Chordiant Decision Management
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- Erick Holland
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1 Chordiant Decision Management Decisions, decisions... The success of a business depends upon the quality of the decisions it makes at each customer contact. Such decisions must reflect the business strategy, the interests of the customer and his or her value and risk to the business. In addition, because of growing customer expectations and increasing competition, businesses are under pressure to provide personalized customer service within mass market cost levels. consists of a suite of applications which are proven, not only to help businesses make better decisions but, equally important, to implement those decisions in each customer contact and monitor the results. This ensures a far more responsive, customer-focused and ultimately successful business.
2 is designed to make all this possible Decisions about customer interactions must take into account each customer's likely behavior. At each individual contact with the customer the business must consider the relative likelihood of the customer responding to an offer, taking his or her patronage elsewhere or causing some loss to the business. The business that can determine and implement a personalized management strategy for each customer has the means of ensuring that the most suitable decisions are made in accordance with its overall objectives. consists of a suite of applications which are proven, not only to help businesses make better decisions but, equally important, to implement those decisions in each customer contact and monitor the results. This ensures a far more responsive, customer-focused and ultimately successful business. The science of customer interaction The effectiveness of Chordiant Decision Management lies in the unique multifaceted way it approaches each individual customer contact. It is never crude or simplistic. At each contact, there is a decision to be made in the light of four important dimensions: whether the customer will respond or buy, defect to a competitor, cause a loss to the company, or respond positively to a new recommendation, see sidebar story on page 3. We refer to these dimensions as the four Rs of recruitment, retention, risk and recommendation. While the balance of importance between them will vary from one decision to another, together they form the matrix against which every customer interaction should ideally be planned. DEVELOPMENT DEPLOYMENT MONITORING Predictive data mining Strategy management Segmentation & strategies Interface Decision package Business monitoring CRM application Monitoring database Predictive models Business rules Deployment Customers B C D E Decisions Behavior F Historic data Customer data Decision planning A PLANNING
3 Recruitment, Retention, Risk and Recommendation The customer strategy can only be set once the relative importance of each the four Rs has been decided. Recruitment: Is the customer likely to respond to the proposition at hand and method of contact? Will they buy? How much will they buy? Which individuals should be offered the best deals because they offer the greatest lifetime value as a customer? Chordiant Decision Management enables a highly sophisticated market segmentation and supports business rules based on predictions of likely customer value, response rates and purchase rates. What Chordiant Decision Management does...and what makes it unique The solution helps you develop relationship management strategies, drawing on your past experience with customers to predict likely future behaviors. It predicts what customers are likely to do and combines predictions with business rules to develop sophisticated strategies, allowing you to preempt and meet their needs as profitably as possible. enables those relationship management strategies to be quickly deployed in every customer-facing channel, ensuring that the right proposition, message and terms are communicated to the right customer reflecting your strategy and your customers' likely behavior. In essence, Chordiant encapsulates the expertise and judgment of specialist managers and planners and combines their know-how with the powerful predictive capabilities of the system. Chordiant turns experience into understanding, understanding into decisions, and decisions into action. monitors the successes and failures of your business, your strategies and your predictions, enabling adjustments to be tested and quickly implemented. It helps you create a continual process of personalized decision making and strategy adaptation that keeps your business on track minute by minute, month by month. Retention Recruitment Strategy Recommendation Risk The Four R's Recruitment: How will a prospect or customer respond to a specific offer? What elements of the offer are most/least attractive to the prospect? Chordiant Decision Management helps define the most attractive offers for each customer and each customer segment. So, you know you're making the right offer to the right customer. Retention: How likely is the customer to defect to a competitor? What factors drive this behavior? Or how likely are they simply to remain dormant and therefore contribute nothing in return for the investment made in them? Chordiant Decision Management helps by predicting length and stability of relationships. Risk: What are the financial risks, now and in the longer term, of doing business with a particular customer? Chordiant Decision Management assesses the likelihood of late payments, insurance claims, fraud or bankruptcy as well as setting risk-related limits and conditions. It can also help spot the early signs of default and find which collections strategy is most likely to recover unpaid balances. Recommendation: What is the likelihood of the customer becoming a champion for the product or service being offered? Or are they more likely to be a product terrorist, dissuading others from buying? Chordiant Decision Management enables the indirect value of customers to be evaluated.
