How do the basic EDM building blocks work?
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- Business rules, written by business users, determine what action to take for every customer and circumstance. These rules can be further refined through data mining and strategy optimization.
- Predictive models analyze customer data to segment populations of customers according to their likely future behavior. These models work within the business rules to target each decision for greater success. Predictive analytics can also be used offline to identify the strategies and actions that will optimize results.
- Automated execution delivers highly targeted decisions, often in real time, to customer contact channels and business planning areas.
- Results of actions circle back to corporate data, enabling faster response to market conditions and adjustments to strategies.
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