In the mid of last year , there was an interesting phenomenon that took place. The spend in digital channels overtook the media spend in other traditional channels like television.
This once in a new age phenomenon has resulted in driving real dollar to digital channel . But how does it materially impact the ecosystem and how will the dollar get spent. The dollar will get spent through trillions and trillions of digital touchpoints between brands, enterprises and their customers. This is achievable only through a confluence of data backed decision making, digital envisioning at the moment of truth, and the end customer. This science is what we call Decision economics. The below pictorial indicates how the science of business intelligence has given way to the science of decision economics.
Decision Science is described as the discipline to measure and exploit response to consumer behaviour through syndicate of statistics, Big Data & business intelligence within the economic constraints of any role.
The addition of economic constraints is critical for it limits and captures all the inhibitions of human (read customer) greed as well enables scaling of the trillionth digital spend on the billionth customer.
Where is Decision Economics in a enterprise ?
Decision economics all the space between the ERP and CRM systems in a enterprise.
Decision economics is / would be leveraged by each decision maker through a combination of:
- Statistical tools and analytics
- Business intelligence and scalable models
- Consumer behaviour psychographics
- Economics of constraints
And this is only possible by democratization of data and through combination of transient data lakes . Leveraging decision economics helps us in gaining ground for the use cases of Customer analytics (48%), operational analytics (21%), and fraud & compliance (21%).
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