Top Three Items for Your 2021 To-Do List
Blog: Decision Management Solutions - Decision Modeling
Our world looks very different today than it did nine months ago, and so does your business. As one of the most turbulent years in recent history comes to a close, it’s critical in these uncertain times to prepare for the future. With the pandemic still in full play and economic uncertainty across nearly every aspect of the business landscape, it’s important to align your priorities for the coming year so that you don’t just survive but thrive.
In one of the Decision Management Solutions blogs we posted back in April, we talked about how digital decisioning can help you become more adaptable, enable you to react more quickly to change, and hone your decision-making capabilities. Let’s look at three actions related to digital decisioning that you can take in 2021 to lay the groundwork for success in 2021.
1. Find ways to connect and interact with your customers in a more human way in this “remote everything” world.
In the current digital environment where customer interactions have become increasingly automated, you need to find ways to leverage those interactions to build and nurture stronger customer relationships on a human level—not just to mechanically handle transactions. Customers want to feel that you care about them and understand their needs. To sustain loyalty and increase retention, automated interactions need to be engaging too—and human interactions need more support from automated systems and processes. This is especially important if you are working with a channel, that is, third-party agents who are more accustomed to in-person interactions.
For deeper insights into how to strike the right balance and how you can create more personal interactions with your customers, check out these blogs:
- COVID-19: Build and sustain customer relationships remotely
- COVID-19: Time to adapt your operations for the new normal
Take a deeper dive into managing customer treatment decisions by downloading our white paper, “The Case for Centralized, Customer-Focused Digital Decisioning.”
2. Focus on continuous improvement, rather than “Big Bang” projects.
Change has always been a constant—but never more so than in 2020. Economic recovery from COVID-19 will be difficult to predict and is unlikely to be a straight line back to the old normal. Investing in and continually reassessing your decision-making to determine which decisions worked out and which did not, reviewing decision-making approaches that seem out of date, and rapidly putting new approaches into production is key to a successful new year.
These articles will steer you toward an iterative mindset that will help you fine-tune your models and result in great decisions:
- “Why Argue When You Can Model?”
- “Don’t Just Sit There, Experiment!”
- “Ongoing Decision Improvement Drives Decision Excellence”
3. Demystify artificial intelligence (AI)—and make it work for you.
Everyone wants to apply AI to make their business work better, but not all organizations have a solid and workable AI strategy. Succeeding with AI requires a different approach. It’s best to define your decisions first and then work backwards. After all, ultimately, it’s about applying AI to drive better business outcomes.
Here are some resources that will show you how digital decisioning enables you to derive maximum business value from AI:
- “How to Succeed With AI: Tie It to Business Decisions”
- “Operationalizing AI: Beyond AI Pilots with Digital Decisioning”
If you’d like to learn about operationalizing machine learning, we highly recommend our upcoming 2021 Machine Learning Week workshop by James Taylor, CEO. Managers, decision makers, practitioners, and professionals will benefit from this overview on how machine learning can deliver real business value when deployed within a robust framework of business decision-making.
Indisputably, 2020 has been a difficult year, but it has shown us that we can digitize more and do more things remotely. Many organizations have driven their digitization initiatives further and faster than they ever imagined possible—simply because they had to. In 2021, companies can derive massive value from those investments by leveraging digital decisioning to make better decisions more rapidly. Already identified by key analysts as a powerful enabler, decision management to deliver digital decisioning is what’s next.
If you are thinking about incorporating digital decisioning into your business operations and want to investigate the topic further, we suggest these materials:
- “Decide to Decide Digitally: New Forrester Research”
- “Gartner Analyst’s Take on Decision Management: What It Is and Why You Need It”
- Digital Decisioning: Using Decision Management to Deliver Business Impact from AI by James Taylor, CEO, Decision Management Solutions
We at Decision Management Solutions wish to thank our customers, our partners, and our team for contributing to a more resilient business environment in the face of a major crisis. We sincerely hope that you and your loved ones enjoy a healthy and spirited holiday season and a prosperous new year. Good things are in store!