Dublin, Jan. 25, 2021 (GLOBE NEWSWIRE) -- The "Management Decision Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The Management Decision Market is expected to register a CAGR of 15.26% over the forecast period from 2020 to 2025. Management Decision solutions are increasingly becoming the method of choice for implementing digital transformation strategies across multiple industries. The approach of such solutions is about focusing on the high volume.
These operational decisions must be made every day in the organization, including the decisions in the operational processes, the decisions of the call-center representatives, and other front line staff. Management decision solutions are required to implement business rules and even for the way to tie business rules and analytics together to manage risk, reduce fraud, and improve customer engagement. By having robust insights-driven management decision solutions, organizations are prepared to make the best decisions efficiently.
Key Market Trends
BSFI is Expected to Hold Significant Share
Even in the digital world, various companies must meet risk management and compliance requirements. The financial and insurance industries are particularly affected by credit risk assessment, fraud detection, anti-money laundering, and digital handling of insurance claims, which are just a small selection of typical decision management use cases. Management decision solutions provide the methods and technologies to comprehensively digitalize the corresponding checks and calculations, store them centrally, and execute them consistently and automatically in all systems and business processes. Financial transactions need to be audit-proof, and transparency and traceability are central aspects of management decision solutions.
Digital transformation and mobile banking have considerably changed communication between customers and companies. Instead of static mass communication, customers want frequent updates based on their specific requirements and situation. Be it for services or product information, customers expect the digital channels to provide the same level of customization as is available with their trusted bank advisors. ING Germany, a Dutch multinational banking and financial services corporation, opted for a combination of predictive analytics, big data, and business rules management to implement the customer's next best action requirements. Predictive analytics ensures the selection of the correct database. Big data enables the processing and use of large amounts of data in real-time, and business rules management decisions to select and control optimal content.
In February 2020, Milliman, Inc., a global actuarial and consulting firm, and Enova Decisions, a financial technology and analytics company, announced a strategic collaboration to bring the latest advanced analytics to insurers. The coalition brings together Milliman's deep domain expertise and data resources and Enova Decisions' real-time analytic capabilities, giving insurers an innovative platform for retaining customers, optimizing sales operations, and maximizing current and future value customers. Also, PNC Financial Services Group Inc. combined IBM Operational Decision Manager and IBM Business Automation Workflow software for the automation of 50 business processes and put more than five million automated business rules in production.
Every industry has been affected by the outbreak of COVID-19, and banking is no exception. Areas such as capital, profit-and-loss, and liquidity positions have been hit very hard. The failure is not that banks used models that failed in this crisis but did not have fallback plans to manage particular decisions when the crisis occurred suddenly. Banks are increasing their focus on effectively adjusting models to make them fit for purpose and mitigate the risks of poor business decisions. The adjustments should be made quickly and efficiently and consistently to avoid undue redevelopment or readjustment costs, which give the need for an efficient management decision solution.
North America is Expected to Hold Major Share
The North American region houses the presence of significant players such as Oracle Corporation, IBM Corporation, and SAS Institute, Inc., to name a few. The emergence of robust management decision models made different types of organizations in the North American region opting the solutions for supply chain optimization, customer management, debt collection, fraud, and financial inclusion. For instance, in 2019, Procter & Gamble (P&G), an American multinational consumer goods corporation, has optimized its consumer product transitions with the help of a management decision solution, saving millions of dollars and allowing it to reduce time spent on initiative planning. The supply chain innovation has boosted analytic efficiency by 90%, reducing the weekly analysis time to less than five minutes.
In April 2020, FICO announced the 2019 winners of the FICO Decisions Awards, which recognize organizations achieving remarkable success using FICO management decision solutions where a significant number of North American companies were winners. For instance, BNSF Railway, one of the largest freight railroads in North America, has optimized its management of assigned train crews, allowing it to significantly reduce operational costs while complying with all union, industry, and company regulations. Discover's PULSE Network, one's of the USA's leading debit/ATM networks, has dramatically improved its fraud detection, blocking 30% more fraud, increasing the value-detection rate 40%, and improving the false-positive ratio by 25%.
In June 2020, FIS, a financial services technology company, has announced that the company is teaming up with FICO, a leader in predictive analytics and financial crime prevention to help North American financial institutions to stay ahead of the increasingly sophisticated money launderers and other financial criminals by building an advanced anti-money laundering (AML) solution. According to the U.S. Department of Treasury, in the U.S. alone, domestic financial crime generates an estimated USD 300 billion of proceeds for laundering activities. Under the collaboration, FIS AML Compliance Manager, coupled with FICO Falcon X decision management technology, will offer financial institutions a unified platform for AML risk and compliance. The new cloud-based solution will use machine learning and A.I. to detect suspicious activity and provide bank investigators with transparent, detailed intelligence.
In June 2020, IBM band SAP SE, both US-based companies, announced their partnership's next evolution, with plans to develop several new offerings designed to create a more predictable journey for businesses to become data-driven intelligent enterprises. Over 400 firms have modernized their enterprise systems and business processes through IBM and SAP's digital transformation partnership. IBM's partnership with SAP is designed to help clients increase the speed of decision making, which are made to create more meaningful experiences for their customers and employees. As the COVID-19 pandemic continues to impact many industries in the region significantly, organizations realize they have intelligent end-to-end industry workflows to enable clients to make business decisions based on data-driven insights.
The management decision market primarily comprises multiple domestic and international players such as IBM Corporation, Oracle Corporation, SAS Institute, Inc., TIBCO Software Inc., etc. in quite a moderately fragmented and highly competitive environment. Technological advancements in the market are also bringing considerable competitive advantage to the companies, and the market is also witnessing multiple partnerships.
May 2020 - Oracle announced Oracle Analytics for Cloud HCM to enable HR teams to enhance decision making and boost business performance. New self-service analytics capabilities provide deep insights across various areas, including manager performance, workforce composition, a span of control, diversity, turnover/retention, top talent analysis, and comparison ratio analysis.
June 2020 - SAS Institue, Inc. announced the availability of SAS Viya 4 in late 2020, which is engineered to take advantage of the newest cloud technologies. Designed to be delivered and updated continuously, modern architecture helps bring powerful analytics to everyone. Because SAS Viya integrates the art of decision making with the science of artificial intelligence (AI) and analytics, organizations will be able to make better decisions, faster.
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Key Topics Covered:
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Force Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Assessment on the impact due to COVID-19
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing need for business agility which requires faster and efficient decision making
5.2 Market Restraints
5.2.1 High monetary cost involved for the implementation
6 MARKET SEGMENTATION
6.1 By Component
6.2 By Deployment Type
6.3 By End-User Industry
6.3.2 IT and Telecom
6.3.6 Other End-User Industries
6.4.1 North America
6.4.3 Asia Pacific
6.4.4 Latin America
6.4.5 Middle East and Africa
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 IBM Corporation
7.1.2 Oracle Corporation
7.1.3 SAS Institute Inc.
7.1.4 TIBCO Software Inc.
7.1.5 FICO (Fair Isaac Corporation)
7.1.6 Pegasystems Inc.
7.1.7 SAP SE
7.1.8 Actico GmbH
7.1.9 Sapiens International Corporation
7.1.10 Equifax, Inc.
7.1.11 Scorto, Inc.
7.1.12 Experian Information Solutions, Inc.
7.1.13 Sparkling Logic, Inc.
7.1.14 InRule Technology, Inc.
7.1.15 DMC Dubai (Decision Management Consultants)
8 INVESTMENT ANALYSIS
9 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/lj05mu
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager firstname.lastname@example.org For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900