What is a Decision Engine
A decision engine is a customizable software solution that automates operational decisions by using business rules created by the user.
Business rules are powerful “if-then” conditional statements that allow companies to perform countless complicated decisions in seconds.
This enables companies to configure decision engines in such a way as to automatically reach business decisions without having to rely on constant human intervention or input.
As businesses collect more information about their audience, decision engines can help them foster meaningful relationships with their customers by offering personalized products at the right stage of the customer journey.
For instance, an online travel company can integrate a decision engine on its website to display new and attractive travel destinations that appeal to different customer segments.
How Organizations Use Decision Engines to Automate Tasks
Companies in various industries use decision engines to cut down on expenses and enforce best practices and policies while boosting the customer experience at the same time.
Decision engines are critically important tools in air travel. Airlines use these robust tools to simplify the pricing and sales process.
For example, automated decision-making applications can be configured to set prices based on seat availability and the time and date of purchase.
Automated decision engine solutions reach immediate decisions in cases of emergency, such as switching off the power grid in an area badly hit by a natural disaster.
Banks and fintechs use decision engines to streamline loan application processes, which are often repetitive and rely on uniform criteria. What’s more, decision engines can be configured to flag potentially fraudulent transactions.
Insurance providers rely on decision engines to immediately generate quotes for potential customers who enter their personal information online.
Decision Engines Power Intelligent Automation
Decision engines empower companies to strike the right balance between human intervention and digital automation. Human expertise is still a necessary component of smart automation. Managers can make, update, and validate operational decisions on the fly.
In order to streamline business processes, businesses need to decide which decisions to automate and which ones need verification from a human employee.
A large number of software tools require experts to create and update rules and oversee results.
For that reason, companies have been turning to decision engines that enable managers to make, update, and validate operational decisions on the fly.
Streamline Decision-Making with Rules Engines
A decision engine that uses powerful conditional statements to make decisions is also called a business rules engine. Rules engines run business rules to automate the right decisions at the right time.
Rules-based decision engines are designed to be user-friendly, which means that users quickly become comfortable with using them.
As a result, specialist employees lacking technical skills are empowered to handle a company’s operational decisions with ease and, without having to wait for help from the IT department.