Ray Wang of Constellation Research published a report early this year “The Elements of Business Architecture for Digital Transformation.” In the report Ray identifies some interesting boardroom priorities (this is just some of them):
- Consistent Customer Experience
- Mass automation
- Insights-driven business models
- Cost-effective regulatory compliance
All of these are reasons given by our clients as they invest in Decision Management and in decision management technologies like predictive analytics and business rules. Using these technologies allows customer-centric micro-decisions to be made at scale in a way that demonstrates compliance and effectively applies big data analytic insight. All moving toward what Ray calls Mass Personalized Systems.
There’s some great content in the report and in particular I liked a couple of the recommendations:
- Apply new technologies to existing infrastructure
Decision Management does not replace your existing systems, it just makes them smarter and better able to make the right decision at the right time on your behalf - Move from gut to data-driven decisions
Decision Management is all about applying analytics to drive data-driven insight into your decision-making.
If you want to get started on this kind of transformation then one of your first needs is going to be an understanding of the decisions that matter to your day to day operations. Discover those decisions that drive customer experience and operational excellence, model them (using decision requirements models, the new DMN standard and software like our DecisionsFirst Modeler), and then identify where analytic technology will make a difference.
You can read more about it, see a snapshot and sign up with Constellation here.
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Great post. I particularly agree with the recommendation to move from gut to data-driven decisions. It continually astonishes me how many institutions still believe that human beings are required to make good customer decisions. People are great at many things, but when it comes to efficiently and consistently evaluating data and making decisions, automated decision management systems clearly have an advantage. If institutions want to meet their operational and compliance goals, they need to give up the assumption that human intervention is always necessary andimplement a scalable decisioning process that requires less manual review and case management.