🛑Business Decisions are different from business processes, business rules, machine learning, and data – they are just not the same.

A business decision is a business question seeking an answer. Plain and simple. Let's have a look at a couple of examples.

🔹How much is a premium for this client? (insurance)
🔹What is the regimen for this patient? (health)
🔹How much funds should we allocate to this business, and from which funds pool? (Government)
🔹What are the eligible products for this customer based on their credit history? (banking)
🔹What are the services a family of 5 kids can receive from the government? (Government, social services)
🔹How much money this client can borrow? (Financial services, fund management)

So, as you see from the above examples, those are types of questions that happen daily across many different cases and clients. These types of business decisions are called Operational Decisions. They are related to the operation of business.

Additionally, there are other types of business decisions (aka business questions), such as below:
🔸Should we go ahead with this hire?
🔸What market segments should we invest in to acquire more clients?
🔸How much should we spend on paid ads for a product?
🔸What types of partners should we sign up for the business with?

As you see, these are business questions but are fairly different in nature.

⚠️Here is the difficult part about business decisions: in today's fast-paced business, more often than not, all of these types of business decisions (operational, tactical, and strategic) are overlapping. Not only that but quite often, they need the same authority (same people, team, etc.) to make and execute them.

🎯The lines between operational, tactical, and strategic business decisions are blurring. So, framing business decisions (aka modeling business decisions) is more important than ever today, as they are becoming more influential and have a far-reaching impact.

#businessrules #machinelearning #data #workflow #businessprocess

Posted here.

Published June 8th, 2024 at 07:30 am