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JavaOne - rules, AJAX and more

I was interviewed at JavaOne by Sys-Con TV and here's the recording. Some fun facts about Fair Isaac and some discussion of business rules, AJAX and other stuff. Paul Perrone, of Perrone Robotics, was also interviewed and, as he talks...

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Welcome DM Review readers

Just a short post to welcome DM Review readers. You can subscribe to this blog here or using the widgets in the left column. There is also an email subscription widget for those of you not using RSS. The category...

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Great article on Intelligent Business

Mike Ferguson of Intelligent Business Strategies Limited wrote a nice piece about A Road Map to Intelligent Business. His definition of an intelligent business being one that is able to bring its business intelligence to bear on operational systems is...

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What is agility and why would you care?

Agility is a measure of how quickly, cheaply and easily you can change the way you take a decision within your systems and organizational infrastructure. For example, if you want to introduce a new cross-sell strategy or a new pricing...

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Managing decisions as a corporate asset

One of the key values behind an Enterprise Decision Management approach is that of managing decisions as a corporate asset. When customers interact with you they consider every decision you take to be a corporate one - that is, a...

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Data quality- don't forget EDM when you fix it

Interesting Data Quality Survey from Business Objects talking about how often professionals find that they don't have the data they need or have quality problems with it. I don't have much to add except to say that thinking about operational...

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Congratulations Egg!

My friends at Egg, an online bank in the UK, recently won the "Best Business Rules Solution" award at the European Business Rules Conference. The award went to Egg because the solution: Is owned and driven by business users Was...

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Want to Bridge the "Insight Gap": Get the Insights First

James has argued repeatedly and convincingly that Enterprise Decision Management serves to "bridge the insight gap". That is, when data and analytics generate insights about the business, EDM can help put those insights quickly, easily, and inexpensively into action. Or...

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Claims management - processing faster and detecting fraud with EDM

Why is claims management a perfect fit for EDM? Well, it is key for customers and agents to have a positive experience when first providing details of a claim as this sets the tone for the whole interaction. This tends...

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Eligibility management - a perfect opportunity for business rules

One of the most common uses of decisioning technology in Government is the management of eligibility. As you will see this is mostly a rules and compliance issue, though there may be a role for analytics in deriving some of...

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Podcast on business rules

http://www.edmblog.com/decisons_podcast/ has a new podcast on business rules. Enjoy.

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Healthcare and credit-based decisioning

Saw this interesting little piece in Health Data Management today - Hospitals Should Know the Score. An interesting snippet on how important proper credit management is for hosptials - "As much as 30% of patient payments end up being written...

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Using business rules for Anti-Money Laundering

Interesting report by Henry Peyret of Forrester on A Business Rules Engine Decreases The Cost Of Fraud Detection. The system he describes is a classic use of a non-inferencing rules engine but I want to make a couple of points...

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Integrating Analytics into Business Processes

In The Four Styles of Integrating Analytics Into Business Processes Gareth Herschel and Betsy Burton of Gartner discuss the four kinds of analytic integration with business process – intra- or inter-application and explicit or implicit. Comparing this to my model...

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Don't be adversely selected against - use EDM!

I saw this article in National Underwriter - Data Use, An Edge For Some Insurers: Consultant. In this the authors of the study say "Property-casualty companies that reject traditional business models in favor of the creative use of data mining...

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Top posts on BPM, SOA, CEP, BAM and business rules

Continuing the analysis and got this list is of ones related to business process, SOA, CEP and related topics. Here goes: Are BPMS and BRMS complementary or not? There are a number of posts on this topic including this one...

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Top posts on business rules

I was doing some analysis the other day and identified your favorite posts and I thought it would be fun to show the list with some comments. The first list is of ones related to business rules. Here goes: Agile...

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Top posts on going "beyond BI"

Last list of top posts. This list is of ones related to business intelligence. Here goes: Predictive Analytics and Insurance A post on how predictive analytics can be used for better decisioning in Insurance. There's more on this in the...

