Enterprise Decision Management - a Weblog

Some thoughts on BI and analytics in retail banking

(Posted by guest blogger, James Taylor) Late last year the folks at Datamonitor published Business Intelligence in Retail Banking (Review Report). I finally got to read it today and it is, overall, a very interesting paper and I recommend it...

Progressive Financial Services Firms Demonstrate the Value of Predictive Analytics; Decision Services Offer a Path for Others to Follow

Yesterday an article I wrote about Decision Services appeared in the online edition of DM Review’s December 2007 issue ("Decision Services: Pragmatic Real-Time Analytics"). In it, I describe how Decision Services, by providing a framework for managing both business rules and analytics, can pave the way toward adopting predictive analytics.

It’s OK to “ignore the man behind the (predictive analytics) curtain” with EDM

The title of this post includes a quote from the film, “The Wizard of Oz,” when Dorothy’s dog Toto draws back a curtain revealing the “real” wizard (a man) pulling levers and pushing buttons to illuminate a frightening hologram of a smoky and not too nice false wizard. The jig is up, and the wizard is exposed for what he is, just a man. If only the same could be said of the experts driving data mining and predictive analytic software in today’s leading companies.

Decision Management at the Heart of Future Enterprise Applications, so Says Forrester Research

Respected technology prognosticators John Rymer and Connie Moore of Forrester Research just published a new paper titled, “The Dynamic Business Application Imperative” (September 24, 2007, For CIOs). Rymer and Moore envision a new generation of enterprise application that some IT organizations today are cobbling together in order to meet ever changing business, technical and marketplace requirements.

What do people do with analytics?

Interesting little poll over on KD Nuggets today - readers were asked where they had applied data mining in the last 12 months. The top 5 were: CRM (26.1% of respondents) Banking (23.9%) Direct Marketing/ Fundraising (20.3%) Science (18.8%) Fraud...

Live from EBRC - AML Business Rules

Blogging live again from EBRC - this session is on AML Business Rules at PostFinance (part of Swiss Post) by Oliver K. Burnand who heads up compliance for PostFinance, the FSI within Swiss Post. Provides transaction processing as a public...

Using decisioning to build the healthcare payment of the future

I saw this report from McKinsey - Overhauling the US health care payment system (subscription required). Their summary has three key points: The hugely inefficient US health care payment system is ripe for transformation. The inefficiency is concentrated in the...

Live from InterACT: Continuous Pricing. A Case Study in Captive Optimization

I am attending InterACT San Francisco 2007 this week and blogging live (or nearly live) from the sessions. This session is "Continuous Pricing. A Case Study in Captive Optimization" from Dell Financial Services. DFS is (or soon will be) a...

Shameless Commerce - new eBook on Intelligent Enterprise

There is a new Fair Isaac eBook on Intelligent Enterprise (registration required) with a nice article on BPM and rules, a study of webMethods' new product Fabric 7 and an overview of anti-fraud software. Enjoy. Technorati Tags: BPMS, BRMS, business...

New white paper on heatlhcare fraud

Montgomery Research just published the new Healthcare Technology Report and it includes a white paper by me - Eliminating Healthcare Fraud Through Technology. You may need to register to read it. Don't forget there is a Fraud section and a...

Marketing to (and with) algorithms with EDM

Ian, my fellow blogger here at edmblog.com, pointed me to this article You Must Market To Algorithms, Not Just People. The article nicely summarized the growing role of algorithms in marketing and, as predictive analytics and even rules can be...

Here's a way someone is using enterprise decision management in mortgage

A colleague of mine (thanks Mark) pointed out this use of enterprise decision management in the mortgage industry - First American Real Estate Solutions' Vector platform. This platform, described as a "collateral valuation and risk management decisioning engine" has all...

Enteprise Fraud Management requires Enterprise Decision Management

Rodney Nelsestuen over at Tower Group recently wrote this piece "Fraud Management: Covering the Basics, Extending the Value". There was a lot to like in this report and, if financial services fraud is something you care about, I highly recommend...

USA Today, fraud and EDM

I saw this article in USA Today about data mining to detect fraud. This is a classic case of how business rules (to detect things that are breaches of the rules) and analytics (such as neural nets to detect patterns...

Using EDM to stay a step ahead of fraud

Nice article on Staying a Step Ahead of Fraud in Intelligent Enterprise today. Michael writes a nice summary of some of the approaches and technology used in the battle against fraud. Those of you paying attention will notice that "Falcon's...

Slugs with credit cards

Banana Slugs, that is. My stepson and his girlfriend are both leaving for college in the fall and both applied to the same major bank for student credit cards. Both got offered the initial $600 credit line - clearly this...

Eliminating fraud (in healthcare) with EDM

Bill Briggs over at Health Data Management wrote a nice little piece on how I.T. Helps Payer Smoke Out Fraud. This article brings up what is a huge issue - healthcare payers are paying tens of billions in erroneous, abusive...

Claims management - processing faster and detecting fraud with EDM

Why is claims management a perfect fit for EDM? Well, it is key for customers and agents to have a positive experience when first providing details of a claim as this sets the tone for the whole interaction. This tends...

Using business rules for Anti-Money Laundering

Interesting report by Henry Peyret of Forrester on A Business Rules Engine Decreases The Cost Of Fraud Detection. The system he describes is a classic use of a non-inferencing rules engine but I want to make a couple of points...

Insurers should collaborate to fight fraud - with data

Saw this article To Beat Fraud, Insurers Must Collaborate: NICB and it hit home. Collaboration is part of how the credit card industry drove down fraud. By pooling data on usage and fraud they were able to enable to building...

Identity Theft - some stats and suggestions

I got a comment from the folks at Metrics 2.0 asking about stats on Identify Theft (something about which I have blogged a couple of times - here and here). I asked around and got some information. According to Javelin...

Identity Theft - decisioning in action?

I saw this article on Identity Theft and the entirely coincidental press release on Fair Isaac's new Identity Fraud prevention product (Falcon One). Identity Fraud prevention is a classic example of an EDM problem. Why? Well consider the core measures...

InterACT - A Summary

Well I think we are done blogging from InterACT so I thought I would write a quick summary. There were a ton of good sessions and lots of interesting discussions so the links below represent just a tiny fraction of...

Live from InterACT (not really): Wired for Action

Now back from InterACT and trying to catch up on sessions I attended. Michael Chiappetta, Fair Isaac's VP Product Development, gave a presentation on the development of an Enterprise Decision Management architecture for Fair Isaac's application stack. As anyone in...

Live from InterACT: So, What is InterACT Then?

I thought I'd extract a little from the press release that literally just went across the wire: InterACT, the world's leading business forum on business analytics, emerging decision management technologies and their applications, is being held this week in San...

Reduce Fraud? Use EDM...

Interesting article in Insurance Journal ABI Calls for "Radical Action" to Reduce U.K. Fraud talking about insurance fraud costing each family in the UK $1,000 annually. The article talks about some steps that could be taken to improve this situation....

Enterprise Decision Management and the Payments process

Interesting article on the payments process in Bank Technology News - Collapsing the Payments Process for an Enterprise-Wide View of the Business. One of the key approaches identified is "Process automation and support driven by a dynamic rules engine", with...

Predictive analytics can detect growing fraud in Healthcare Claims

I saw an interesting article in CIO Insight the other day: Health IT Must Target Fraud, Group Says. The report - from the Foundation of Research and Education (FORE) of the American Health Information Management Association (AHIMA) - says that...