Data has always been important to business. While it wasn't long ago that businesses kept minimal information on people who bought their products, nowadays companies keep vast amounts of data. In the late 20th century, marketers began to take demographics seriously. It was hard to keep track of so much information without the help of computers.

Only large companies in the '60s and '70s could afford the research necessary to deliver real marketing insight. The marketers of yesteryear relied upon focus groups and expensive experiments to gauge consumer behavior in a controlled environment. Today even the smallest of companies can have access to a rich array of real-world data about their consumers' behavior and their consumers. The amount of data that is stored today dwarfs the data of only a few years ago by several orders of magnitude.

So what kind of information are businesses storing for marketing purposes? Some examples include:

- Demographic information — age, gender, ethnicity, education, occupation and various other individual characteristics.

One of the biggest challenges faced by senior IT professionals in organizations is the choice of the right software vendor. In the highly competitive enterprise software industry, there are lot of vendors who claim to offer the best software for the problem and it can be really daunting to narrow down the best choice. Additionally, enterprise software costs can often run into millions of dollars thereby leaving very little margin of error. The real cost of choosing a wrong software can often result into losses much more than the cost of the software itself as highlighted by software disasters experienced by leading companies like HP, Nike etc. In such a scenario, senior IT professionals despite years of expertise can find it very difficult to choose the right business software vendor for their organization.

Here are some of the proven ways of short-listing and selecting the right business software vendor for your organization,

·         Understand and Define The Exact Need First: Before embarking on a journey to select the software vendor, it is critical to understand and define the exact problem you want the software to solve. The paramount question to be asked is what business objective does the software need to solve. Is the software required to “reduce costs” or is it to “improve productivity”? Extracting and defining this fundamental question is the bare minimum but necessary step to go searching for the right vendor. It will then form the basis of comparing multiple vendors on this very need that your organization has and will help drive the selection process going forward. The detailed approach involves creating a set of parameters that the software needs to meet in order to be considered. In fact, consider categorizing these parameters further in “must-haves”, “good to have” etc. which will help you assign relevant weights to these parameter and how the software’s fare on each of these parameters

·         Building The List of Vendors Who Meet The Need: Once you have defined your need and distilled that need into various parameters, it’s time to built the list of vendors who you think will meet the need. This is akin to a lead generation model wherein you want to identify a large enough pool and then filters your list down to the best ones. There are multiple ways of building a list of vendors and more often than not, you must use a combination of these methods to build a good enough list.

o   Use Industry Reports: We discussed the IT intelligence offered by leading industry firms Gartner and Forrester in How To Keep On Top Of Latest Trends In Information Technology. These firms based on their access to leading software vendors and CIO network publish vendor comparison research reports across specific verticals as well as specific technologies. Gartner’s Magic Quadrant and Forrester’s Wave are a very good starting point to get an insight into the best software vendors. For example, if you were looking for a CRM solution, you could look for Gartner’s Magic Quadrant for CRM and look at the vendors that make the list. These reports can be pricey but well worth the money if you are going to invest hundreds of thousands in the software. Having said that, you don’t have to trust these report blindly because how these firms define the best software may not match how you define the best software for your organization

o   Competitive Intelligence: If you are a smart professional, you are already keeping tabs of your competition. Chances are that if you are a big organization, you might see a Press Release either from your competitor or their vendor announcing the implementation of new software. Extrapolate that across 5-10 key competitors of yours and you might discover the vendors that your competitors are choosing. This gives you a good indicator that the vendors used by your competitors must be offering something right.

Recently, the new iOS update had added Reminders to the iPhone. If you ever found yourself setting notes on your iPhone to remember to do things, such as buying milk while at the grocery store, this process has become leagues upon leagues simpler, and faster. On your iPhone is an application named “Reminders”. Tap on this application and experience the new world of To-Do lists.

Right away, you are greeted by a screen that looks similar to a notepad, where you would be scribbling down reminders for this, and for that. To start off, tap on the plus button, and you are able to input the reminder you want. Say you want to be reminded to “Buy Milk.” Just type that into the application and you’re good to go.

But wait, there’s more. What this new application brings to the table that is extremely useful is the fact that your iPhone can remind you to do that task at a certain location, which, in this case, is buying milk. If you had saved your regular grocery store in your Maps application as a favorite location, you are able to do so. (To save a favorite location, go into your Maps application, search for your nearest grocery store that you regularly shop at, tap on the pin, tap on the blue arrow to get more information, and “Add to Bookmarks.”) In order to remind you to buy milk at your favorite grocery store, slide the “Off” to “On” and you are now able to set where you would like to be reminded at, and at what point in time. Now, you will never leave the grocery store without buying milk!

A business rule is the basic unit of rule processing in a Business Rule Management System (BRMS) and, as such, requires a fundamental understanding. Rules consist of a set of actions and a set of conditions whereby actions are the consequences of each condition statement being satisfied or true. With rare exception, conditions test the property values of objects taken from an object model which itself is gleaned from a Data Dictionary and UML diagrams. See my article on Data Dictionaries for a better understanding on this subject matter.

A simple rule takes the form:

if condition(s)

then actions.

An alternative form includes an else statement where alternate actions are executed in the event that the conditions in the if statement are not satisfied:

if condition(s)

then actions

else alternate_actions

It is not considered a best prectice to write rules via nested if-then-else statements as they tend to be difficult to understand, hard to maintain and even harder to extend as the depth of these statements increases; in other words, adding if statements within a then clause makes it especially hard to determine which if statement was executed when looking at a bucket of rules. Moreoever, how can we determine whether the if or the else statement was satisfied without having to read the rule itself. Rules such as these are often organized into simple rule statements and provided with a name so that when reviewing rule execution logs one can determine which rule fired and not worry about whether the if or else statement was satisfied. Another limitation of this type of rule processing is that it does not take full advantage of rule inferencing and may have a negative performance impact on the Rete engine execution. Take a class with HSG and find out why.

Rule Conditions