Enterprise Decision Management – Improving Customer Experience with EDM | The Bankwatch

http://thebankwatch.com/2006/11/03/enterprise-decision-management-improving-customer-experience-with-edm/[19/02/2014 12:00:20]

Enterprise Decision Management – Improving Customer Experiencewith EDMI can safely say I have lived through all the mistakes and flawed assumptions since the beginning of onlinebanking, when we simplistically spoke of the near future where marketing was as simple as the rightmessage, at the right time, to the right customer.

I like James blog because he talks about how we should just do it based on what he calls EDM.

Essentially I proposed that using technology like business rules and analytics to improve themoments of decision when interacting with a customer can improve their experience. Targeting,rewarding loyalty, empowering staff and leveraging information are all part of this.

Source: Enterprise Decision Management – a Weblog: Live from Teradata (almost) – Improving CustomerExperience with EDM

This evolutionary path is fascinating. The devil is in the details. I know from experience having seen Banksspend multi millions, yet fail to achieve the dream.

What I like about this model is the evolution of several components:

1. exploratory analysis2. customised communication3. multi channel managed relationships4. actionable analysis5. event driven

Whether we agree on the components is neither here nor there. The point is that in 1999, the componentswere only # 1, and #5. The gradiency of 2-5 is what makes this a much more intelligent model, that has achance of success. My personal space is #3, and it always felt like I was speaking ancient Greek to #1, and #5because number 2, and number 4 were not there.

Now let me contradict myself, and throw in a new problem for EDM. By definition, EDM is decision based,that is, Enterprise decision based. I question how that factors in the customer decision process, based onexternal influences, community based opinions, and generally external influences. This is a very real matternow, and marketing is no longer as simple as how the Enterprise appraises he customer potential.

This from the deck, does have “external data” as a component, so we need to understand that.

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Enterprise Decision Management – Improving Customer Experience with EDM | The Bankwatch

http://thebankwatch.com/2006/11/03/enterprise-decision-management-improving-customer-experience-with-edm/[19/02/2014 12:00:20]

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For example, an internal decision process not matter how sophisticated, that predicts say, a line of credit, fora customer, is diminished in value, if that customer has reviewed lines of credit amongst banks, and prefersthe stability of a loan, because a loan suits his personality. Another example could be a customer who hascompared banks, and values convenience that DF Bank provides, yet your Bank is predicated on value addedadvice. He doesn’t need advice. How can we factor that behavioral aspect into the equation? There areprobably better examples I should think of, but generally, I am asking how the external influences thatcustomers are more and more receiving through communities of interest can be factored into the decisionprocess.

Anyhow, the whole deck is here, and I do recommend it.

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Colin Henderson

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Enterprise Decision Management – Improving Customer Experience with EDM | The Bankwatch

http://thebankwatch.com/2006/11/03/enterprise-decision-management-improving-customer-experience-with-edm/[19/02/2014 12:00:20]

Written by Colin HendersonNovember 3, 2006 at 02:19

Posted in CRM (Customer Relationship Management), Marketing

« Integrating the Channels – steps in the evolution You Talkin’ to Me? – A great example of what is wrong with marketing »

Thanks for the kind words. You pose a great question that I try and answer inthis blog posting.http://www.edmblog.com/weblog/2006/11/the_customers_i.html

James TaylorNovember 7, 2006 at

23:25

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