The adoption of data
analytics is one of the greatest drivers of digital transformation, as
businesses seek greater data-driven insights. Customer Analytical Records (Customer360
OR CARs) Data acts as a source of truth that helps teams focus on the critical
factors that determine business resilience. Businesses are acutely aware that
they must become more resilient by using technology especially with
Companies are using daily
customer data & real-time data to their advantage to advance their operations,
enhancing the applications, and closing the loop by feeding key business
applications. This helps to enable optimization of the cost, Investment, enhanced
analytics, and modeling/simulation – and this ultimately means improvements in
business efficiency across the entire operations.
This
has been particularly true for the enterprises, where data has had a
significant impact in five key areas:
§ Real-time operational
information is increasingly being used to understand
what is happening in real-time and enables the condition management of Marketing
and operations lifecycles. For example, a dashboard displaying the acceptance/Rejections
and fulfillment of the offers in real-time understanding of the Marketing Operational
behavior and state. It will help us to quickly react to the change introduced
to the system when a new Marketing Offer. Tools like ELK stack can be integrated
with the PEGA Decisioning flow to visualize the offers & its performance in
Real-Time to understand the Real-Time Operational Information.
§ Historical operational
information form Interaction History Table helps
organizations to understand what has happened in the past to create
intelligence around operational behavior of Marketing Offers. Through
operational trends, display of KPIs and dashboards, you can create abstracted
views of operational states. For example, a graph may be displayed on a
dashboard showing the Marketing offer Accepted/Rejects majority of the time.
This can be compared to the real-time Offer Acceptance, creating intelligence
on the Marketing Offers long-term operational trends.
§ Simulation & Predictive analytics is used
for what-if type modeling. Integrating real-time and historical data enables
your team to assess potential outcomes of operational states and behaviors,
even accounting for tertiary variables. Deterministic or non-deterministic
models can then be applied for open-loop simulation and predictive analytics.
For example, you can now estimate how many customers might accept/Reject the newly
launched offer. Other Marketing ControlParameters can be tweaked & run the
Simulation including Predictive analytics to forecast the Accept rate for
various Control Parameter combinations.
§ Prescriptive analytics describes
what’s needed to optimize Marketing Offer and operations lifecycles. Scenario-based
guidance is created and delivered through learning elements and closed-loop
algorithms to enable your team to calibrate planning and scheduling across the
entire enterprise value chain. For example, using a unified Marketing model,
scenario-based calculations can be used to optimize maintenance schedules and
performance, minimizing impact to your operations.
§ Enhanced Marketing Investment achieved
through a combination of real-time Marketing Operations Monitoring, reacting the
data quickly through Rapid deployment process and forecasting the Impact of the
Marketing Offer Acceptance will help organizations to make better Marketing
Investment.
Be bold, reflect and evolve
Businesses require intelligent Marketing software like PEGA CDH along with additional Real-time Offer performance monitoring tool like ELK stack (if applicable) to address Marking pain points for value creation, productivity improvement, insight discovery, risk management, and cost optimization. With the right technology, businesses can be incredibly agile to manage costs, boost efficiency and avoid costly mistakes. The combination of digitization, automation and data driven insights, with a focus on sustainable business can be a key differentiator and a propelling force to help ensure businesses meet their goals of today and tomorrow.
Happy Learning!
Nanjundan Chinnasamy | PEGA Lead Decisioning Architect
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