operational_decision_management_lustratus

operational_decision_management_lustratus - Research...

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Page 2 Research Making better business decisions with flexible, automated business rules and events Operational Decision Management Author: Steve Craggs Version 1.00 August 2011
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Page 3 Table of Contents Executive Summary .................................................. 2 Introduction .............................................................. 3 Rules-based decision management .......................... 4 Business Rules .................................................... 5 Business Events .................................................. 6 The role of Business Process Management ........ 6 What IT technology is required? ............................... 7 Business Rules Management System (BRMS) .... 7 Business Event Processing (BEP) ........................ 8 Rules-based decision-making benefits ..................... 9 Customer focus .................................................. 9 Business agility .................................................. 10 Cost reduction .................................................. 10 Governance ...................................................... 10 Smarter business operations ............................. 10 Business rules and events in action ........................ 11 Rules-based decisions in banking – Customer focus ................................................................. 12 Rules-based decisions in banking – Business agility ................................................................. 12 Rules-based decisions in banking – Cost reduction ........................................................... 13 Rules-based decisions in banking – Governance ......................................................................... 13 Rules-based decisions in banking – Smarter operations ......................................................... 14 Summary ................................................................ 15
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Page 1 Disclaimer Whilst reasonable care and skill has been taken by Lustratus Research Limited (the company) in the preparation of this report no liability is accepted by the company (except in the case of death or personal injury caused by the company's negligence) by reason of any representation or any implied warranty condition or other term or any statutory or common law duty or otherwise howsoever arising for any direct or indirect general special or consequential damages or loss costs expenses or other claims (whether caused by the negligence of the company or otherwise) which come out of the provision of this report or its use. All trademarks are acknowledged as the property of their respective owners.
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Page 2 Executive Summary Many of the latest initiatives in the IT world are focused around aligning IT resources more closely with business users and business needs. The more that IT can reduce the gap between the requirements of the business community and the fulfilment of these requirements, the greater the improvement in business performance. Companies become more agile and responsive to market changes and new opportunities; governance and risk can be managed more effectively through better business-oriented visibility of operational execution; and processes can be streamlined and automated to improve customer service and reduce costs. This report focuses on one such area that has seen great strides recently, that of improved decision-making. Executives often complain about inaccurate and untimely decision-making. Decisions should be made automatically at the point in time they are needed, and with greater accuracy. Too often, decisions have to be made manually and are based on inadequate data, are inconsistent and are difficult to inspect and validate. On top of this, even when improvements to decisions can be identified it takes far too long to implement them.
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