Data and decisioning tools: How small firms can access tech and serve customers more intuitively

Across the lifecycle of a relationship between an individual and an organisation, decisioning technology is revolutionising the way the organisation interacts with the customer.

For the uninitiated, decisioning tools take in relevant sets of data then use predictive analytics to provide valuable information that allows them to make consistent and correct decisions.

Decisioning tools can take account of changing consumer needs, present firms with valuable insights, and automate processes to service each individual in the most appropriate way possible.

Tools of this kind can be used to make instant and smart decisions in multiple disciplines – including assessing customers, both new and existing, underwriting, and through automating marketing campaigns for heavily-segmented audiences.

Technology of this sort is great for smaller firms who can frequently be time and expertise poor. Often, however, these same businesses can’t afford the high start-up costs of implementing a full-bespoke decisioning tool. The very thing that could help them compete with bigger firms can be out of reach.

That, however, is changing. Increasingly, the benefits of a bespoke decisioning tool can be accessed by smaller firms without significant set-up costs or hefty and unpredictable servicing fees.

For a monthly subscription, much of this technology can now be accessed from a provider of software as a service (so called SaaS solutions), giving smaller firms, for really the first time, the flexibility and control they need over their decision-making – but without a huge investment.