How critical are Real Time decisions in business today?
January 30, 2012 2 Comments
Alakh Verma, Director,Product Management,Oracle
We are faced with challenges to take some decisions everyday; some are minor such as paying bills and some are major such as buying house, investing in stocks, development of a product or acquiring a company that need some relevant information in that context. When we look back many years with no computers or access of ready data and wonder how people must be taking these major decisions in day to day life, businesses or even administering nations?
Recently, I watched a movie on Indian mogul emperor Akbar that depicted his popularity among citizen that was based on his real time decision capabilities, intuitive and cognitive intelligence and advice by council of ministers. He used to visit the street in disguise to gather conversation of citizen on the street in order to get real time feedback and sentiments to execute effective decisions. In those days, there was no support of technology and all decisions were based on intuitive judgment. Our brains take in massive streams of sensory data and make the necessary correlations that allow us to make value judgment and taking decisions all in real-time.
Relating the above with our current era, we are given the support of computing power with additional memory and data processing to make real time decisions. The recent technology such as big data analytics helps and supports us with right information, real-time event messaging provides at right time, mobility at right place anywhere and social media in the right context to make right decisions.
With computing power and cognitive intelligence, we are in much better situations to offer the following for Real Time Decisions in the business context.
- Personalized, Optimized and Context Centric Decisions-For the 1000’s if not millions of interactions, we have with our customers, we can deliver in context the right offer, message, recommendation, treatment or action tailored and personalized within the “moment of impact” to deliver unequaled value.
- Cross-Channel Learning & Decisions-With a multichannel customer experience platform for true cross channel decisioning that enables consistent operational Decisions for the web channel, in the contact center, or the point-of-sale, and across all lines of business, we can offer cross channel learning and decisions. The automatic insights derived from one channel are seamlessly used both within and across other channels.
- A Complete Decision Framework leveraging Data, Rules and Predictive Models-A balanced Decision Management Framework that combines both business rules and self-learning predictive models helps in real time decisions. This also helps in arbitrating rules and predictive model scores in the context of organizational goals/KPI’s at the moment of a Decision’s execution.
- Closed Loop Business Intelligence & Insight Discovery-Closed loop real-time learning becomes immediately available for the next prediction to drive adaptive, high-value interactions. We may be able to discover and highlight important correlations in the data automatically by way of user-friendly reports. Automated data discovery effortlessly leads user to the right and relevant business insights.
- Business Controls supporting Collaboration over End to End Decision Lifecycles-A rich web based user application to manage, analyze and refine Decisions over their entire lifecycle helps in gathering cognitive and collaborative intelligence.
In the most competitive business environment, Real Time decisions are critical for effective decisions and for survival and growth for business.