Just Asking For a Friend: Decision Science
March 14, 2019
We’re kicking off a new series called “Just Asking For a Friend” to break down some tricky digital advertising terms that you might not feel comfortable discussing in the break room or important meetings. Don’t fret! We are here to assuage your fears and will help you brush up on key subjects like live audiences, the consumer journey, and machine learning vs. deep learning. Today, let’s kick things off with a topic you may have heard buzzing around the marketing-sphere.
Ladies and gentlemen, welcome to the stage: decision science!
[slow, hesitant clap]
Ok, while it may not be the coolest new term on the block, it is the shiny new object that is guiding marketers into opportunistic discussions about machine learning, and AI. Let’s break down exactly what decision science refers to, and what it means for marketers and their bottom line.
Wait, What About Data Science?
Data science is a broadly used term to describe how machines are assisting marketers and business leaders in solving problems that have traditionally relied on human intuition and judgement. Decision science, however, more aptly defines how computers are weeding through data to identify risk and rewards important to making business decisions.
Dhiraj Rajaram, CEO of data analytics company Mu Sigma, provides a look into data-based disciplines in Analytics Magazine. Data science applies math and technology to solve business problems. This involves analysis, visualization and mathematical computations to extract insights in response to clearly defined business problems. Data science builds on data engineering by adding the discipline of math. Decision science is the application of business, math, technology, design thinking and behavioral sciences. “It enables data-driven insights to help organizations make better decisions. The decision science field builds upon data sciences by adding business context, design thinking and behavioral sciences”, Rajaram says.
Thanks to decision science, things that historically have been considered impossible to predict are proving to be forecastable after all.
How Does Decision Science Benefit Marketers?
Put simply? It’s a better way to make decisions.
As a decision science company, AcuityAds enables data-driven insights to help organizations make better decisions. Our platform uses an objective, algorithm-based system to ‘price’ each possible advertising outcome, taking into account risks and rewards. The decision science that powers the Acuity Platform helps marketers to eliminate wasted impressions on consumers who are either already going to convert, or were never going to convert at all. Knowing who needs persuasion (if at all), when, and in what order can contribute to incremental value from existing marketing investments.
Want to learn more about our decision science technology and how you can simplify your digital advertising strategies? Contact us today!