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An overview on Enterprise Decision Management

Posted by AxelPrice on July 30th, 2014

Enterprise Decision Management that is sometimes referred to as Business Decision Management is basically, the process of automating and improving high-end operational decisions. Most of the decisions work on developing decision services using business rules to automate them, provide analytic insight to these services using predictive analysis and also allow the ongoing improvement of decision making processes through adaptive control and optimization. By segmenting tasks into different departments in the management, there are tools for group decision making that bring in a plethora of benefits for the company as a whole.

For starters, enterprise decision management or EDM entails the designing and deploying of these automated decisions in a planned and methodical process. This is not some side-effect of some other activity like implementing ERP system but an intentional emphasis on decisions. Basically, these decisions are mostly used by organizations to manage interactions with customers, employees and suppliers. Now that computerized activity is basic to all tasks, this process has focused on decisions taken by company members that interact directly with customers and systems supporting them or providing some form of self-services to customers.  Currently, EDM is associated with revenue generating activities like marketing, product recommendation, cross and sell offers, pricing and so on.

Working with EDM

First and foremost, any problem needs to be defined clearly and so are the ways of problem analysis by domain experts. After that, one can move on to automating the process using EDM.

-Defining rules

At the beginning, the data needs to be retrieved for a number of sources. This data is further converted in a standardized format. With the endless number of rules that lie on a domain expert’s knowledge, defining and storing them in a versioned repository becomes important. These rules are further executed to generate valuable information for dashboards, reports and the like. Further the tools also help in taking the correct decisions.

-Advantages

First, rules being stored in a central place mean that they can be easily found and also changed accordingly.

Second, they provide an excellent means for representing and implying the complicated logic applied to business.

Third, rules are easy for understanding when it comes to non-technical people.

Current Status

In the present domain, EDM is proving useful when automating customer-interaction decisions, largely because of applications that:

-Provide near real-time response to events happening in multiple sections and transaction level data is monitored.

-Utilizing contents of customer information repositories to help in personalizing web content and customer services.

-Coordinating sales and services across numerous channels that have largely to do with customer interactions, which include group decision making functions as well. The reason why EDM is the answer now for customer interaction decision making processes is because they analyze these interactions and determines the significance of it as well.

For those who are new to this concept, can actually know all these and learn more in implementing the same for advanced decision making process. In short, Enterprise Decision Management or EDM is the way to go whenever a need arises to take decisions largely based on an increasing number of gathered and available data.

Want to know about enterprise decision management? We are a renowned decision making platform helping you with group decision making and other related services.

Also See: Decision Management, Enterprise Decision, Group Decision, Domain Experts, Decisions, Decision, Management

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