4 Putting Chordiant Decision Management into action Chordiant Decision Management can be put to use in most areas of modern business. Wherever business decisions are made, Chordiant can prove invaluable, by enhancing the quality of those decisions. Chordiant Decision Management has also made a name for itself in the business world: it has already repaid the investment made in it by a number of blue-chip organizations, in a number of different industries. Marketing Segmenting the market into those to retain, grow, and discard; Profiling relevant segments; Mapping market research to the customer base; Assessing the quality and value of customer data; helps you plan decisions PREDICTING CUSTOMER BEHAVIOR Chordiant Predictive Data Mining analyses the patterns of customer behavior based on previous experience. It audits the quality of the data, infers what is missing, and uses advanced data mining techniques, including genetic algorithm optimization, to produce powerful and reliable predictive Proprietary Info-Tree models as well as conventional Regression and Decision Tree models, creating an intelligent, user-aware automated data mining process. PUTTING MANAGEMENT IN CONTROL Chordiant Strategy Director allows you to control the segmentation of the customer base with extensive graphical analysis of the business implications. Strategy Director profiles segment behavior, economics and characteristics and allows you to set strategy parameters for each segment, such as the action to take, the proposition to offer, etc. These strategies can be graphically packaged with business rules into comprehensive, adaptable customer decision logic; they are then tested and further adapted if necessary. ADDING INTELLIGENCE TO DECISION MANAGEMENT SYSTEMS Chordiant Deployment Manager allows the multi-platform, multi-channel integration of decision support packages with customer handling systems using industry-standard APIs and component technology. Deployment goes far beyond just decision making, automatically preparing for the subsequent monitoring of business performance and compliance and for future developments. Such centrally developed and managed customer intelligence supports thin channels for low maintenance and easy re-use, while providing online, interactive and sophisticated personalization. Calculating the most effective level of budget for a campaign. Customer Care Identifying the factors that drive dormancy, non-renewal and exit; Targeting retention offers at those likely to leave within 3 months. PA CKAGE Propensity to refer Business rules INTERFA CE Propensity to buy 3 CHANNEL Propensity to lapse 2 CUSTOMER Decision history Propensity to default
5 ANALYZING BUSINESS PERFORMANCE Chordiant Decision Monitor offers structured support for multi-tool analysis. Automated and intelligent agents scan business results for exceptions and advanced reporting techniques provide information on business performance and compliance. The success or failure of predictions, strategies and rules can be assessed, and Decision Monitor highlights when changes need to be made. The customer interaction decisions to be made in each customer handling system are identified and the available information determined. Development projects are set up to create the required predictions, strategies and business rules. creates predictive models based on historic data which can separate customers into segments deserving different treatment based on their predicted behavior. The behavior, economics and characteristics of the segments are then analyzed. defines the parameters for customer interaction, i.e. how customers are treated, depending on the segment in which they have been placed. The predictions BRANCH and strategies for each of the four key dimensions of recruitment, retention, risk and recommendation are combined by business rules into a decision support package. The business implications of its use are simulated. can be integrated seamlessly with Chordiant Marketing, Chordiant Contact Center and Retail Channel solutions, giving you full control of the entire customer interaction process. At the same time, mechanisms are established to capture subsequent decision and behavior data to ensure the organization records exactly how it does business. Interactions with customers require decisions to be made both beforehand and in real time. Customer data is passed to the package which returns the instructions on how to interact, whether via the branch system, the telemarketing support system, the website, etc. The resultant decision and the basis on which it is made are recorded. The business monitoring function feeds information on performance and compliance back to planners and managers, who are then able to continually refine the decision support, SALES FORCE CALL CENTER WEB SITE Sales Selecting the right proposition(s) for each customer; Identifying the appropriate time to make an offer; Prioritizing visits of each salesman; Selecting the most effective follow-up method/time. Operations Prompting call center representatives with the most suitable offer; Benchmarking performance of salesmen, branches, intermediaries; Selecting cases for fasttrack treatment or special investigation. Intermediaries Tuning proposals and preapproving applications. Risk Management Approving applications and pricing based on risk; Setting risk-related limits; Determining the most efficient collections strategy. Finance Calculating the provision for bad debt; Simulating revenues and costs. Management Optimizing channel and product design; Standardizing customer handling across divisions; Assessing the risk and value in acquired portfolios.
