Synopsis
Organizations make thousands of automated, operational decisions every week-from targeted pricing of products to determining which customers get automatic approval, from customizing website navigation and content to satisfying regulatory mandates. How well they make these decisions drives their profitability, makes or breaks their reputation and powers customer satisfaction.
How these decisions are made is one of a company's most important assets. All too often these decisions are not explicitly managed, assessed or even visible to the company's business experts. Instead they are buried in the company's software code and policy manuals, where they are hidden from view and may even be contradictory. Decision modeling gives you the power to change this, to make your organization's decisions transparent, agile and scalable.
About the Authors
James Taylor first came up with the phrase "Decision Management" in 2002. He has been focusing on the approach and the supporting technology stack for nearly 25 years and he is almost certainly the best-known proponent of the approach. While working at FICO he wrote a book on the topic with Neil Raden. Since then he has written Decision Management Systems: A Practical Guide to Using Business Rules and Predictive Analytics (IBM Press, 2012) and Digital Decisioning: Using Decision Management to Deliver Business Impact from Artificial Intelligence (JTonEDM Press, 2019), dozens of articles and white papers and several book chapters expanding and developing the core concepts. One of the original submitters of the Decision Model and Notation standard, he has been using decision modeling on client projects since 2011. He has designed and written effective development methodologies and developed several modeling tools, including one based on DMN - DecisionsFirst Modeler. As the founder of Decision Management Solutions, he works with clients to help them implement Decision Management and Decision Modeling so they can create more agile systems, operationalize their machine learning investments and successfully adopt AI.
Jan Purchase has been working in investment banking for 25 years, the last 20 of which he has focused exclusively on the use of business decisions, decision modeling (in DMN), business rules and the integration of artificial intelligence (including machine learning) with business decisions. He is a founder of Lux Magi Ltd, a company specializing in delivering the benefits of these concepts to financial organizations, as well as providing training and mentoring in their use. Lux Magi has applied decision modeling and artificial intelligence to automate financial compliance, insurance pricing, capital markets risk management and environmental monitoring. In 2021, Lux Magi was one of the first companies to pioneer the integration of large language models and decision modeling for corporate fact checking. Jan has maintained a blog 'Decision Management for Finance' since 2010, highlighting the practical lessons learned from applying decision modeling and machine learning at scale and providing useful feedback to clients and vendor partners. He has published many white papers, hosted multiple webinars and chaired public coaching sessions on the application of decision modeling and artificial intelligence to problems in finance.
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