Decision intelligence empowers businesses to navigate the complexities of today’s landscape. It harnesses the synergistic power of machine learning, artificial intelligence, and human decision-making.
DI effectively transforms raw data into actionable insights, enabling informed and strategic business decisions to be made that unlock unparalleled opportunities for success.
Through our DI series, we embarked on a journey to help you understand and seize the opportunities provided by decision intelligence. In our first two blog posts, we explained the foundation of decision intelligence and explored its revolutionary impact on the marketing landscape.
Now, we continue on our journey by delving into the smartest ways to utilize DI platforms. Additionally, we’ll be exploring our DI module, Evam Decisioning, through explanations and example scenarios.
Achieving Real-Time Interaction Management Through Decision Intelligence (H2)
According to statistics from Forbes, companies with a customer experience mindset drive revenue 4-8% higher than the rest of their industries. Even this data illustrates the importance of delivering real-time and relevant experiences to customers in today’s highly competitive market.
Achieving hyper-personalized experiences that are delivered at the right time requires a comprehensive approach that goes beyond merely understanding customer needs and interests.
Businesses must adopt a holistic real-time interaction management (RTIM) approach that empowers them to leverage data-driven insights for campaign effectiveness.
RTIM is a framework for delivering contextually relevant experiences, value, and utility to customers precisely when they are most engaged across multiple channels. It can introduce intelligent execution and delivery capabilities to businesses through a decision intelligence platform.
DI platforms are enterprise marketing technologies that collect and analyze data from multiple data warehouses. They generate actionable recommendations, enhance omni-channel strategies, and provide tools for optimizing campaign effectiveness.
When DI platforms are combined with an RTIM approach, businesses can ensure that customer communications are aligned with the context of user interactions.
Harnessing these two concepts together offers numerous benefits for businesses, including:
- Boosting conversion rates and driving revenue growth,
- Reducing churn and improving customer retention, and
- Enhancing operational efficiency and achieving cost-effectiveness.
Smart Ways to Utilize Real-Time Decision Intelligence Platforms
DI platforms leverage artificial intelligence (AI) and machine learning (ML) capabilities to enhance a wide range of sectors, including telecommunications, retail, banking, transportation, and more.
The specific applications of DI platforms within different sectors and operational processes will become increasingly apparent soon. Meanwhile, there are various current strategies for leveraging the power of RTIM and DI platforms effectively.
Understanding and Segmenting Customers
Decision intelligence platforms extend beyond traditional business intelligence (BI) technologies. These platforms focus on analyzing complex and multi-dimensional customer data to empower human decisions and generate automated insights.
DI platforms collect and process data from diverse data sources such as websites, mobile apps, CRMs, and emails. They allow for the creation of detailed customer profiles encompassing demographic, psychographic, and contextual information.
Businesses can use DI platforms to identify the most valuable, churn-prone, profitable, and inactive customers. Then, they can create tailored campaigns that align with those customers’ needs and expectations.
Optimizing Sales and Marketing Strategies
Comprehensive DI platforms can help optimize sales and marketing strategies. They can be used to create an actionable decision intelligence system in several ways.
Firstly, businesses can identify new opportunities and potential customers. This allows for focused efforts on targeted acquisition. They can also maximize cross-selling and up-selling opportunities to increase revenue from existing customers.
Additionally, these platforms can be used to facilitate strategic customer relationship management, which is essential to enhance customer lifetime value and overall profitability.
Lastly, businesses can evaluate campaign performance using a DI platform and optimize their resource allocation accordingly.
Orchestrating Customer Journeys
Orchestrating customer journeys requires continuity and relevance throughout interactions.
A key challenge in creating connected customer journeys lies in making informed and instant decisions based on data and insights. Businesses must determine the next best actions, offers, or messages for each customer based on their profiles and intents.
They also need to execute customer interactions in real-time across various channels and devices. These interactions must be updated based on real-time feedback and results.
DI platforms provide a real-time interaction management approach to address these challenges effectively and help businesses improve business outcomes.
