Decision Management and Decision Modeling
What Is It?
The success and profitability of your business depends largely on how well you make operational decisions and how quickly you learn from their outcomes. Decisions are choices your business makes, perhaps hundreds or thousands of times a day, such as: whether a customer is automatically approved for credit, which products and services are offered to a client given their eligibility and previous behavior, whether an insurance claim should be processed without investigation and which regulatory procedures are relevant to each transaction.
Whether these decisions are automated within your transaction systems or performed manually by members of your staff, how they are made and how their business value is assessed are vital assets to your company. All too often how decisions are made is buried in the heads of business experts, in policy manuals or in the darkest recesses of software code where their flaws and inefficiencies are hard to see. Decision Management is a practical approach to bring your decision-making into the light to: make them transparent and accountable to all your stakeholders, render them accessible to your business experts and analysts, make them easier to modify and improve, ensure that they are as effective as they can be and ensure that they are used consistently and reliably. Decision management provides a strong context for the application of predictive analytics and business rules.
Decision Modeling is a vital part of decision management, it gives us a standard means of representing business decisions.
It’s important not to confuse business decisions and business rules.
What Are the Business Benefits?
Find Out More – Request Our White Papers
Discover more about Decision Management and Decision Modeling in Jan Purchase and James Taylor’s book. Find out more details here or request two free chapters. You can buy the book here.
Consult our blog for an introduction to decision management and modeling and some introductory videos. Lux Magi are also presenting a free webinar about decision modeling with partners Trisotech. See here for more information.
In addition feel free to request a download of our white papers listed below. Just click on the link to request a download.