operational_decision_management_lustratus

By formalizing decisions specifying them clearly and

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Unformatted text preview: or even use other, competitive options. This could trigger a ‘customer relationship’ meeting with the branch manager to be scheduled, where any dissatisfaction can be addressed. The other main area of smart banking enabled by the use of rules-based operational decision making is that of continual improvement. By formalizing decisions, specifying them clearly and making them easy to measure, it becomes possible to carry out a regular and detailed analysis of business outcomes related to the decisionmaking procedures currently in place. This feedback loop provides exactly the sort of input business analysts need to continually optimize decisions until the business outcomes are world class, improving profitability and stakeholder return. Summary In order to achieve better operational business decisions in a flexible and automated way, IT systems must provide business users with non-technical access to the decision points that affect the business and the ability to easily and quickly modify these rules and actions based on changing business conditions. Business rules management systems and their associated tooling make it possible to control the decision-making of individual business transactions as they execute through the use of rules that are authored and edited by the business community. These rules formalize and automate ‘point-in-time’ decisions to ensure predictable and repeatable results, while the added use of business events extends this operational decision management into new dimensions, enabling decisions that are based not just on the individual transaction being executed, but also on overall business performance across the enterprise in both real-time and historical contexts. The result is faster business operations with reduced costs, increased customer service levels and a greater degree of operational visibility that enables more effective compliance management and closer alignment of IT to business objectives. Automated operational decision management makes the ideal platform for transforming into a smarter, more competitive and more efficient business that delivers increased value to stakeholders and a more profitable bottom line. Page...
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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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