Decision Management
Leverage analytics and data in your business process, naturally and fully integrated to empower your customer engagements wherever they occur.
Key Takeaways:
1. Prescriptive analytics — what your data is telling you to do — is only useful if its directive is available in real time wherever your customer engages with you: call centers, retail kiosk, websites, or mobile apps. Seamlessly creating insights, publishing prescriptive actions, tracking, auditing, and learning from these engagements is the practice of decision management.
2. Decision management is the practice of using analytics in your business applications to optimize customer engagements. Customer engagements can be directed by data, and business rules, and inform what you offer, to whom, when, and where. This not only creates consistent customer offers but optimizes all engagements making them predictable, profitable, and lower risk.
3. Decision management processes don’t end with an offer. All engagements generate new data that continuously informs the analytics. In addition, decision management requires mechanisms for reporting, auditing, and managing all engagements compliance with any rules or regulations.
4. FICO has invested decades in developing and improving decision management methodologies. FICO combines data, analytics, AI, decision rules, optimization, application development, and learning loop technologies in a unique and powerful manner to deliver decision management solutions to businesses in every industry imaginable, including financial services, energy, transportation and logistics, retail, government, and many others
Expanded Definition:
“There are two sources of competitive advantage, learn faster than the competition or move faster than the competition.”
Jack Welch, former CEO of General Electric
Decision management is the art and science of automating and managing business decisions. It is an umbrella term that largely encompasses the continuum of ingesting data, making insights, integrating business processes, optimizing outcomes, delivering applications and business processes embedded with analytics, learning from and evolving business processes, and auditing decision-making assets.
Decision management is, to leverage the words of Jack Welch, both a mechanism for learning AND moving faster than the competition.
Additional Content:
To learn more, check out these two books:
Digital Decisioning: Using Decision Management to Deliver Business Impact from AI
The Deciding Factor: The Power of Analytics to Make Every Decision a Winner
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