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Published on Thu, 11 Mar 2010 16:43:52 -0800 Indexed on 2010/03/12 1:08 UTC
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OK so not a customized world, but do you know what goes into creating that customized web store front for you? How do you get those additional offers from vendors when you call in for service or when you are browsing a storefront.
This is what is has been happening behind the scenes.
When a customer calls in a contact center for service, at the end of the conversation, they are offered a new product, or service. But what just transpired was that the CRM system that was in place had routed the call to the right agent, the agent got the pop up screen with the customer information, and the call request was handled. Then came the decision point to cross-sell and up-sell, The agent got some recommended offers that were created based on analyzed data (this data had been put into a data warehouse, modeled, profiled and rules were implemented e.g.. People with profile X like product Y). But with this system, what happens is that analytics can be applied to a very small subset.
Now comes Real Time Decisioning (RTD), this helps companies make optimal decisions in the context of transactional systems. It enables companies to improve business processes with real time intelligence on every single transaction. RTD is like a service plug-in that you put at the back of your transactional systems and that you ping to get a recommendation. It listens to business process flows and data moving through the process, getting all that data, processes all that you can do with that data, and gives out out various offers. It takes a process centric view of analytics rather than just a data centric view. It continuously observes and learns from ever-changing customer behavior and applies those insights to providing real-time decisions and recommendations at any customer touch point.
At Oracle we define Real Time Decisioning as “ The solution that addresses a business issue faced by all organizations : how to make accurate decisions, using the most up to date information, in real time…consistently and in large volumes”.
Here is a video on recommendation engines that are benefiting from real time decisioning today and see how it is helping online vendors.
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