The Value of a Decision Management Framework
Blog: Jim Sinur
An organization’s ability to make excellent decisions will be a huge differentiator in today’s ever changing business environment. The days of leisurely decisions are numbered because of the speed and momentum of business. Also the amount of data, information that is available for any one decision is multiplying in an exponential fashion. More and more decisions will require the assistance from data science and combinations of algorithms with AI assistance. Aragon Research introduces it’s Decision Management Framework(DMF). Click Here for the Research note. The basic dimensions are below. Click here for a free webinar on May 11th, 2018 with more details.
While organizations will depend on people to leverage their experience and intuition in the best possible decisions, more and more decisions will be leveraging automated assists for human decision making. In the new digital world more decisions will be made in an automated fashion with significant consequences. In fact some decisions will be made at the edge without central control, so learning to manage these kinds of decisions that may be happening in an instant is essential.
Another factor being introduced in the much faster and smarter digital world is the ability to decide on making changes in the operational reaction. These changes could be implemented in procedures/processes, which in turn will help humans change. The ramifications of decisions and their downstream effects require a higher level of decision management.
Decision Management is an emerging discipline that needs a common base architecture, a shared methodology and a set of technologies. This research will seek to define a DMF that works for the large majority of decisions that will occur today and the foreseeable future. The resulting DMF will likely be used as a shared communication device for both business and IT professionals to describe the decision context, the decision components and the potential actions. The big reason is for better decisions consistently.
Decision Management is an important emerging discipline so learning how to leverage a decision management framework will be well worth the effort. While decisions can’t always be purely methodological and scientific, having an organized approach is not only helpful in many situations and necessary in areas where there are lot of unknowns. This Decision Management Framework is important to keep in mind when making decisions and used as a communication device minimally. Technology markets are emerging to support these very frameworks and will be gain significant attention in the near future.