Decision management is a process or set of processes for improving and streamlining action items.
The goal of decision management is to improve the decision making process by using all available information to increase the precision, consistency and agility of decisions and making good choices taking known risks and time constraints into consideration. Decision management makes use of tools such as business rules, business intelligence (BI), continuous improvement (kaizen), artificial intelligence (AI) and predictive analytics.
Decision management systems treat decisions as reusable assets and introduce technology at decision points to automate the decision-making process. Decisions may be fully automated or they may be presented as possible choices for a human to select. Increasingly, organizations who deal with financial services, banking and insurance are integrating decision-making software into their business process systems as well as their customer-facing applications. This approach is especially useful for high-volume decision-making because automating such decisions can enable more efficient, information-based and consistent responses to events.
See also: decision support system
Continue reading about decision management:
How to become a ‘decision-centric’ organization
Closing the ‘insight-to-action’ gap with analytics and decision management