable an Integrated, Single View of Customers.
2. Analyze and Interpret Factors Driving KPIs.
3. Evaluate KPI Reports Carefully and Regularly

These 3 best practices are discussed in depth in this framework presentation.

The PowerPoint presentation includes some slide templates for you to use in your own business presentations, which convey concepts of the types of Machine Learning Analytics and Machine Learning best practices for Strategic Decision Making.

Source: Best Practices in Decision Making, Machine Learning PowerPoint Slides: Strategic Decision Making with Machine Learning (ML) PowerPoint (PPTX) Presentation Slide Deck, Flevy

DECISION MAKING PPT SLIDES

Types of Machine Learning Analytics Explained

This PPT slide presents an overview of machine learning's analytical capabilities, categorized into 3 distinct types: Descriptive, Predictive, and Prescriptive. Each type represents a progression in complexity and utility, aimed at providing insights that can drive strategic decision-making.

Descriptive analytics is positioned on the left. It focuses on summarizing historical data to explain what has occurred. This type is widely applicable across various industries, making it foundational for organizations seeking to understand past performance. The visual representation includes 3 elements labeled X, Y, and Z, which likely signify specific metrics or data points relevant to this analysis.

Moving to the center, Predictive analytics anticipates future outcomes based on historical data patterns. This type is inherently probabilistic, suggesting that it deals with uncertainty and variability in predictions. Organizations that leverage predictive analytics can gain insights into potential future scenarios, which is crucial for proactive decision-making.

On the right, Prescriptive analytics offers recommendations on actions to take in order to achieve desired outcomes. This type is the most complex and is often utilized by leading data-driven companies. The slide indicates that prescriptive analytics not only suggests actions, but also provides a roadmap for achieving specific goals, making it a powerful tool for strategic planning.

The overall structure of the slide effectively conveys the increasing complexity of analytics capabilities, guiding the viewer from understanding past events to making informed decisions about the future. This progression highlights the value of integrating machine learning into business strategies, emphasizing the potential for enhanced operational effectiveness and informed decision-making.

Best Practices for Machine Learning in Strategic Decisions

This PPT slide outlines essential best practices for organizations looking to integrate Machine Learning (ML) into their strategic decision-making processes. It emphasizes the marketing unit as the primary adopter of ML technologies, particularly in areas like advertising, segmentation, and customer intelligence. This suggests that marketing departments are leading the charge in leveraging data-driven insights to enhance their operations.

Three key best practices are highlighted in a pyramid structure, indicating a hierarchy of importance. At the top, the first practice is to employ Key Performance Indicators (KPIs) to create a comprehensive and integrated view of customers. This approach is crucial for understanding customer behavior and preferences, which can drive more informed decisions.

The second practice involves analyzing and interpreting the factors that influence these KPIs. This step is critical for identifying trends and making data-backed adjustments to strategies. It implies that organizations should not only collect data, but also invest time in understanding what the data reveals about their performance.

Lastly, the third practice stresses the importance of regularly evaluating KPI reports. This ongoing assessment ensures that organizations remain agile and responsive to changes in the market or customer behavior. It reinforces the idea that data-driven decision-making is not a one-time effort, but a continuous process.

Overall, the slide presents a clear framework for organizations eager to harness ML for better decision-making. By following these best practices, companies can transition from traditional methods to a more automated and insightful approach, ultimately enhancing their operational efficiency.

Impact of Incentives on Customer Integration via ML

This PPT slide presents findings from research conducted by the MIT Sloan Management Review, focusing on the impact of incentives related to machine learning (ML) on organizations' ability to achieve a unified view of their customers. The data indicates a significant disparity between organizations that reward the use of ML and those that do not. Specifically, over 80% of participants from incentivized organizations reported that their key performance indicators (KPIs) facilitate the development of an integrated view of customers. This suggests that when organizations actively promote and reward the use of ML, they are more likely to leverage data effectively to understand their clientele.

Conversely, only 47% of participants from organizations lacking such incentives reported a similar capability. This stark contrast highlights the importance of incentivization in driving effective data utilization and strategic decision-making. The visual representation on the slide further illustrates this point, with a pie chart showing that 82% of respondents affirm that their KPIs help in customer integration when incentives are in place. In contrast, the chart indicates that a significant portion of non-incentivized organizations struggles with this integration, as evidenced by the 39% and 47% responses indicating a lack of effective KPIs.

The findings underscore the critical role that organizational culture and reward systems play in harnessing the power of ML. Companies aiming for a comprehensive understanding of their customer base should consider reassessing their incentive structures to enhance data-driven decision-making capabilities.

Insights on Machine Learning Adoption and Incentives

This PPT slide presents findings from a study conducted by the MIT Sloan Management Review, focusing on the role of Machine Learning (ML) in strategic decision-making. A significant takeaway is that approximately 75% of participants believe that investing in ML and automation is crucial for efficiently meeting their functional Key Performance Indicators (KPIs). This indicates a strong recognition of the value that these technologies can bring to operational effectiveness.

Furthermore, the slide emphasizes that organizations with robust ML initiatives are proactive in treating data as a vital asset. This suggests that successful ML programs are not merely about technology adoption, but also about cultivating a data-centric culture within the organization. The implication here is clear: companies that prioritize data management are likely to see greater benefits from their ML investments.

The accompanying chart poses a question regarding whether organizations have incentives or internal KPIs to leverage automation and ML for marketing activities. The results indicate that about half of the organizations incentivize the use of these technologies. This statistic highlights a potential gap in commitment among businesses, as a significant portion does not yet have structured incentives in place.

Overall, the insights from this slide suggest that while many organizations recognize the importance of ML, there is still work to be done in terms of integrating these technologies into their strategic frameworks effectively. Companies that lag in adopting ML may find themselves at a disadvantage, as data-driven enterprises are positioned to outperform their less agile counterparts.

Impact of ML Incentives on KPI Monitoring Frequency

This PPT slide presents findings from an MIT Sloan Management Review study regarding the frequency with which organizations check their Key Performance Indicators (KPIs) in relation to their use of Machine Learning (ML) and automation in marketing. It highlights a significant correlation between incentivizing ML usage and the frequency of KPI checks.

According to the data, 33% of individuals from organizations that encourage ML usage check their KPIs daily. In contrast, only 17% of those from organizations that do not incentivize ML report checking their KPIs with the same frequency. This stark difference illustrates the impact that organizational incentives can have on data-driven decision-making practices.

The slide further breaks down the frequency of KPI checks into categories: hourly, daily, weekly, monthly, quarterly, and less than quarterly. For organizations with incentives, a notable 33% check their KPIs weekly, while only 1% do so hourly. Conversely, in organizations lacking such incentives, the figures show that 30% check their KPIs monthly, and a mere 5% do so weekly. This suggests that organizations that prioritize ML and automation are more likely to engage in regular performance monitoring, which can lead to more agile and informed decision-making.

Overall, the data indicates that fostering a culture that rewards the use of ML in marketing not only increases the frequency of KPI checks, but also suggests a more proactive approach to performance management. Organizations looking to enhance their operational efficiency should consider the implications of these findings as they evaluate their strategies around ML and automation.