The role of decision models in analytic excellence
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Organizations are increasingly investing in data analytics to improve decision-making. Dashboards, self-service BI, data mining, predictive analytics, machine learning and cognitive technologies are being evaluated, deployed and used as organizations push to adopt data-driven decision-making. Effectively using these analytic technologies requires a disciplined focus on better decisions. Some organizations are using decision modeling, and the DMN standard, to achieve analytic excellence.
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The role of decision models in analytic excellence
- 1. @jamet123 #decisionmgt © 2016 Decision Management Solutions James Taylor CEOThe Role of Decision Models in Analytic Excellence
- 2. @jamet123 #decisionmgt © 2016 Decision Management Solutions 2 James Taylor Decision Management Solutions ⶠWe work with clients to improve their business by applying business rules & analytic technology to automate & improve decisions. ⶠI have spent the last 14 years focused on the development of analytic applications using Decision Management ⶠOriginal DMN submitter ⶠUsing decision modeling since 2011 ⶠDozens of decision modeling projects and nearly 1,000 trained
- 3. @jamet123 #decisionmgt © 2016 Decision Management Solutions 3 Agenda ⶠFraming Analytic Requirements ⶠOperationalizing Analytics ⶠOrchestrating Operational Analytics ⶠTracking Decision Performance
- 4. @jamet123 #decisionmgt © 2016 Decision Management Solutions 4 Magical Thinking About Analytics A Miracle Occurs
- 5. @jamet123 #decisionmgt © 2016 Decision Management Solutions 5 A Focus Only On Building Analytic Models Results In A Dangerous Gap
- 6. @jamet123 #decisionmgt © 2016 Decision Management Solutions 6 Decision Modeling Closes The Gap Frame The Problem Build The Model Operationalize The Solution
- 7. @jamet123 #decisionmgt © 2016 Decision Management Solutions 7 Decision Modeling: Framing Analytic Problems
- 8. @jamet123 #decisionmgt © 2016 Decision Management Solutions 8 Challenges Framing Analytics Problems Too many iterations Business Poor collaboration with business and IT partners Business value not the focus Too many distractions
- 9. @jamet123 #decisionmgt © 2016 Decision Management Solutions 9 Specific Analytic Decision Analytic Models Overall decision to be improved Decision Modeling Frames Analytic Requirements Regulations and Policies Data
- 10. @jamet123 #decisionmgt © 2016 Decision Management Solutions 10 Case: Framing The Problem Correctly ⶠLife insurance provider ⶠDecision model of life underwriting decision ⶠIdentified that a planned medical risk prediction would not be usable ⶠProject was redirected ⶠNo wasted effort
- 11. @jamet123 #decisionmgt © 2016 Decision Management Solutions 11 Decision Modeling: Operationalizing Analytic Solutions
- 12. @jamet123 #decisionmgt © 2016 Decision Management Solutions 12 Challenges Deploying Analytics Analytic results are prioritized, not business resultsIneffective deployment leaves analytics on the shelf Timeliness and sustainability are not considered
- 13. @jamet123 #decisionmgt © 2016 Decision Management Solutions 13 Decision Models Ensure Analytic Deployment Tie the analytic to the decision and to business results Show how the analytic impacts a business decision Use the decision context to frame deployment and sustainability needs
- 14. @jamet123 #decisionmgt © 2016 Decision Management Solutions 14 Case: Decision Models Improve Manual Deployment ⶠHealthcare insurance provider ⶠDeveloped a decision model for healthcare claims adjudication ⶠThe model showed where and how to use a fraud analytic ⶠIncreased usage ⶠImproved results
- 15. @jamet123 #decisionmgt © 2016 Decision Management Solutions 15 Decision Modeling: Orchestrating Operational Analytics
- 16. @jamet123 #decisionmgt © 2016 Decision Management Solutions 16 Decision Models Show The Balance Between Analytics and Business Rules Business Rules Analytics
- 17. @jamet123 #decisionmgt © 2016 Decision Management Solutions 17 External Data Big Data Business Rules Continuous Improvement ⶠCustomers use multiple channels ⶠA common service suggests actions ⶠUsing business rules and predictive analytics in combination ⶠThese are continuously improved ⶠAnd managed by a decision model ⶠThat contains channel-specific decisions that reuse common ones ⶠAutomated with business rules and analytics Predictive Analytics Case: Decision Models Operationalize Next Best Action
- 18. @jamet123 #decisionmgt © 2016 Decision Management Solutions 18 Case: Decision Models Improve Quality In Manufacturing ⶠManufacturing company ⶠIdentified predictions of quality risk ⶠCould change task assignments ⶠDeveloped decision models around product quality ⶠFound opportunity to analytically focus daily activities of quality team
- 19. @jamet123 #decisionmgt © 2016 Decision Management Solutions 19 Decision Modeling: Tracking Decision Performance
- 20. @jamet123 #decisionmgt © 2016 Decision Management Solutions 20 Decision Models Show How To Analyze Analytic Effectiveness Decision Made Supporting Decisions Scores Business Results
- 21. @jamet123 #decisionmgt © 2016 Decision Management Solutions 21 Decision Models Reveal Tracking Needs Data Changes Direct Outcomes Indirect Outcomes Business Results
- 22. @jamet123 #decisionmgt © 2016 Decision Management Solutions 22 Wrap Up
- 23. @jamet123 #decisionmgt © 2016 Decision Management Solutions 23 Decision Donât Leave Analytic Projects In The Dark ⶠModel Decisions ⶠFrame Analytic Requirements ⶠOperationalize Analytics ⶠOrchestrate Analytic Components ⶠTrack Analytic Results
- 24. @jamet123 #decisionmgt © 2016 Decision Management Solutions 24 Next Steps / Q&A ⶠAny Questions? ⶠContact Me ⶠjames@decisonmanagementsolutions.com @jamet123 ⶠFree Papers ⶠbit.ly/IIAClarity ⶠMore Information ⶠwww.decisionmanagementsolutions.com ⶠBook ⶠFree chapter: bit.ly/RWDMFree ⶠwww.mkpress.com/DMN/
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- Modeling the desired data-driven approach to decision-making brings clarity to the analytic insight required to improve the decision. Modeling the decision-making establishes clearly what it will take to operationalize that analytic. Decision models allow multiple decision-making approaches to be effectively coordinated by business owners. The structure of the decision model provides data about how and why the decision was made that has tremendous value in analyzing decision performance, linking this decision performance to business results and closing the loop for continuous improvement.
- Customers use multiple channels For example web, partner branch, internal call center or agents with e-submission A common service suggests actions This is the NBA decision hub Using business rules and predictive analytics in combination Analytics determine value, propensity, segmentation while rules handle eligibility etc. These are continuously improved Using data gathered from all the various systems about what worked and what did not And managed by a decision model A DMN based decision model logically orchestrates the rules and analytics involved That contains channel-specific decisions that reuse common ones Common decisions are leveraged but so are channel specific decisions where necessary And scopes out partner decisions distinct from internal ones The model also shows which decisions are made inside the NDA decision hub and which, like customer value, are made by partners about their own customers and passed to the hub as inputs All described with business rules The logic for all this can be easily managed using rules linked to the decision model.