6 whether this involves creating new models, amending classifications, revising strategies, adapting business rules, or changing how Chordiant Decision Management is deployed. What happens when a customer contact is made? Customers interact with an organization through many different channels: branches, intermediaries, direct mail and , call center, website, sales force, interactive TV etc. Chordiant Decision Management packages have been designed to interface seamlessly with any customer handling system, adding intelligence to the customer interaction, regardless of the channel used. Changes to the way customers are handled can be immediately implemented in every channel with no maintenance required. Using Chordiant, each customer interaction follows a similar pattern. The Chordiant Advisor application passes the available information about the customer to the interface. The interface assembles and passes the information required by Chordiant Decision Management. The package generates predictions and segments, applies business rules and passes back to the interface the selected predictions and recommended strategy parameters. The interface supports the customer interaction by delivering product information on different products, warnings of the likely risks and intelligently constructed scripts to pitch the selected propositions, driven by such parameters as: predicted behavior probabilities of success for each channel action to take proposition to offer terms and incentives to offer scripts to present messages to show graphics to display tone of voice/style to use The details of the decision are recorded for subsequent monitoring. Managing interactions in real life The impact of exploiting Chordiant Decision Management is often confidential due to the competitive advantage it brings. The following outlines give you an idea of what you could achieve: RECRUITMENT 300% improvement in marketing efficiency For the cost of mailing just 20% of its market, Chordiant Decision Management enabled a Belgian publisher to achieve 60% of its previous level of response, significantly improving its marketing efficiency. 800% improvement in marketing efficiency helped a Dutch petrol company reach buyers of a recently introduced brand. At the cost of mailing just 10% of the customer base - a segment selected by Chordiant Decision Management - the company was able to contact 80% of its target group.
7 Creating critical customer data enabled a major UK building society to add valuable market research to its customer data. Costly research was kept to a minimum, but linked to data known about all customers; Chordiant Decision Management was then able to accurately place every customer in his or her segment thereby enriching the data available to drive marketing and customer interactions. RETENTION 20% improvement with 5.5% increase in current account balances One Italian bank suffered unacceptable levels of defection among current account holders. Focus groups investigated the causes of closure among distinctive loyalty bands identified and characterized by Chordiant Decision Management - two of which, while only 20% of the customer base, accounted for 87% of the closures. Over nine months, measures individually targeted by resulted in a 20% migration from lower to higher loyalty bands, defection rates were reduced to 1% and an unexpected but welcome 5.5% increase in average balances. 12% reduction in mortgage redemption In competition with an in-house developed model, Chordiant Decision Management identified 12% more customers of a major UK bank for retention targeting. Retaining the right people performed automatic analysis of the economics of motor insurance renewals enabled a leading UK insurer to target retention activity on those segments both most likely to leave AND most desirable to keep. RISK 2000% return on investment A mid-sized Dutch bank exploited in its personal lending. Chordiant simultaneously increased the acceptance rate from 29.8% to 34.5% while reducing the bad rate from 12.7% to 10.8%. Estimating its gains at over $1 million per year, the bank quotes a 2000% return on its investment in. Banking on bankruptcy helped a Belgian bank specializing in commercial loans to enter a new market sector, even when no customer data was available. Using published company statistics, Chordiant developed predictions of future bankruptcy enabling a safer expansion into a new sector with a competitive edge in the terms that could be offered. Identifying irregularities A large Dutch governmental agency (now privatized) responsible for administering social security laws used to improve its monitoring of employers' payment behavior. Chordiant predicted deviations in payments of 1% or more from the amount declared. Chordiant Decision Management identified 71% more of the cases requiring investigation, improving the agency's efficiency and earnings considerably. For more information on how Chordiant Decision Management can help your organization improve recruitment, retention and recommendation rates while reducing your business risk, contact your local Chordiant Sales Office, or visit us on the web at
8 Learn more about Chordiant solutions Chordiant orchestrates and automates end-toend operational business processes for leading retail financial services institutions. Chordiant solutions use rapidly configurable components that enhance multi-channel communications with customers while preserving your investments in systems and data. Discover how Chordiant's process-driven solutions can help your service-oriented business improve productivity, reduce operational costs and increase revenues. Contact your local Chordiant sales office today, or visit us on the Web at World Headquarters Chordiant Software, Inc Stevens Creek Blvd. Cupertino, CA Tel: Fax: CHORDIANT ( ) Copyright 2004 Chordiant Software, Inc. All rights reserved. Chordiant and the Chordiant logo are registered trademarks of Chordiant Software, Inc. All other trademarks are property of their respective owners. European Headquarters Chordiant Software Int'l., Inc. 2 Goat Wharf, High Street Brentford, Middlesex UK TW8 0BA Tel: +44 (0) Fax: +44 (0)
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