What the report says
The report highlighted the importance of digital decisioning apps in the age of digital transformation. According to Forrester, with the ever-changing business landscape, catering to the varied demands of customers calls for applications that will help decision makers smartly prioritize their actions through prescriptive analytics.
Traditionally, organizations have professionals such as business analysts, data scientists, and software engineers working in silos to create the assets to automate business operations and influence customer decisions. However, working in silos can result in chaos, wasted efforts, and misguided expenditure. According to Forrester, digital decisioning apps leverage data science and analytics to “turn insights into effective, individual, and immediate customer actions and measurable business results”.
These apps make measuring business outcomes (such as customer growth, rising sales, and margins) straightforward, ensuring clear visibility of both investments and returns. They thus solve a key challenge in digital business: in the customer’s moment of need, deciding what to do—and then doing it—by capitalizing on insights gained from analytical and machine learning models. They also help automate mundane tasks while more complex tasks can be performed by humans supported by a machine learning program—a synthesis of the Art of Judgment and the Science of Data—that is the essence of DecisionMinesTM.
DecisionMinesTM : A data-driven digital decision platform
In the digital age, customers have become more discerning. They are well-informed, do their own research, and interact with enterprises on their own terms. With the multitude of media outlets churning out information, their attention is fleeting and they want to be served in the here and now. Add this to an ever-evolving market with regulatory conditions and you get a rather volatile ecosystem in which businesses must strive to turn customer decisions in their favor.
Thus, it becomes critical for businesses to make quick decisions, which will give them an early start over their competition. This is where DecisionMinesTM comes in. It is a scientific, data-driven framework that leverages machine learning and predictive analytics to help organizations uncover the value hidden beneath massive layers of their own data.
Tap the potential of AI now
Despite the hype surrounding artificial intelligence, businesses seem to have just scratched the surface of what could be a mammoth potential. A recent survey by O’Reilly Media revealed that out of 11,400 participants, 49% indicated they were in the exploratory stage of machine learning, 36% were early adopters (models in production from two to five years), while 15% considered themselves sophisticated users (models in production for more than five years). This leaves a lot of scope for enterprises considering transitioning to digital decision applications to make the move now.
The biggest differentiator of DecisionMinesTM is its industry-agnostic nature. It can cater to the needs of diverse domains including BFSI, retail, sports, and travel & hospitality, among many others. Be it customer relationships, wealth, workforce, risks, or any other ‘unknowns’ that need to be managed, the analytical and machine learning models of DecisionMinesTM can be tailored to meet specific requirements.
DecisionMinesTM also brings a home-grown advantage: its learning and decision points are honed over two decades in a real business environment.
To know more about how DecisionMinesTM assists organizations in becoming data-driven decision makers, visit decisionmines.com.