Real-Time Business Decisions With Artificial Intelligence
Senior executives across various industries are increasing their investments in data and analytics in an effort to improve decision making through artificial intelligence (AI).
However, according to a 2019 report by the International Institute for Analytics, few companies “have truly deployed AI at enterprise scale.”
Businesses that rely on business rules engines to automate decision making are realizing that these engines cannot support machine learning, the most common technique to achieving AI.
In order to better understand these challenges, Enova Decisions sponsored Harvard Review Analytic Services to survey over 300 senior executives. This report identifies what use cases may benefit most from artificial intelligence, examines the challenges preventing businesses from fully capitalizing on AI investments, and provides best practices to implementing AI into business applications.
Gartner defines a Business Rules Engine as a “design-time and runtime software that enables an enterprise to explicitly define, analyze, execute, audit and maintain a wide variety of business logic.” BREs isolate rules from the applications that execute them to enable businesses to automate elements of processes while giving non-technical business stakeholders more transparency and control.
Many BREs have evolved into a Business Rules Management System (BRMS) which offer more management capabilities, including simulations, monitoring, and analysis.
A Decision Management System or a Decision Management Suite (DMS) goes beyond business rules to provide advanced decision support such as decision modeling. A DMS gives businesses the ability to modify decisioning without requiring a change to the applications that execute decision logic. Unlike a BRMS, a DMS enables businesses to operationalize machine learning into decision making. Through a decision management system, non-technical business stakeholders can automate and improve complex business decisions without software engineering and IT.
The time, resources and cost required to build machine learning deployment capabilities is not feasible for many businesses — not to mention all that is required for ongoing maintenance and security management. Partnering with a decision management software-as-a-service provider like Enova Decisions mitigates the need for additional infrastructure.
Enova Decisions leverages its 15+ years experience in applying AI to marketing, fraud, and credit decisions to help businesses manage data connections, deploy machine learning models with high availability, and maintain regulatory compliance and security. As a result, businesses can streamline operations, improve customer experience, and increase profitability in months, not years.
Contact us now to learn how we can help your business go beyond business rules.