Decisioning Applications Bring The Value Of Operational Decisions To Light
Businesses face the imperative to transform business from analog to digital due to intense competition for increasingly demanding and digitally connected customers. The imperative to transform has ushered in a new era of decisioning applications in which every operational decision an organization makes can be considered a business asset. New applications inform and advance customer experience and drive operational actions in real time through automation. These applications are at the forefront of the effort to streamline operations and help organizations take the right action at the right time near-instantaneously.
Achieve Digital Goals With Automated Operational Decision Making
Automating decision life cycles allows firms to manage the fast changes required in increasingly digitized business processes. Automation of operational decisions is crucial to meeting digital goals: More than three-quarters of decision makers say it is important to their digital strategy —and close to half say it is very important.
« The Share of Decisions that are Automated will Increase Markedly in two Years »
The importance of automated operational decision making to digital strategy will lead to a sharp increase of automation in the near term. Today, about one-third of respondents say they have the majority of their operational decisions fully or partially automated. In two years, that group will double.
Use Cases For Automated Decisions Span The Customer Lifecycle But Current Focus Is On Early Stages
To improve the operational aspects of customer experience —and to reap the business benefits that come with delighting customers — firms align automated decision use cases to the customer lifecycle. At least some firms have expanded their share of automated operational decision making to include touchpoints across the customer lifecycle, from the discover phase all the way to the engage phase. However, our survey found that the majority have yet to implement automated decisions as fully in later stages.
Top Challenges Will Intensify With Rapid Expansion Of New Decisioning Tools
Firms are experiencing middling success with current decision automation tools. Only 22% are very satisfied with their decisioning software today. Misgivings with today’s tools include inability to integrate with current systems or platforms, high cost, and lack of consistency across channels and processes.
The growth of real-time automation use cases and the number of technologies brought on to handle them will exacerbate existing challenges with complexity and cost.
Decision Makers Recognize High Value In Decisioning Platforms That Work In Real Time
Decision makers face significant implementation and cost challenges on their path to automated operational decisions. As a result, getting the greatest business value for the power of their automation tools is top of mind.
« Eighty-one percent of Decision Makers say a Platform with Real-Time Decision-to-Action Cycles would be Valuable or Very Valuable to Achieving Digital Transformation Goals. »
With better, targeted decisions based on real-time analytics, companies have the potential to acquire better customers, improve the operations that serve them, and retain them longer.