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Welcome to the July 2019 edition of the Decision Management Solutions newsletter. In this issue you will discover the 5 steps to embedding Predictive Analytics and Machine Learning into your business. You will also learn what I said and what I learned at Predictive Analytics World 2019 in Las Vegas last month. Finally, get an update on best practices in innovating the insurance customer experience.

As always, please contact me to learn how we help organizations like yours adopt decision modeling to improve the return on their analytics investments and if you like what you're reading, please forward this newsletter to a friend or colleague. 
5 Steps to Embedding Predictive Analytics and Machine Learning Into Your Business.
Success begins with a focus on decisions...
> Read more.
What I Said And What I Learned At Predictive Analytics World 2019. Too often we see analytics underutilized because they were not designed with the action/decision in mind.
> Read more.
Innovating The Insurance Customer Experience.
While at a high-level, a similar path applies to most customers, customers each have different requirements at different stages of their individual journey. > Read more.

5 Steps To Embedding Predictive Analytics And Machine Learning Into Your Business

These days everyone is talking about Predictive Analytics and Machine Learning (ML). Organizations of every size and in every industry are thinking about investing new analytic capabilities. Businesses need more than business intelligence (BI) capabilities such as reporting, dashboards and performance monitoring to effectively compete. The increased speed demanded by consumers and businesses alike puts pressure on enterprises to respond in real-time, which creates the need for more advanced, more predictive analytics and machine learning.

The future belongs to organizations that can embed predictive analytics throughout their business. Predictive analytics and ML are not just more advanced BI. Taking advantage of predictive analytics and ML requires a different approach.

Read this paper to get a better understanding of the power of predictive analytics and how to successfully embed predictive analytics in your organization. Success begins with a focus on decisions. Following this approach will help you become a predictive enterprise.

What I Said And What I Learned At Predictive Analytics World 2019
It was a pleasure to participate in Predictive Analytics World again this year. I presented on Backwards Engineering – planning Machine Learning (ML) deployment in reverse. Data shows that a traditional data-first approach to analytics is not generating much value for companies as expected. I urged the audience to instead adopt a decisions-first mindset. The last mile – getting ML models embedded into production systems – is critically important for analytic value and yet it is hard and often neglected. To succeed the data shows that you need to:
  • Make the project about the decision, not the analytic
  • Integrate decisions, not scores
  • Mix and match decision technology
Too often we see analytics underutilized because they were not designed with the action/decision in mind.

You can see the slides from my presentation here.

There were many other great presentations in the business track that I moderated. See this blog post for a summary of my key takeaways.

Innovating The Insurance Customer Experience

There is a common high-level customer journey for insurance customers:
  • The customer researches providers and policy options
  • Once a preferred provider and policy are decided, the customer applies for the policy
  • If they are approved, the policy is issued
  • If they have a claim, they fill out the relevant paperwork and the claim is adjudicated
  • When the policy is up for renewal, a renewal decision is made 
While at a high-level, a similar path applies to most customers, customers each have different requirements at different stages of their individual journey. Developing a customer-centric view and adopting an innovative approach to delivering a next best offer (NBO) or next best action (NBA) is extremely valuable in terms of increasing customer lifetime value and retaining profitable customers.

Learn in this blog post by Decision Management Solutions’ Zoe Zhou, best practices for creating a superior insurance customer experience.

New Question & Answer Videos

Find the answers to many common questions related to
Decision Management on our YouTube channel.

Have a question you’d like us to answer? Send it to us here.

Contact me today to learn how we help organizations like yours adopt decision modeling to improve the return on their analytics investments. Call me at 
650-400-3029 or email me: 
james@decisionmanagementsolutions.com.

Sincerely,
James

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