Organizations are increasingly investing in data analytics to improve decision-making. Dashboards, self-service BI, data mining, predictive analytics, machine learning and cognitive technologies are being evaluated, deployed and used as organizations push to adopt data-driven decision-making. Effectively using these analytic technologies requires a disciplined focus on better decisions. Some organizations are using decision modeling, and the DMN standard, to achieve analytic excellence.
Modeling the desired data-driven approach to decision-making brings clarity to the analytic insight required to improve the decision. Modeling the decision-making establishes clearly what it will take to operationalize that analytic. Decision models allow multiple decision-making approaches to be effectively coordinated by business owners. The structure of the decision model provides data about how and why the decision was made that has tremendous value in analyzing decision performance, linking this decision performance to business results and closing the loop for continuous improvement.
Customers use multiple channelsFor example web, partner branch, internal call center or agents with e-submission A common service suggests actionsThis is the NBA decision hub Using business rules and predictive analytics in combinationAnalytics determine value, propensity, segmentation while rules handle eligibility etc. These are continuously improvedUsing data gathered from all the various systems about what worked and what did not And managed by a decision modelA DMN based decision model logically orchestrates the rules and analytics involved That contains channel-specific decisions that reuse common onesCommon decisions are leveraged but so are channel specific decisions where necessary And scopes out partner decisions distinct from internal onesThe model also shows which decisions are made inside the NDA decision hub and which, like customer value, are made by partners about their own customers and passed to the hub as inputs All described with business rulesThe logic for all this can be easily managed using rules linked to the decision model.
The role of decision models in analytic excellence