Determining the next best action through decision strategies
Pega Platform™ makes it possible for you to process large amounts of information to derive, manage, and improve decision process in your company. Decisions are usually made for a single interaction or transaction and typically involve issues such as how to target a single customer, handle a claim, or determine the price of a transaction. To deliver timely and accurate decisions, you design strategies and use them in combination with propositions that represent product offers for your customers. When you create personalized decisions for individual customers, these decisions reflect the interest, risk, and eligibility of the customer in the context of the current business priorities and objectives of the company.
The following business cases are examples of how you can use decision strategies on Pega Platform:
- Executing a decision strategy
- Balancing business objectives with customer needs
- Avoiding redundant product offerings
Using Pega Decision Management you do not need to be an expert in programming or math to design and execute sophisticated decision strategies that engage your customers throughout the customer journey. Using a highly intuitive graphical canvas, you can create decisioning strategies and business rules without the knowledge of programming or advanced science. You can easily embed Pega or third-party predictive analytics models into the decision strategies to provide customer-centric, high-value engagements that improve every customer experience, enable more effective retention, and achieve higher offer response rates.
To learn how to design decision strategies and understand the properties that are available to strategy designers who build decision logic, you can enroll into the associated course on Pega Academy: Decision Strategy Execution (7.1)
Companies that want to maintain profitability and establish balance between their business objectives and customer needs can take advantage of the Pega Next-Best-Action feature. This feature eliminates the gap between what customers expect and what business and marketing departments can deliver. By using business rules, sophisticated analytics, and consistent communication, companies can make the right decisions in each stage of the customer relationship.
From the provided use case, learn how a medium-sized bank increased its financial services footprint within its existing customer base. You can also get hands-on experience with prioritizing propositions that are based on marketing weight, customer intent, and predicted customer behavior.
To learn more about the Next-Best-Action strategy and its implementation, you can enroll into the associated course on Pega Academy: Balancing Business Objectives with Customer Needs (7.1)
An aspect of good customer retention is to avoid situations in which customers receive the same product offer twice, or receive an offer for a product that they already have. From the provided phone company use case, find out how to modify the Next-Best-Action strategy so that customers who are eligible for a phone upgrade do not receive the phone model that they already use.
To learn how to modify strategies to avoid redundant offerings for customers, you can enroll into the associated course on Pega Academy: Avoiding Redundant Product Offerings (7.1)