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Insurers should collaborate to fight fraud - with data

Saw this article To Beat Fraud, Insurers Must Collaborate: NICB and it hit home. Collaboration is part of how the credit card industry drove down fraud. By pooling data on usage and fraud they were able to enable to building...

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Customer Analysis when you have millions of customers

This interesting article on Customer Flashcards caught my eye yesterday. Chris and Zach do a nice job of presenting the idea of customer flashcards, combining lots of information into a single image, and how that might help you see more...

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Book Review: The Real-Time Enterprise

This book was recommended to me by Mike Gonzalez over at Hands-on-BI. The book is a couple of years old but its time horizon was fairly long so it is still nicely relevant. The book introduces the concept of a...

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Different approaches to adding insight to your decisions

I got an interesting comment the other day asking how to effectively conduct data mining in an EDM context - outsource or not? This made me think it would be worth posting a general description of the different ways to...

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Shifting performance management into action

I wrote this article for ebizQ on "Shifting Your CPM Into Action". EDM offers a platform for decisioning across processes that enables you to change the way your company works as your performance management infrastructure tells you that you should....

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Self-regulation and decision automation

I got an interesting comment the other day from Craig Cameron about the potential for self regulation - the fact that some businesses want not only to comply with government enforced regulations but also to "comply" with the wishes of...

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Identity Theft - some stats and suggestions

I got a comment from the folks at Metrics 2.0 asking about stats on Identify Theft (something about which I have blogged a couple of times - here and here). I asked around and got some information. According to Javelin...

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Compliance, business process and business rules

I wrote a short article on the use of Business Process Management Systems (BPMS) and Business Rules Management Systems in compliance over at BPM Institute recently. There's more on this blog on compliance and Business Process Management as well as...

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CEP needs business rules too

I saw a comment on IT Analysis that talked about The difference between complex event processing and event stream processing. I liked the distinction drawn but have to take issue with the comment Philip makes agreeing with a CEP vendor...

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SOA, Portals and Rules

I was recently part of a team that gave a presentation on how Portals can be an "on-ramp" to SOA with Gene Phifer of Gartner, Sun and some Sun partners. This was an interesting overview of how to get started...

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Great eCommerce needs decisioning

Saw an interesting article on e-commerce at E-commerce Best Practices Make Perfect by Marshall Lager. There were some great general purpose comments on e-commerce but a couple of things caught my eye. Firstly there were some great comments by Jackson...

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What is Predictive Analytics

Predictive analytics is a proven technology that’s been used successfully for decades. It encompasses a variety of mathematical techniques that derive insight from data with one clear-cut goal: find the best action for a given situation. Predictive analytics simplifies data...

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What are the Signs that My Business can benefit from predictive analytics?

You need to make fast decisions while weighing many variables. If you have a wide range of data that seems to you that it should influence what you do next and you want to make the decision quickly, typically by...

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What can predictive analytics help me do?

Know your customers—and act on the insight. Predictive analytics provides insight on future customer behavior that can help you identify the best action to take on every customer or transaction. And analytics guides other strategic action, such as placing accounts...

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Who uses predictive analytics and how?

Predictive analytics is widely used to solve real-world problems in business, government, economics and even science—from meteorology to genetics. Here are some examples of predictive analytics applied to customer decisions. Financial services: A large credit card issuer saw a $6...

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How does predictive analytics help automate decisions?

Predictive analytics helps automate "decision strategies"—the decision logic or ruleset that defines the steps, in order, that will be applied in making a given customer decision. For example, one step in a collections strategy may be to use analytics to...

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How does predictive analytics differ from data mining and business intelligence?

Data Mining explores, predictive analytics answers "What next?" Predictive analytics and data mining both apply sophisticated mathematics to data in order to solve business problems. But when people talk about data mining, they are usually referring to an analytic toolset...

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The future of Insurance needs EDM

I saw this report on the IBM site the other day - Insurance 2020: Innovating beyond old models. It had some interesting predictions in it, especially since it took a longer time horizon than is typical in these kinds of...

