Improving Business Decisions for Better Outcomes
Have you ever made a bad business decision? Maybe it was a minor one (signing a two-year contract without shopping for additional bids) or maybe it was one for the history books (filling the Hindenburg with hydrogen instead of helium). Regardless of the magnitude, making poor business decisions can have lasting repercussions.
Take for example the cost of non-compliance with a regulation. It is (on average) 2.71x the cost of meeting those regulatory requirements, due to fines, settlements, business disruption, and revenue loss. In this case taking the steps to ensure compliance seems like a no brainer. But what if a bad decision is more insidious? Or, what if it is simply the result of outdated or unoptimized business logic…
Does Your Organization “Set and Forget” Your Business Decisions and Rules?
Given shifts in market conditions (competitors, customer demands, regulations, fraud techniques, etc.) the “set and forget” approach to automating business decisions and rules can lead to less than optimal results. And while this may not be true for every case, most financial services organizations, government and public sector agencies, healthcare and pharma companies—and especially lending and insurance organizations—run the risk of losing out on revenue, market share, and reputation if rules and decisions aren’t maintained (not to mention audited and tested) on a regular basis.
So…is there an easy way to validate and optimize automated business logic? Can you help ensure your business decisions look like Apple rehiring Steve Jobs instead of Blockbuster passing on acquiring Netflix? Yes! And it’s called InRule Metrics.
Show Your Rules and Decisions Work as Planned
InRule Metrics gives organizations business logic transparency. It serves as an external litmus test for your automated decisions. It also allows you to set higher standards, helping your organization pass the scrutiny of regulators. And it shows your rules operate as expected. InRule Metrics helps to illustrate that the rules your organization are utilizing (and updating) are in compliance.
InRule Metrics paves the way for both technical and business users to understand the impact automated business decisions are having on the organization. It allows them to take action with confidence to achieve KPIs and maximize business results.
As with the entire InRule platform, there is no need to write special code. And no need to pull data from other systems to craft a sense of what happened and when.
InRule Metrics also can provide insights into how often (and which) machine learning models are being leveraged (along with the data submitted). Your data scientists can test the results, and feed data back into ML models for continuous optimization.
So How Does It Work?
With InRule Metrics you can track field values, execution frequency, evaluated criteria, and results to improve business outcomes. You simply use our authoring tool to flag fields, tracking or tagging certain rule types to capture execution frequency. Then during execution, the engine will collect the field or rule name and its value. The engine outputs the selected metrics into a logger—values are output and organized according to the data structure established in the rule application—collecting the data so your team can measure the results. And regardless of where the data comes from for making the decision, InRule Metrics captures the relevant information all in one place. If you want an even deeper dive into how InRule Metric’s works, and its benefits, you can find our datasheet here.
The Good, the Bad, and the Optimized Business Decision
Knowing the difference between a “bad” and “good” business decision sometimes isn’t so obvious. But using InRule Metrics does improve logic authoring. We’ve made it simple to see exactly what changed, and how, from decision to decision and rule to rule. This can help your organization improve regulatory compliance, reduce risk of errors, and optimize decision outcomes.
So, whether your business decisions turn out to be the stuff of Henry Ford’s assembly line, or Warren Buffett’s purchasing of Dexter Shoes, only the future can tell, but InRule can help make certain your team understands the impact of automating business decisions.
Looking to understand more about utilizing analytics to optimize your automated decisions? Then checkout our white paper, The Power of What-If: Using Analytics to Understand Outcomes of Automated Decisions.