Decision modeling for decision led analytics
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Learn how to get started quickly with decision modeling for success with selecting and adopting analytic capabilities for your organization. Organizations today are turning to analytic capabilities to drive decision-making. But with the different types of decisions that need to be made, multiplied by the different types of BI and analytic capabilities available, it can be difficult for organizations to choose the right capabilities for the situations at hand. Decision modeling with DMN is a proven technique that provides the needed framework for selecting and implementing analytic capabilities. Watch the webinar recording at https://decisionmanagement.omnovia.com/archives/216594
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Decision modeling for decision led analytics
- 2. Your Presenter – James Taylor CEO of Decision Management Solutions We work with clients to improve their business by applying analytic technology to automate & improve decisions I have spent the last 12 years championing Decision Management and developing Decision Management Systems ©2015 Decision Management Solutions
- 3. Decision-Led Analytics Clearly communicate analytic requirements Shared understanding between team members Define a business case, deployment and success measures ©2015 Decision Management Solutions
- 5. Analytic Capabilities Landscape ©2015 Decision Management Solutions A New Approach Decision-led Role-centric Style-based
- 6. Volume Once All the time Repeatability Unique Consistent Latency Immediate Delayed Complexity Low High 4 Key Decision Characteristics Volume How often must we make this decision? Repeatability How different is making the decision each time? Latency How long do we have to make a decision Complexity How many factors must be considered in the decision ©2015 Decision Management Solutions
- 7. 4 Key Analytic Roles ©2015 Decision Management Solutions Business Decision-Maker Business Analyst Analytic ProfessionalIT Data Professional
- 8. Styles of Analytic Capability ©2015 Decision Management Solutions Explorer or Settler Visual or Numeric DIY or Factory-Made
- 9. Decision-Led
- 10. Business Needs for Analytics Reporting Monitoring Deciding ©2015 Decision Management Solutions
- 11. The Focus Shifts to Decision-Making ©2015 Decision Management Solutions
- 12. Deciding Manual or automated Select from alternatives Based on information and analysis Take action as a result ©2015 Decision Management Solutions
- 14. Finding Decisions • Knowing what a business user will do with information points at decisions Ask “So what?” • Potential options available for a choice identify possible decisions Identify Actions • Places where the branching to one path or another is significant Business Processes • Analytics are often powerful when used to differentiate treatmentAsk “Why?” ©2015 Decision Management Solutions
- 15. Best Decisions To Focus On Action oriented decisions Repeatable decisions Data rich, non trivial decisions With a measurable business impact ©2015 Decision Management Solutions
- 16. Map Decisions Back To Metrics Metrics impacted by improvement in decision Customer Churn Service Calls Losses Retention Budget … What retention offer should be made? ↑ ↑ ↓ ? What initial price should be offered? ↑ ↑ Should an intervention call be made? ↓ ↓ … ? … ©2015 Decision Management Solutions
- 17. Describe Decisions Information • What is needed? • Where does it come from? Knowledge • How to make it • How to improve it Precision • Exactly how? • Specificity without technical details Context • Application • Organization • Business Goals ©2015 Decision Management Solutions
- 18. Decision Modeling and Notation (DMN) “… provide a common notation that is readily understandable by all business users... DMN creates a standardized bridge for the gap between the business decision design and decision implementation.” Use Cases Modeling Human Decision-making Modeling Requirements for automated Decision-making Implementing automated Decision-making OMG Specification – a peer to BPMN Decision Management Solutions, IBM, Oracle,TIBCO, FICO, EscapeVelocity, KUL, Model Systems, KPI, Visumpoint Approved. Finalization expected Q1 2015 ©2015 Decision Management Solutions
- 19. Decision Requirements Diagram ©2015 Decision Management Solutions Information Knowledge Decision Precise Definition
- 20. Define Decisions Define Decisions with A question Possible answers ©2015 Decision Management Solutions Q: Which marketing offer should be presented to this customer during this interaction? A: Any current, available marketing offer in the database
- 21. Decisions Require Information What Information is needed? Where does it come from? ©2015 Decision Management Solutions
- 22. Decisions Require Knowledge How to make this decision What constrains it? ©2015 Decision Management Solutions
- 23. Decisions Require Decisions Understand Decisions by modeling the other decisions that must be made first ©2015 Decision Management Solutions
- 24. A Decision Requirements Diagram ©2015 Decision Management Solutions Top Level Decision Input Data Knowledge Sources Additional Precision Gaps Specificity Additional Requirements
- 26. If Only… Ask If Only… If only we knew if this customer is unhappy If only we knew if this piece of equipment was going to fail soon If only we knew where we were most likely to get a delivery this afternoon If only we knew if this provider was ripping us off … ©2015 Decision Management Solutions
- 27. If Only We Knew What They’d Accept ©2015 Decision Management Solutions
- 28. If Only We Knew Who Was Loyal ©2015 Decision Management Solutions
- 29. Link Analytics Explicitly To Action ©2015 Decision Management Solutions Identify decision to be improved Uses a non-technical notation Model can be built by business analysts
- 30. What Information Gives Us The Insight? ©2015 Decision Management Solutions Data Warehouse What information don’t we store? What information can’t we integrate? What information must now be analyzed?
- 31. Decision Modeling for Decision-Led Analytics Decision modeling communicates analytic requirements Decision models are easily shared between team members Decision modeling defines the business case, deployment and success measures ©2015 Decision Management Solutions
- 32. More Resources White papers Putting Analytics to Work in Operations Decision Modeling with DMN http://decisionmanagementsolutions.com/white-papers Events Decision Modeling for Predictive Analytic Projects PAW San Francisco http://predictiveanalyticsworld.com/sanfrancisco/2015/ Books Decision Management Systems The MicroGuide to BPMN and DMN http://decisionmanagementsolutions.com/books ©2015 Decision Management Solutions
- 33. DecisionsFirst Modeler A collaborative decision modeling software that conforms to the new Decision Model and Notation (DMN) standard. ©2015 Decision Management Solutions DecisionsFirst Modeler is available as a free BasicVersion (SaaS) and a paid Enterprise Edition (SaaS or on-premise). Sign up at www.decisionsfirst.com
- 34. Thank you! James Taylor, CEO james@decisionmanagementsolutions.com