All posts by Stuart Wells

Analytics & Optimization Decision Fundamentals: Making Analytics More Accessible

Hand holding analytics
Sep062016

This blog is the final post in this series covering my FICO World keynote presentation, sharing the five steps organizations can take to improve their operational decision-making. 1. Capturing subject matter expertise 2. Intelligent solution creation 3. Faster insight to execution 4. Building institutional memory 5. Greater analytic accessibility In this blog I’ll cover the topic of greater analytic accessibility––which seems like it should be easy to achieve these days, but it is still elusive. In the age of the customer, Big Data is the key to intimately understanding customers’ desires and translating those desires into products, services and personalized experiences. This kind of differentiation is critical to companies’ achieving a competitive advantage. The challenge of Big Data is extracting meaningful, timely and actionable information from it at a reasonable cost. The complexities of doing so mean that two-thirds of businesses derive little or no tangible benefit from the information they hold. Only 4% of companies extract... [Read More]

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Analytics & Optimization Decision Fundamentals: Building Institutional Memory

Elephants
Jun212016

This is my fourth of five blogs expanding on the key points of my FICO World 2016 address. Through these blogs I’m exploring the fundamental ways organizations need to improve their operational decision-making. Organizations can reduce complexity and create competitive advantage through: 1. Capturing subject matter expertise 2. Intelligent solution creation 3. Faster insight to execution 4. Building institutional memory 5. Greater analytic accessibility Let’s talk about institutional memory. How Elephants Survive In my FICO World presentation I included a slide with a photo of elephants—not the usual stuff of a corporate deck. But a tale about elephant survival in Tanzania’s Tarangire Park provides a valuable allegory for business. The Wildlife Conservation Society examined patterns of elephant calf mortality during the park’s drought of 1993. The drought was the region’s most severe in over 40 years. Sadly, during a nine-month period of that year, 16 out of 81 elephant calves died. This mortality rate of... [Read More]

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Analytics & Optimization Decision Fundamentals: How to Go from Insight to Execution Faster

Title against city background
Jun152016

I’m continuing my blog series, taking a deeper dive into the core concepts of the keynote I delivered at FICO World 2016 in Washington, DC. Those concepts capture the five critical areas that organizations need to improve, to fundamentally enhance operational decision-making: 1. Capturing subject matter expertise 2. Intelligent solution creation 3. Faster insight to execution 4. Building institutional memory 5. Greater analytic accessibility Let’s look at the critical effect of gaining faster insight to execution, and how modern software solutions like FICO® Decision Management Suite 2.0 (DMS) catalyze this advantage. Fresh Insights Business isn’t run on a static set of facts; the knowledge we use to make business decisions is constantly evolving. At FICO we build solutions to reflect that reality by giving business users the ability to quickly adapt, test and modify strategies. Business analysts may want to test how previous decisions can be improved with champion/challenger, and when fresh insight is generated... [Read More]

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Analytics & Optimization Decision Fundamentals: Accelerating Intelligent Solution Creation

Jun062016

This is my second blog in a series of five, recapping the key principles in my talk at FICO World 2016. Those five principles can transform the way organizations can create and deploy analytically powered applications: 1. Capturing subject matter expertise 2. Accelerating intelligent solution creation 3. Faster insight to execution 4. Building institutional memory 5. Greater analytic accessibility With this blog I’ll dive into accelerating intelligent solution creation, and how it helps enterprise IT organizations to significantly reduce the complexity of solution creation. Less Legacy…More Innovation Legacy applications consume an extraordinary amount of IT dollars; only 16% of IT budgets go to innovation. Today, innovation dollars are getting further reduced and all the new innovative applications built this year will need to be maintained in the following years. Most companies underestimate the complexity and cost of maintaining applications, and find themselves with less and less dollars and personnel to innovate. That’s where Rapid Application... [Read More]

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Analytics & Optimization Decision Fundamentals: Capturing Subject Matter Expertise

Man drawing a chart
May182016

Last month at FICO World 2016 in Washington, DC, I had the pleasure of delivering a keynote address. Over the past few years of working with customers in a wide variety of industries and business challenges, we at FICO have uncovered the following five critical areas where organizations need to improve their operational decision making to help reduce complexity and create competitive advantage: 1. Capturing subject matter expertise 2. Intelligent solution creation 3. Faster insight to execution 4. Building institutional memory 5. Greater analytic accessibility Over the next few weeks I’ll blog about each of these principles, starting here with the most basic tenet of decision management: capturing subject matter expertise. Capturing Subject Matter Expertise From decades of experience in working with customers around the world, FICO has learned that the codification of operational and solution-specific knowledge—by gathering and writing down subject matter experts’ experience on the decision process—is critical, yet at most companies is sorely... [Read More]

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