It’s no secret that the world runs on data. The past decade’s adoption of digital technologies saw an explosion of readily available data sources. As a result, we unlocked new possibilities such as ride-sharing while reshaping existing norms like credit scoring by harnessing only a fraction of this data. Since then, the volume of data has only continued to grow exponentially. Consequently, it’s becoming harder for organizations to sift through this data to stay ahead of the competition.
You may also like
Decision Intelligence Platforms help overcome this challenge by instantaneously analyzing data from several sources so businesses can make informed decisions to serve their customers better. A rising player in the field is Taran. Its signature product, TaranDM, is a next-generation decision intelligence platform helping businesses get real-time insights while interacting with customers. Utilized by large banks, eCommerce giants, and startups alike, TaranDM is known for simplifying processes while offering greater flexibility and lower costs with fewer errors.
A flexible architecture to easily adopt decision intelligence
According to the Innovation Insight for Decision Intelligence Platforms report by Gartner® “AI software platforms are evolving. AI operationalization phase is giving way to the next evolution of AI software based on composite AI. Data and analytics leaders should explore this evolution, based on the decision intelligence discipline, giving rise to decision intelligence platforms.”
Given the vast volumes of data available today, you can spend hours sifting through it to make informed decisions and still overlook vital information. This is a costly mistake for even the most prominent organizations in the modern world as it’d mean losing your competitive edge. Hence, proving the growing necessity for decision intelligence platforms. But while organizations may acknowledge the need for such systems, it’s often challenging to implement them in practice.
Traditionally, decisioning platforms have been large rigid systems that required an overhaul of existing IT infrastructure to operate. Such efforts are monumental, costly, and time-consuming. Paying attention to detail, the TaranDM was designed from the ground up to be a step ahead of traditional decision managers.
Seamlessly integrated with existing infrastructure
Due to its modular architecture, TaranDM can be integrated seamlessly into existing IT infrastructure. This feat is made possible by using the latest open source technologies. All of which were carefully selected to ensure efficiency, scalability, reliability, flexibility, and availability. This combination means any organization can rapidly integrate TaranDM and begin analyzing data from several sources without uprooting existing infrastructure.
For larger organizations, in particular, this level of flexibility is highly sought after when adopting any new technology. So, given TaranDM’s ability to integrate seamlessly with practically any existing infrastructure, it allows organizations to incorporate decision intelligence into their processes rapidly. In previous stories, we’ve explored how TaranDM enables established banks to transform their credit scoring processes to serve their customers better.
Customizable with no vendor lock-in
However, smaller businesses like startups may not have robust developed IT infrastructure. Instead, most often, they need to build it from scratch. While a daunting task, these companies will find TaranDM to be a perfect match for their decisioning needs. This is because the platform utilizes technologies similar to that already in use by modern startups. Hence, making TaranDM a robust decisioning platform for businesses of all sizes.
The unparalleled flexibility of TaranDM also extends to its different modules, each of which can be modified. So any new technology can be tested and late deployed without disruption. Notably, the client organization can carry out such changes on its own. So any organization utilizing TaranDM can easily customize it to suit their unique needs. Whereas with traditional decision managers, assuming any change is possible, it’ll be a costly undertaking that the original vendor can only do.
Being data scientist friendly to test new strategies effectively
While designed for flexibility, the TaranDM is also built to help data scientists effectively build, test, and compare strategies directly over the data lake in real-time. The platform allows organizations to rapidly test machine learning models and modify strategies to meet changing market conditions. This simplicity goes a long way to help data scientists quickly deploy models to identify the best outcomes to help ensure business success.
Whereas with a traditional decision manager, data scientists would have to work closely with IT departments. Everything has to be done with IT support, from constructing predictors to creating automated decision processes to deploying machine learning models. As a result, there are significant bottlenecks, which means any implementation can take months. Even then, there are often mismatches between implementation and specifications. But with TaranDM, all these steps can be carried out by the data scientists on their own with a few quick clicks.
Utilizing alternative data sources efficiently for greater success
Given the importance of data in the modern world, to ignore alternative sources is to give up a valuable competitive advantage. In addition, while organizations may have vast amounts of data available internally, utilizing alternative sources increases the chances of making better-informed decisions and identifying previously unseen opportunities. For example, financial institutions are now turning to alternative data sources to cut down on non-performing loans by identifying strong applicants with greater accuracy.
However, not all alternative data sources are freely available. Hence, TaranDM includes a range of features to help organizations optimize their use of alternatives. For example, queries are evaluated in real-time for the least promising data sources to be dropped. Data requests are also cached to prevent duplicate requests. Notably, the integration of new data sources and the implementation of caching logic doesn’t have to be done manually by IT departments. Therefore, TaranDM allows organizations to enjoy the benefits of alternative data sources cost-effectively and efficiently through this combination of features.
The importance of decision intelligence platforms
With organizations tapping into ever greater volumes of data, the need for robust decision intelligence platforms is becoming more evident. Only then would they be able to unlock the true potential of this data to seize its competitive advantage and flexibly respond to changing market conditions. Hence, organizations must invest in the right decision intelligence platform to meet their evolving needs.
Technology providers are investing heavily in research and development to meet this growing need. Composite AI is a rising trend in the field, which refers to combining different AI techniques to achieve the best results. According to Gartner, “The composite AI trend is already augmenting and transforming many existing software platforms; it is the precursor to the advent of decision intelligence platforms. Decision modeling capabilities are blurring the traditional frontier between data and analytics and process management software.”
Yet, as we’ve seen, traditional decision managers are large systems where even the tiniest changes are a massive undertaking. But next-generation decision managers like TaranDM are challenging this status quo. With their powerful combination of user-friendly features and flexibility, these new decision intelligence platforms allow organizations to utilize increasing volumes of data at record-breaking speeds.
Taran’s global success serves as validation for this approach. Not focused on a single specific use case, TaranDM can cover several use cases from risk assessment, antifraud, onboarding, customer relationship management, and much more. As a result, they’ve empowered several businesses to analyze data to make real-time decisions to serve their customers better in real-time.
*Gartner, “Innovation Insight for Decision Intelligence Platforms”, Erick Brethenoux, March 15, 2022.
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
