As regular readers know, we have released the first version of our Decision Management Systems Platform Technology report. This report is available free for download from http://www.decisionmanagementsolutions.com/decision-management-technology. The core of this version of the report is the description of four aspects of building a Decision Management System that drive organizations to adopt new, Decision Management System specific, technologies:
- Managing decision logic for transparency and agility
Decision Management Systems require that decision logic is managed in a way that delivers design transparency, so it is clear how the decision will be made, and execution transparency, so it is clear how each specific decision was made.
- Embedding predictive analytics for analytic decision-making
This shift from presenting data to humans, so that they can derive insight from it, to explicitly embedding analytic insight in systems using predictive analytic techniques means that organizations will need to adopt additional technologies to analyze their data.
- Optimizing results given real-world trade-offs and simulating results
Many decisions rely on resources that are not unlimited. Whether these resources are staff, product inventory or service capacity, decisions must often be made in the context of a constrained set of resources. Organizations will generally want to optimize their results given these constraints and this means that trade-offs much be made.
- Monitoring and improving decision-making over time
The nature of decision-making is that it is often not possible to tell how good a decision will turn out to be for some time. As a result the ongoing monitoring of decisions made and their outcomes is really important. Such monitoring allows for decision-making to be systematically improved over time.
These four areas are outlined in the webinar we gave recently and available in our archive here.
An organization that is established in developing Decision Management Systems will ultimately adopt all technologies for all these capabilities—decision logic management, predictive analytic insight and optimization and simulation. Some will find it useful to have more than one product with the same kind of capability, some will standardize on a single product. The products do not need to be adopted all at once and some Decision Management Systems require only some of the capabilities. Regardless of where you are and where you are going with Decision Management Systems, this report will help you navigate this exciting area.
You can download the report, and all future versions of it, for free at http://www.decisionmanagementsolutions.com/decision-management-technology
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