The project is worth 2.16 million euros, and is co-financed by the European Fund for Regional Development within the Competitiveness and Cohesion Program 2021-2027.
The work plan and project objectives were presented to the interdisciplinary team of experts at the meeting by the leader Vjekoslav Majsec from TIS and Prof. Nina Begičević Ređep, Ph.D. head of FOI's team. The project team will develop a cognitive and distributed digital platform for multimodal data collection, analysis and visualization, with an emphasis on environmentally sustainable optimization of business-critical information. In practice, it is a solution that helps organizations to extract from large amounts of unstructured data what is really important - and in real time.
Such an approach enables the so-called informed decision-making, in which management decisions are based on verified data and not exclusively on intuition. This reduces the risk and increases transparency, but also the speed of reaction to changes - emphasizes Professor Nina Begičević Ređep.
The speed and quality of decision-making is one of the key challenges today. The necessity of developing such a platform is also shown by reports from Oracle and McKinsey, according to which slow decision-making remains a key challenge for today's companies, given that as many as 86% of managers feel overloaded with data, while only 20% of companies believe that they make decisions quickly and efficiently. TIDE responds to this challenge by developing a methodological framework for decision-making agility analytics, which enables a faster and more informed response to changes through the measurement and optimization of key decision-making metrics.
The TIS TIDE project connects the entire process – from the understanding of existing business processes to the concrete implementation of the solution – into a single, integrated workflow. Added value is brought by the decision agility analytics module (Decision Agility Analytics), which, in addition to the speed and quality of decisions, also takes into account their ecological footprint, thus the project responds to the growing demands of sustainable business.
The role of the FOI in the project is primarily scientific and research, with a special emphasis on the development and improvement of the concept of decision-making agility. FOI participates in the development of modules for analytics and decision-making agility support, as well as in the validation of developed models, thus ensuring their scientific foundation and applicability in real business environments.
The TIS TIDE project thus represents an example of strong cooperation between the academic community and industry and an important step towards the development of innovative and sustainable digital solutions that will enable organizations to make faster, smarter and more responsible decisions.
