Predictive modeling and decision management are moving beyond traditional uses in the credit risk management world and into the revenue enhancement arena. A particularly interesting application is in the area of tailoring offerings or responses to customers as the transaction is happening in real time. Conceptually, the responses received from a customer during a transaction can be used to generate additional offerings of complementary products or even to set prices in a real-time context.
The idea of being able to predict what a customer might additionally buy is exciting to business managers. As with any new approach, many ideas bubble up that sound great in the conference room but fall flat when the realities of implementation are considered. IT and business managers need to evaluate the use of data mining, modeling and decisioning approaches to determine whether an idea in front of them makes business sense and can be implemented technically.
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