Automating Decision-Making Processes
The ML and AI capabilities offered by DI platforms not only enhance the customer experience, but also enable businesses to achieve their goals more effectively and make well-informed decisions.
These platforms streamline consolidated data from various sources and analyze it efficiently using AI and ML techniques.
This approach empowers companies to make decisions that are not only prompt, but also accurate and consistent. By utilizing DI tools, businesses can optimize their automation processes, leverage AI-based decision-making in operational workflows, and minimize instances of overlapping and conflicting decisions.
A Decision Intelligence Module Built for Agility: Evam Decisioning
Evam Decisioning is a customer-centric DI module that revolutionizes the way businesses make data-driven decisions, and automates their processes. It enables businesses to predict and meet the needs of their users seamlessly, both in online and physical channels.
At its core, Evam Decisioning leverages predictive models to deliver tailored offers and messages to customers.
The module analyzes vast amounts of data and identifies patterns and preferences to anticipate customer needs accurately. This predictive capability allows businesses to move at the speed of their customers.
One of the key features of Evam Decisioning is its rule-based offerings. This functionality enables businesses to define specific rules and probabilities, ensuring that unique and personalized offers are communicated to each user.
Evam Decisioning automatizes the campaign delivery and execution processes. The module eliminates the need for manual intervention from marketing or business teams. Instead, it empowers businesses to focus on setting the scenario and criteria, while the module automatically sends the appropriate offers.
Here is an in-depth look at the additional capabilities of Evam Decisioning.
Evam Decisioning system utilizes easy-to-integrate ML decision modeling technologies that continuously gather data and facilitate the learning process.
The module is capable of evolving in real-time based on the actions and changing behaviors of customers. Evam Decisioning also stands out by seamlessly integrating both batch and real-time models simultaneously, enabling continuous learning from both historical and streaming data.
The Evam Decisioning module is filled with ML functionalities that require no additional effort, allowing it to be seamlessly integrated into existing systems and operations. It brings together existing data sources to enable flexible and real-time decision-making.
The user-friendly interface is a key feature of the Evam Decisioning module, providing a smooth and intuitive experience for its users. The module allows for easy modification, revision, and updating of scenarios.
Additionally, Evam Decisioning seamlessly integrates with all channels, empowering business users to swiftly edit scenarios and campaigns using a language they understand.
Shortest Time to Value
Compared to other DI solutions available, Evam Decisioning offers easier and faster integration and implementation with business operations. The solution facilitates model orchestration and empowers teams to make strategic decisions instantly.
Evam Decisioning in Action: Example Scenarios for Telcos & Banks
RTIM is especially important for banks and telcos that operate in a highly competitive landscape. With digital technology no longer providing a competitive edge, the key to success for these companies lies in utilizing a data-driven approach to deliver hyper-personalized experiences.
The ML and AI capabilities of Evam Decisioning can help key players in both industries tackle their challenges and increase customer loyalty and ROI.
Many of the banks operating today are challenged by expanding their customer portfolio, turning inactive customers into active ones, and updating their complex systems to deliver customer-centric experiences.
Example Scenario for Banking
Similarly, telcos are operating in a highly competitive landscape where pricing is not the main differentiating factor. They are most challenged with preventing customer churn and increasing customer value.
Example Scenario for Telcos
Thanks to Evam Decisioning’s instant action-taking capabilities, telcos can enhance the quality and frequency of their interactions with their customers and increase engagement to ensure retaining them.
Let’s Join Forces to Capitalize on the Next Big Experiences
Designing a DI platform with RTIM capabilities can be a complex and time-consuming project that requires a lot of technical skills.
As a technology company specializing in customer journey orchestration through continuous intelligence capabilities, we offer our partners an agile DI module with instant action-taking capabilities.
Evam Decisioning will enable you to leverage the power of decision intelligence and translate resulting actions into a campaign model while seamlessly communicating with the Evam Marketing Suite.
Intrigued to learn more about Evam Decisioning? Get in touch with Evam today to capitalize on the next big experiences! Contact us!