S🚫RRY! but Decision Management is not about #rules #am #ml #optimization or #data #analytics.
✨Decision management is a discipline that allows organizations to make, execute, and monitor business decisions and then measure and monitor their impact and effectiveness. It involves a systematic approach to understanding, capturing, and defining business decisions for business operations to ensure that they are clearly defined, and transparent across teams.
In many industries #banking #financialservices #insurance #health, and #government, hundreds and thousands of business decisions are made and executed daily as part of the operation. They are across many groups, teams and, functions. These decisions have a significant impact on the performance of the organization.
⛳Decision management aims to ensure decisions are transparent, with less noise, consistent, and aligned with business objectives. Therefore, the outcome of decisions will improve operations' metrics and, consequently, the overall business KPIs in the right direction. Decision management to achieve its goals leverages many technologies in combination:
– Business rules management to ensure business rules are managed across operation
– Operational research tools to model constraints and optimize the outcomes
– Business Intelligence (BI) and analytical tools for data visualizations and reports
– Workflow and process automation to ensure decision-related tasks and activities are organized and executed by the right people at the right time with the right information at hand.
💢The main challenge is that all of these technologies are disparate tools and systems that are designed to operate fundamentally in contexts, not in relation to business decisions.
⚠️Problem? Business Decisions are not the core of any of these technologies. They work in silos, and their purpose is different than the objectives of decision management. So it takes a lot to make them work for decision management as
– they need lots of integration,
– the teams need lots of procedures, processes, and coordination
As a result, they introduce lots of friction in the operation to get a simple thing done.
On the other hand, Decision Management Suite (DMS) and Open Decision Intelligence Platform (DIP) #decisionintelligence, the products category from #Gartner, aim to bring these tools under one umbrella with the hope that they all rally for business decisions. However, tools can be used in hundreds of different ways that do not necessarily serve the purpose of the decision management discipline.
🎯The missing part is not necessarily the tools, technology, or products category — it is a methodical approach that helps the team use technologies for decision management discipline to ensure organizations can make optimized, customer-centric, and situation-aware business decisions. #decisioncentric
🚀That's where the Decision-Centric Approach® comes into the picture. Learn more at https://lnkd.in/gcWUy9eU
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Published May 1st, 2024 at 07:30 am
