When automating decisions, organizations need a platform for defining the policies and regulations that drive those decisions. Choosing the right business rules management system is not enough to pick the right technology.
Published By: Red Hat
Published Date: Jun 23, 2016
FICO, a data analytics software company, wanted to diversify into new markets its core offering of providing on-premise software to major corporations. To do this, the company launched FICO Analytic Cloud, a cloud delivery channel that enables FICO to serve organizations of all sizes. FICO Analytic Cloud was first launched in 2013 and provides Platform-as-a-Service (PaaS) access to FICO Decision Management Platform, which allows customers to use FICO tools and technology to create, customize, and deploy applications and services. FICO Decision Management Platform is built on OpenShift Enterprise by Red Hat, which provides the PaaS tools and support FICO needed to rapidly scale the platform and Analytic Cloud.
Published By: Red Hat
Published Date: Nov 30, 2015
FICO, a financial services provider, wanted to address small-to-medium business (SMB) and midmarket customer requests for solutions without on-premise installation. To transition from an on-premise model to a cloud- and services-based infrastructure, FICO chose to build an OpenStack® cloud using Red Hat® solutions, including OpenShift by Red Hat and Red Hat Enterprise Linux® OpenStack Platform. As a result, FICO generated US$10 million in sales to new customers, reduced solution time to market by 50%, and lowered storage and overall infrastructure costs.
As IT departments’ lists of backlogged application development projects keep growing, so does the speed of new development requests from line-of-business personnel. For many IT departments, the speed of business — the speed of requests for additional developments — can’t be met under current practices. This inability to keep pace with critical development requests, supporting timely strategy modifications, seriously impacts an enterprise’s profitability. The solution FICO advocates — one that accounts for budget constraints, legacy operational realities and quality assurance — is to empower line-of-business personnel as Citizen Developers, giving them the right set of technology assets to quickly, safely and cost effectively participate in application development.
As any line of business (LOB) leader knows, making customer level decisions that balance risk and profit just keeps getting harder. And even when you think you have the right decisions, turning them into actions can be even trickier. You also need to consider the factors that make smart decisions difficult. Big data. Regulations. Customers who want an offer, fast, or else you’re going to lose them.
With the increasing mainstream adoption of big data infrastructure — highly distributed file storage and query tools — more businesses are taking a new look at what business intelligence and analytics can do to grow revenue, increase profits and ultimately develop strategic relationships with customers.
The bank wanted to be more consistent, agile and segmented with its implementation of strategies in origination and account management. By applying decision management technology, they were able to achieve success. Download now to learn more.
Prescriptive analytics enable you to estimate and compare the likely outcomes of any number of actions, and choose the very best action to advance business objectives. And getting there isn't as difficult as you think. Start your journey by downloading this eBook.
Download this case study to learn how the Collections Treatment Optimization program powered by FICO® Xpress Optimization Suite and FICO® Model Builder helped more than 6,000 customers avoid repossession and stay in their cars, and prevented 50,000 customers from reaching a stage of delinquency that would affect their credit. The program also helped grow the lending portfolio by 9% without adding collections headcount.
Behind FICO® Collections Optimisation is a sophisticated decision modeling capability that quanti es the impact of an organisation’s business decisions and actions on customer outcomes such as revenue, loss and profit.
Leading businesses have aggressively adopted prescriptive analytics to assess the different outcomes of potential decisions and identify the best one(s) for handling a future scenario. As companies progress their use of advanced analytics, they derive exponentially more value from their data and decisions. These five case studies highlight how five banks are using FICO optimization to boost portfolio profits by 26% or more; increase approved transactions by $100+ million; and even generate 6:1 ROI in just six months.
Unexpected failure or performance erosion of production equipment can significantly impact productivity, product quality and maintenance expenses within any manufacturing organization. It’s also difficult to get operations ‘back on track’ after these failures occur. The good news is that, via the Internet of Things, intelligent use of sensor data, machine learning and optimization can help companies take a proactive approach to predicting failures and re-optimizing processes around them.
FICO® Optimization Solutions for Manufacturers is an integrated and flexible modeling, solving and rapid application development platform for building solutions across the entire lifecycle of manufacturing and supply chain business challenges. It helps businesses readily account for massive amounts of data as well the myriad constraints and conflicting objectives within your business. This easy-to-modify solution incorporates strong and proven optimization engines, flexible workflow and usability at every level to drive consistent, transparent and profitable decisions, which ultimately drive the best action(s) for your business.
Historically, manufacturers have “looked to the past” to help predict what they need to do in the future. This would include basic business intelligence, powered by spreadsheets, and even manual processes. The challenge is that what will happen may be something outside of what the past can predicts – who, 25 years ago, would have considered the Internet as a primary vehicle for commerce, or that Big Data would become both a treasure and a tragedy for organizations? Consider other factors, such as regulations, largely transient customers (where loyalty and brand aren’t what they used to be), disruptors (such as new entrants and technologies), and the need for manufacturers to “move faster than ever” – in effect, to be able to plan for the future before it happens.
IT leaders at FICO, Rotary International, Informatica, and many other leading organizations are becoming strategic business enablers and creating new ways to engage customers and partners with Okta. Watch this short video to learn how these IT leaders are driving business results with Okta.