operational_decision_management_lustratus

Bringing together business experts across disciplines

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Unformatted text preview: browsing and editing tools comes the opportunity for the business community to work together to ensure decision-making procedures are correct. Bringing together business experts across disciplines ensures that decision-making is not just optimized for particular parts of the business but across the business as a whole. The result is optimal decision-making that is accurate both in a specific and a general business context. The other area that has a major bearing on better governance is that that of measurement and tracking. With a clear visibility of the rules governing the decisions that control business operations, it now becomes possible to monitor the outcomes of those decisions and analyse them. To repeat an example used earlier, if a decision on approving a loan is asking for supervisor approval too often, then this could indicate that the decision is not optimal in terms of efficient execution or perhaps that more supervisor resources are needed. Smarter business operations The final benefit area considered is concerned not so much with existing ways of doing business but rather with looking for new approaches to transform the business and drive it forwards. Business rules and events offer some great opportunities to support business transformation, helping companies to be more competitive and to address new challenges. For instance, if the critical decision-making procedures controlling operations are now Page 10 documented, and can be monitored, it becomes possible to build an accurate picture over time of the outcomes they generate and how effective they are. Combining rules and events to get a multi-dimensional view of operational decisions placed in their historical and systems-wide perspective may lead to greater understanding and corresponding improvements in decision-making. The feedback from monitoring these factors is valuable input in a continuous improvement loop, but it may also allow more complex and complete operational decisions to be taken. If certain patterns...
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This note was uploaded on 01/29/2014 for the course ACC 230 taught by Professor Xia during the Winter '13 term at Bloomsburg.

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