Decision Management
Decision management is utilizing the technology to define, execute, monitor, and tune automated business decision logic across multiple processes and applications.
Updated: December 5, 2023
Decision management is utilizing the technology to define, execute, monitor, and tune automated business decision logic across multiple processes and applications.
Capturing business rules and decision logic in a central repository, testing and simulating those rules, and integrating them into processes and operational systems to optimize and automate decision-making is involved in decision management.
Author can store, test, and manage business rules with decision management platforms that can be used to make automated decisions. These are also known as business rules management systems (BRMS).
Rules-based decision management, Predictive decision management, Adaptive decision management and Hybrid decision management are different types of decision management that will be utilized depending on the decision management tool used or the industry a company is in.
Standardized, compliant, and optimized decision-making can be done for businesses with decision management. Regulatory, market, and financial risks can be easily managed by this. Faster product innovation, consistent customer experiences, agility to changing conditions and improved risk management are benefits of using decision management.
Businesses can automate high-volume, repetitive operational decisions that follow clear rules or policies which improves efficiency and reduces cost. Consistency and oversight can be enabled as decision rules and business logic can be consolidated into a central decision repository rather than scattered across applications. Users can easily identify patterns, monitor performance, and continuously improve decision-making with the help of dashboards, reporting, and analytics provided within decision management solutions.
Types of decision management
- Operational Decision Management (ODM)
- Strategic Decision Management
- Tactical Decision Management
- Analytical Decision Management
- Customer Decision Management
- Risk Decision Management
- Policy Decision Management
- Regulatory Decision Management
- Financial Decision Management
- Human Resources Decision Management
- Supply Chain Decision Management
- IT Decision Management