The future of decision science

Demystifying Decision Science

Akshay Swaminathan

PD Soros Fellow at Stanford University School of Medicine

Looking ahead

Transformation is underway

  • Advances in science and technology are reshaping how decisions are made
  • Understanding emerging trends is key to staying ahead

Four forces shaping what comes next

  • AI in decision-making
  • Big data analytics
  • Human-in-the-loop decision-making
  • Integration of behavioral economics

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Demystifying Decision Science

AI in decision science

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Unlocking scale and precision

  • AI automates tasks and delivers insights
  • Drives predictions in health, retail, and marketing
  • Supports personalization, risk scoring, and optimization

Balancing power with transparency

  • Black-box models can limit trust
  • Interpretable AI explains key factors behind decisions
Demystifying Decision Science

Smarter partnerships

Interpretability builds trust

  • AI systems can now explain predictions, improving transparency
  • This makes collaboration between humans and AI more effective

Human-in-the-loop decision-making

  • AI flags insights, humans add context and ethical judgment
  • Example: Radiologists use AI to identify scan abnormalities, but make the final call

 

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Collaboration leads to better outcomes

Demystifying Decision Science

Incorporating behavioral economics

Humans aren't always rational

  • Behavioral economics reveals how bias and emotion shape decisions
  • Example: Loss aversion can influence pricing or investment behavior
  • Understanding biases helps improve design, communication, and policy

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Demystifying Decision Science

Big data

Big data powers real-time decision-making

  • Data from sensors, social media, and transactions is growing rapidly
  • Example: IoT sensors monitor perishable goods, enabling real-time supply chain decisions
  • Combining big data with AI improves speed, accuracy, and agility

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Demystifying Decision Science

The future is integrated

  • The convergence of AI, big data, human-in-the-loop systems, and behavioral insights is shaping what's next
  • Embracing these trends empowers us to drive innovation and impact

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Demystifying Decision Science

Let's practice!

Demystifying Decision Science

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