Over the years, Decision Management Solutions has helped many leading insurance businesses modernize. We’ve helped them radically improve their claims handling, driving high rates of straight through processing with less fraud and less waste. We’ve helped them improve their top line sales numbers with automated cross-sell/up-sell, Next Best Offer or Next Best Action systems. We’ve worked with [...]
I am super-excited to announce that an article I have been working on with Michael Ross has just been published on Harvard Business Review – Managing AI Decision-Making Tools The nature of micro-decisions requires some level of automation, particularly for real-time and higher-volume decisions. Automation is enabled by algorithms (the rules, predictions, constraints, and logic [...]
Bart de Langhe and Stefano Puntoni recently published a great article in the MIT Sloan Management Review called “Leading With Decision-Driven Data Analytics.” In contrast to so much of the literature that focuses first on data, they focus on decision-making. In fact they go so far as to say that: “Leaders need to make sure [...]
The team at Machine Learning Week/Predictive Analytics World has announced the schedule for 2021 (virtual conference, May 24-28, 2021) and issued their call for speakers. This is a great conference and will be a great opportunity to present. As always those with case studies and real experience will be particularly welcome! I will once again [...]
Eric Siegel and I had a great discussion about doing Machine Learning BACKWARDS recently – you can watch the recording below or on our YouTube Channel. Eric, if you don’t know, is the founder of Predictive Analytics World, a leading consultant, and author of “Predictive Analytics“. You can also check out Eric’s new Coursera class. This [...]
A few months back, Scott Adams posted a great Dilbert that I have been meaning to write about for a while (click on the image to see the original). In the strip, Dilbert says “You don’t go to war with the data you need. You go to war with the data you have.” Now Scott [...]
Working with companies that are investing in becoming analytic enterprises, we have determined that there are three critical success factors. Whether you are focused on business analytics, data mining, predictive analytics, machine learning, artificial intelligence, or all of the above, these factors will be critical. Check out these videos that talk about them: Analytic Enterprises [...]
Gartner recently published a piece “Top 10 Trends in Data and Analytics, 2020” that you can currently get from our friends at ThoughtSpot (registration required). It’s an interesting report you should definitely check out. My favorite section was the one on Decision Intelligence, within which they include the kind of digital decisioning or decision management [...]
With everything else going on at the moment, you may be finding it difficult to think about improving your decision-making. Yet COVID-19 has added a new set of constraints on your decision making and changed you objectives. This makes the management, and optimization, of decisions even more valuable. A few weeks back we published a [...]
COVID-19 is driving a new normal in which resources must be allocated and managed more dynamically.
The new normal of COVID-19 is going to need customer relationships to be built and sustained remotely.
Balancing multiple profit drivers is essential in many high volume, transactional decisions targeted with Decision Management. Being able to execute decisions, monitor their effectiveness, learn what works, and systematically improve your decision-making results in significant business benefit. Mathematical optimization let’s you go even further. We recently published a new white paper – The Customer Journey [...]
I recently got together with Irene Lyakovetsky of Saugatuck Worldwide and well known independent analyst Jim Sinur to talk Digital Decisioning. Irene released our talk on her Saugatalk channel as a great series of snippets: Introducing Digital Decisioning and focusing it on operational, transactional decisions Using decision modeling and empowering the business owner Using Low [...]
A new white paper outlines the journey to optimal decisions and the role of mathematical optimization in getting the business results you want.
Craig Bedell – an insurance industry luminary and old friend – published a great article last week on Carrier Management – The Insanity of Analytics in Insurance (NOW FREE – no membership required). Despite an abundance of optimism over analytics, AI and more, the insurance industry still has challenges realizing the potential benefits of these [...]
The Machine Learning Times (previously Predictive Analytics Times) is the only full-scale content portal devoted exclusively to predictive analytics. It has become a standard must-read and machine learning professionals’ premier resource, delivering timely, relevant industry-leading articles, videos, events, white papers, and community. In this month’s featured article, Eric Siegel, Ph.D., executive editor of The Machine [...]
Cassie Kozyrkov – Head of Decision Intelligence at Google- has a great piece on 12 Steps to Applied AI. As usual she’s got lots of great tips. I don’t have anything to add to her more technical steps but I want to add some commentary on Step 0 and Step 1. Let’s start with her [...]
The Decision Management team at Gartner (Rob Dunie , Roy Schulte, Derek Miers , Pieter den Hamer , Paul Vincent , Marc Kerremans and Erick Brethenoux ) have recently published a new paper entitled “Should Your Project Use a Decision Management Suite?” [Gartner subscription required]. It’s a great paper and I strongly recommend it if you have access. The quotes below [...]
Digital Decisioning: Using Decision Management to Deliver Business Value from AI There is an artificial intelligence (AI) revolution underway in enterprises across the globe as companies continue to adopt predictive analytics, machine learning and other AI across their businesses. This revolution puts managers and executives under enormous pressure to use AI to run their businesses more effectively. How do they do this? Will people lose their jobs? Most [...]
McKinsey recently reported that “Most carriers are struggling to meet their cost of capital, and productivity has barely moved over the past decade” and that “The insurance industry is facing a serious structural challenge … the majority of carriers are not making their cost of capital.” Growing productivity by improving operations is an essential ingredient [...]