Predictive analytics in decision management systems
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To ensure that Decision Management Systems are analytic and adaptive you must embed the results of data mining and predictive analytics in them. In this webinar you will learn what can be discovered using data mining and predictive analytic techniques and how this can be applied to the decision-making embedded in Decision Management Systems. The role of analytics in predicting risk, fraud and opportunity and the importance of continuous improvement and learning is also be covered.
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Predictive analytics in decision management systems
- 1. The use of Predictive Analytics in Decision James Taylor Management CEO Systems
- 2. Your Presenter – James Taylor CEO of Decision Management Solutions Works with clients to improve their business by applying analytic technology to automate & improve decisions Spent the last 9 years championing Decision Management and developing Decision Management Systems ©2012 Decision Management Solutions 1
- 3. Real Decision Management Systems ©2012 Decision Management Solutions 2
- 4. AGENDA 1 2 Introducing Decision Management The role of predictive analytics 3 Predictive Analytics in Decision Systems Management 4 5 6 Systems Building in Questions? How to Learn Predictive More and Wrap Analytics Up
- 6. Decision Management Systems Automate Claims Personalize the experience Detect fraud Create loyalty Target Cross-Sells And more… ©2012 Decision Management Solutions 5
- 7. Decision Management Systems Agile Analytic Adaptive ©2012 Decision Management Solutions 6
- 8. The Role of Predictive Analytics
- 9. Analytics Predict Risk How risky is this customer’s application for service… And how should we price it? ©2012 Decision Management Solutions 8
- 10. Analytics Predict Fraud How likely is this claim to be fraudulent…. and what should we do about it? ©2012 Decision Management Solutions 9
- 11. Analytics Predict Opportunity What represents the best opportunity to maximize loyalty and revenue? And when should we promote it? ©2012 Decision Management Solutions 10
- 12. Case: Retailer Business challenges Solution Benefits Grocery chains are Tailored promotions Increased revenue battling for market integrated with Deep knowledge of share loyalty program customers across Customer loyalty is Integrated system formats essential for growth from back office to More effective Loyalty to the brand, point of sale promotional not a single store Consistently campaigns format compelling offers across channels
- 13. Predictive Analytics in Decision Management Systems
- 14. Analytics Inform Decision-making 10 5 0 Day 1 Day 2 Day 3 Day 4 Day 5 Day 6 Day 7 Day 8 Day 9 Day 10 ©2012 Decision Management Solutions 13
- 15. Time To Look Forward ©2012 Decision Management Solutions 14
- 16. Successful Analytics Used in every transaction Pervasive At the point of contact/delivery In operational decision making From reporting to prediction and forecasting Predictive Data mining Predictive analytics and scoring Actionable Decisions being made, actions being taken Decision Management Systems Decision Support Systems ©2012 Decision Management Solutions 15
- 17. Predictions Are Not Enough Those who know first, win Those who ACT first, win Provided they act intelligently ©2012 Decision Management Solutions 16
- 18. Analytics Must Drive Action Operational Systems Decision Management Systems link Decision analytics to operational systems Analytic Systems ©2012 Decision Management Solutions 17
- 19. Decision Management Systems deploy and apply predictive analytics ©2012 Decision Management Solutions 18
- 20. Case study: Insurer Business challenges Solution Benefits Use analytics to Model and Find the decisions improve underwriting decompose decisions that could be Map decisions to impacted and Embed analytics in refocused analytic claim processing systems and organizations effort application Constrained analytic effort to ensure successful implementation
- 21. Building In Predictive Analytics
- 22. 3 Steps to Decision Management Discover Build Improve ©2012 Decision Management Solutions 21
- 23. Discover High ROI Decisions Risk decisions Customer decisions How risky is this deal How profitable might this and what should we do? customer be? Predict risk of a bad Predict response, outcome opportunity, potential Rigorous, regulated Rapidly evolving Fraud decisions How likely is this to be fraudulent? Predict risk of fraud “Black box” ©2012 Decision Management Solutions 22
- 24. Build Predictive Analytics Analytic Insight Data Data Data Visualization Management Preparation & Analysis Data Store Model Monitoring Modeling Model Model Validation Repository Deployment Decision Service Model Package Generated Model Tuning Code Model Scoring Engine Logging Operational Data Store ©2012 Decision Management Solutions 23
- 25. Deploy Across the Enterprise Application Context Business Intelligence Business Process Enterprise Event Processing Management Application Performance Management Data Decision Service Infrastructure Decision Business Predictive Predictive Rules Analytics Optimization Analysis Analytics Enterprise Platform ©2012 Decision Management Solutions 24
- 26. Improve for Increasing ROI ©2012 Decision Management Solutions 25
- 27. and for Adaptive Systems ©2012 Decision Management Solutions 26
- 28. Experiment To Learn And Adapt ©2012 Decision Management Solutions 27
- 29. Case study: Cable TV Business challenges Solution Benefits 1.2M households Predictive analytics to 13-18% cross-sell hit Many single-product predict churn, cross- rate on average households sell Up to 40% cross-sell Whole industry Business rules use analytics and data to success rate for some suffers from low loyalty and 20%+ drive dynamic scripts Teams using the customer churn Embedded in call scripts have more Increasing center application to sales competition and improve decision making Reduced churn by 20- changing regulations 30% ©2012 Decision Management Solutions 28
- 30. Questions?
- 31. Wrap Up
- 32. Decision Management Systems Agile Analytic Adaptive ©2012 Decision Management Solutions 31
- 33. Begin With The Decision In Mind Find the decisions that matter to your business and model them ©2012 Decision Management Solutions 32
- 34. Embed Predictive Analytics Decision Build predictive analytic models and embed them in operational systems ©2012 Decision Management Solutions 33
- 35. Learn More Decision Management Workshops in Europe Systems Berlin, June 4 and 5 decisionmanagementsolutions.com/ London, June 11 and 12 book Decisions and Decision Management Identifying decisions Design of decisions Managing decision logic Report on platform Decisions in systems technologies Getting started decisionmanagementsolutions.com/ decision-management-technology Details at http://www.enterprise-design.eu http://www.ruleshub.com ©2012 Decision Management Solutions 34
- 36. Thank You James Taylor, CEO james@decisionmanagementsolutions.com 35