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Great article on becoming a predictive enterprise

Some folks at Oracle wrote a nice piece in DM Review recently on Engineering the Predictive Enterprise. They make some great points and give some good advice. One interesting angle that I think they miss is the integration of predictive...

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What are the types of predictive analytics?

Predictive analytics is often used to mean predictive models. Increasingly, people are using the term to describe related analytic disciplines used to improve customer decisions. Since different forms of predictive analytics tackle slightly different customer decisions, they are commonly used...

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How does predictive analytics work?

Different types of predictive analytics are applied distinctively in business. Here’s how some frequently used models work. Scorecards-predict customer behavior Scorecards are a popular form of predictive model, used in risk assessment and other areas. A scorecard produces scores that...

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Eliminating bias with decision automation

The reporting of this study Study: Blacks, Latinos pay more for mortgages was distressing for me and others in this industry. After all the introduction of credit scoring back in the 50s was in part designed to eliminate bias by...

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What IS Enterprise Decision Management or EDM?

Enterprise Decision Management (EDM) is an approach that automates, improves and connects decisions across the enterprise. Businesses using EDM gain much greater control over the results from high-volume operational decisions. EDM aims to increase the precision, consistency and agility of...

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How are models developed?

While advanced modeling tools are essential, the real power in modeling comes from the analyst. Model development is equal parts "art" and "science." The analyst must know both what to look for in the data and what will work for...

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What can EDM do for my business?

EDM can give your business decisions greater: Precision. Increase revenues and improve risk management through greater segmentation, more relevant offers and better risk management. Benefits include: Higher revenue yield per customer interaction, through better targeting and segmentation and through more...

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How much data do I need for predictive analytics?

As a general rule, the more data, the more powerful the model. With enough data, you can build "segmented model" systems, which use multiple models for different customer segments with different predictive patterns. Depending on available data, business goals and...

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Why is EDM important now?

The need for EDM springs from the increasing complexity of making decisions: Decisions that once took days now have to be made at the speed of the transaction, such as while a customer is completing an online transaction. Business objectives...

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What are the legal issues in using predictive analytics?

Many countries and industries have legal restrictions on data use, sharing and privacy. Some also have restrictions on how to segment customers for marketing treatment to prevent preferential treatment or discrimination. US lenders, for example, cannot use race or gender...

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What kinds of problem can EDM solve?

EDM can be applied to virtually any business area that involves high-volume, operational decisions, or the use of analytics and business rules to improve decision strategies. Here are some of the areas where EDM is used today: Customer acquisition and...

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What makes someone good at building predictive analytics?

Here are a few of the things a good analyst will excel at: Dealing with data bias. Many modeling data sets have biases, missing data on some percentage of customers or an inadequate sample size. For instance, a data sample...

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Who benefits from EDM?

Companies that have large numbers of dynamic, high-impact operational decisions can increase their success through EDM. Within those companies, key stakeholders are: Business owners who want to improve the quality and consistency of customer decisions, and take more control of...

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What makes a good predictive analytics provider?

Whether you’re using scores for the first time or selecting enterprise- class modeling systems, choosing the right analytics provider is critical. A good analytics provider has both experience—in analytic technique and building models that work in practice—and the ability to...

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The paperless office and decisioning

This article in ComputerWorld - Paper cuts: Renewed efforts in the move toward the paperless office - made me think about how companies are using decisioning to replace paper pushing. Decision automation is key when you need to re-engineer the...

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How do the basic EDM building blocks work?

Business rules, written by business users, determine what action to take for every customer and circumstance. These rules can be further refined through data mining and strategy optimization. Predictive models analyze customer data to segment populations of customers according to...

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How is EDM different from other approaches like BI or Knowledge Engineering?

There are a few key elements that differentiate EDM solutions and technology from other approaches: Closed-loop capability for designing, deploying and executing decisions processing Flexibility for rule-based and/or analytic model based decision processes Business user control of the decision logic...

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How do I know I am ready for EDM?

There are many ways you might tell you are ready for EDM or that you need EDM to go to the next level. Here are just some of them. You can segment your customers 30 ways-but you deal with them...

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