Share with your friends










Submit

Analytics Magazine

Study Confirms Decision Management as a Key Enabler of the Intelligent Economy

Headlines

A new study by International Data Corporation, “Worldwide Decision Management Software 2010–2014 Forecast: A Fast-Growing Opportunity to Drive the Intelligent Economy” (Document # 226244), emphasizes the importance of systematizing the process of decision making at all levels of an organization.

The flood of data, faster cycle times and the adoption of analytics are rapidly increasing awareness of the importance of the decision-making process, which IDC calls “decision management.” The narrow application of the concept of decision management is changing as organizations begin to recognize the need to shift from the “art of the decision” to the “science of the decision,” and as technology evolves to provide greater support of decision-making as a management science.

“Convergence of intelligent devices, social networking, pervasive broadband networking and analytics is ushering in a new economic system that is redefining relationships among producers, distributors, and consumers,” says Dan Vesset, program vice president, Business Analytics Solutions.

In this intelligent economy the need to gain greater visibility into intra- and intercompany business processes is driving accelerating demand for decision management solutions.

IDC forecasts the decision management software market – which comprises project-based and transactional decision management applications, platforms and components – will reach $10.8 billion by 2014, growing at a compound annual growth rate (CAGR) of 15.8 percent.

Today, in most cases, organizations have a choice to either purchase pre-built applications or use components to build and deploy decision management applications. IDC expects dedicated platforms to appear that integrate these components. Although starting from a small base, decision management platforms are expected to grow at a CAGR of 236 percent to $834 million for 2009-2014. Decision management components are forecast to grow at a CAGR of 16.8 percent to $6.2 billion during the same period, while applications will grow 10.2 percent to $3.8 billion.

“Enterprises succeed or fail based on the decisions made by executives. They compete effectively or lose market share based on the operational decisions made by their managers. And they are more or less profitable based on the day-to-day decisions of various knowledge and line workers who make up most of the workforce,” says Maureen Fleming, vice president, Business Process Management and Enterprise Middleware.

There has been a long-time interest in the business analytics fields on decision support and in the business process management field on process automation. But neither field has placed enough emphasis on the decision-making process itself – be it strategic, operational or tactical. IDC’s research into the use of decision management software indicates that it can have a profound impact on creating competitive advantage in commercial transactions, enabling sustainable management of communities and promoting appropriate distribution of social, healthcare and educational services.

Headlines

Using machine learning and optimization to improve refugee integration

Andrew C. Trapp, a professor at the Foisie Business School at Worcester Polytechnic Institute (WPI), received a $320,000 National Science Foundation (NSF) grant to develop a computational tool to help humanitarian aid organizations significantly improve refugees’ chances of successfully resettling and integrating into a new country. Built upon ongoing work with an international team of computer scientists and economists, the tool integrates machine learning and optimization algorithms, along with complex computation of data, to match refugees to communities where they will find appropriate resources, including employment opportunities. Read more →

Gartner releases Healthcare Supply Chain Top 25 rankings

Gartner, Inc. has released its 10th annual Healthcare Supply Chain Top 25 ranking. The rankings recognize organizations across the healthcare value chain that demonstrate leadership in improving human life at sustainable costs. “Healthcare supply chains today face a multitude of challenges: increasing cost pressures and patient expectations, as well as the need to keep up with rapid technology advancement, to name just a few,” says Stephen Meyer, senior director at Gartner. Read more →

Meet CIMON, the first AI-powered astronaut assistant

CIMON, the world’s first artificial intelligence-enabled astronaut assistant, made its debut aboard the International Space Station. The ISS’s newest crew member, developed and built in Germany, was called into action on Nov. 15 with the command, “Wake up, CIMON!,” by German ESA astronaut Alexander Gerst, who has been living and working on the ISS since June 8. Read more →

UPCOMING ANALYTICS EVENTS

INFORMS-SPONSORED EVENTS

INFORMS Computing Society Conference
Jan. 6-8, 2019; Knoxville, Tenn.

INFORMS Conference on Business Analytics & Operations Research
April 14-16, 2019; Austin, Texas

INFORMS International Conference
June 9-12, 2019; Cancun, Mexico

INFORMS Marketing Science Conference
June 20-22; Rome, Italy

INFORMS Applied Probability Conference
July 2-4, 2019; Brisbane, Australia

INFORMS Healthcare Conference
July 27-29, 2019; Boston, Mass.

2019 INFORMS Annual Meeting
Oct. 20-23, 2019; Seattle, Wash.

Winter Simulation Conference
Dec. 8-11, 2019: National Harbor, Md.

OTHER EVENTS

Advancing the Analytics-Driven Organization
Jan. 28–31, 2019, 1 p.m.– 5 p.m. (live online)

CAP® EXAM SCHEDULE

CAP® Exam computer-based testing sites are available in 700 locations worldwide. Take the exam close to home and on your schedule:


 
For more information, go to 
https://www.certifiedanalytics.org.