In previous columns I have discussed the importance of focusing on operational decisions when applying advanced analytics. Most organizations have a huge opportunity if they can use advanced analytics to improve their day-to-day operational decision-making, not just strategic and management decisions. Improving these types of decisions can reduce fraud, improve risk management and increase customer satisfaction. Decision management has another key benefit, though: It’s an effective tool for organizations that need to respond in real time.
Operational decisions are made by call center staff, branch and office staff and by automated systems. These decisions must increasingly be made in real time. Customers don’t want to wait or move to a different channel to get a response; they expect you to respond in real time in the channel they have selected. With just-in-time supply chains, decisions about restocking and shipping need to be made instantaneously not at the close of business or end of the week. As fraud attacks become more sophisticated, the potential for loss rises exponentially when you can’t detect and reject the fraud as it is perpetrated. Add to this the growth in automated channels and mobile devices, and it is clear that real-time responses are becoming the norm.
Register or login for access to this item and much more
All Information Management content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access