Oracle Real-Time Decisions is a decision management platform to deliver targeted recommendations during customer interaction, or wherever optimized decisions need to be made in business processes such as risk management, retention management or cross-sell/upsell.
It applies predictive models and business rules to optimize recommendations in real-time against specific, sometimes conflicting commercial goals, and then automatically uses a feedback loop to deliver ongoing improvements. This integrated approach enables far greater returns than rules-based systems or traditional predictive model solutions.
Specifically, Oracle Real-Time Decisions helps organizations maximize business processes and customer interactions by:
Optimizing customer experiences with relevant and personalized cross-channel real-time recommendations;
Making the most of each interaction (past and present) and recommending the best course of action with embedded predictive analytics and rules; and,
Enabling self-adaptive processes through closed-loop predictive analytics automation, and the integration of business intelligence (BI) into interaction processes.
To enable more organizations to optimize business processes and customer interactions, Oracle Real-Time Decisions Release 3.0 introduces significant product enhancements improving the applicability and accuracy of its closed-loop decision engine and streamlining integration with customers’ existing processes.
Powerful Automated Decision Management
At the core of Oracle Real-Time Decisions is its Decision Framework which allows business users to implement highly differentiated and targeted enterprise “Decisions.” With Oracle Real-Time Decisions Release 3.0, the Decision Framework introduces the following enhancements:
Composite Decisions -- To streamline application integration with companies’ business processes and IT architecture, Oracle Real-Time Decisions allows “choices” and other elements participating to its Decisions to be stored and administered externally. This enables systems such as e-commerce, CRM, transactional, and others to take advantage of Real-Time Decisions functionalities without complex process reengineering;
Batch Processing – unifies real-time and batch decision logic into a centralized enterprise repository, enabling true cross-channel deployments. Oracle Real-Time Decisions now supports new scenarios such as targeted recommendations for outbound email marketing campaigns, batch recommendations for list generation, and updating of predictive models from historical data; and,
Improved Rule Expressivity -- empowers business users to manage more elaborate targeting logic at the point of customer interaction without dependency on IT.
Additionally, this latest release features major enhancements to Oracle Real-Time Decisions Base Application. The Base Application provides a library of pre-configured components, helps speed implementation and maximizes the Return on Investment of product implementations. New features include:
Templates for Enterprise Decision Management -- optimized decision templates that can be used to make recommendations for best product, best content, best offer or best advertisement into customer service and e-commerce channels. The templates comprise hundreds of pre-configured metadata elements and workflows that optimize implementation value and simplify integration into Oracle and non-Oracle front-end applications.
A library of reusable, high-value Decision Patterns that illustrate how to take best advantage of the advanced predictive decision capabilities of the platform. Examples include how to best apply Batch Processing to improve cross-selling, and how to use Numerical Predictions to predict web site visit duration to improve e-commerce customer experience.
Platform Available Standalone, Integrated with Oracle Applications
A component of Oracle Fusion Middleware, the highly scalable Oracle Real-Time Decisions Platform is available as a standalone solution for integration with any variety of Oracle and non-Oracle IT environments and customer touch-points.
Oracle Real-Time Decisions is also available pre-integrated with Oracle’s Siebel CRM e-Commerce, Siebel CRM Marketing and Siebel CRM Contact Center.
“Helping our customers optimize their business processes using fact-based insight—even in real-time—is a primary focus of Oracle BI products,” said Paul Rodwick, vice president of product management, Oracle Business Intelligence. “Oracle Real-Time Decisions is a key component of the Oracle BI Foundation, and takes Oracle BI to a new level as it helps personalize customer interactions on a real-time and transactional basis with self-adaptive learning. Companies using Oracle Real-Time Decisions Release 3.0 will be able to deliver targeted and tailored user experiences to their customers that further separate them from their competitors.”
“Oracle Real-Time Decisions addresses the need companies have to better pinpoint and capture sales opportunities, be it online, via call centers or at the point of sale,” said James E. Hayes, global managing director of Accenture's Oracle Practice. “We see great potential for this tool in variety of industries -- retail, telecommunication, insurance and banking, among others. Working with Oracle, we can help companies bring this new capability online quickly and with a relatively small investment. Indeed, we’re already helping our joint customers build intelligent, targeted, revenue-generating programs that will continue to evolve with the business and improve over time.”
"Applying predictive analytics, decision arbitration, and business rules can drive profitable behaviors, such as better cross-sell and improved customer experiences. Failure to adopt this technology lowers customer profitability and satisfaction, and restricts operational effectiveness across multiple interaction channels," said Gareth Herschel, Gartner Research Director.