Tag Archives: Decision Management

Analytics & Optimization Defining Your Decisions Is Easy – and Free

Decision diagram for Should I Stay or Should I Go
Mar222017

“Should I stay or should I go now? Should I stay or should I go now? If I go there will be trouble An’ if I stay it will be double So come on and let me know Should I stay or should I go?” – The Clash The lyrics to the 1981 song “Should I Stay or Should I Go” by The Clash express the struggle in making what seems like a simple decision. The complexity increases when decisions are being made in organizations, because of the constraints, logic and significant impact they have on time and resources. To add to the challenges, other people in your organization may want to understand how you arrived at a decision, modify the logic that was used for the same application, or even make decisions in other scenarios with similar logic. Following someone else’s decision logic and maintaining consistency can be very... [Read More]

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Risk & Compliance Can the Internet Revolutionize the Finance Industry in China?

Dec232016

This was the question FICO’s Dr. Andrew Jennings was challenged to answer as a guest speaker on a PBOC sponsored panel at The Third World Internet Conference in China. While one would assume the answer is ‘yes’, the world of FinTechs, P2P lending and online financial services have suffered quite a few stops and starts in China. Investment bubbles driven by consumers seeking higher returns, embryonic regulation and a patchwork of lackluster risk management practices persist in a nation undergoing a massive program of urbanization. Jennings spoke about the dual problems of reckless lending and the challenge of improving financial inclusion in China. He proposed that both can be solved with clever, analytically driven credit assessments that use new sources of data. “When we look at the data in China, there is not a single data source that can provide us with a predictable credit score for everyone. So the... [Read More]

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Customer Engagement Analytics in Action: Yarra Valley Water and Application Processing

Yarra Valley Water logo
Dec222016

As 2016 draws to a close, I am grateful for the many, many ingenious ways customers use FICO® products to solve business problems. Clearly, FICO World 2016 was a bonanza of an opportunity for me to learn exactly how. Customers traveled to our event, held last April in Washington, DC, from all over the world. The folks from Yarra Valley Water, in Melbourne, Australia, made one of the longest journeys, and I enjoyed hearing the retail water utility’s story at FICO World’s closing panel discussion. Yarra Valley Water uses FICO® Blaze Advisor® decision rules management system and FICO® Decision Management Suite to reduce the time required to the water application process from months to minutes, without adding staff. That’s pretty amazing––watch the video below. An early adopter of automation Yarra Valley Water provides water and sewage service to 1.8 million residents and over 50,000 businesses. In 1995, it worked with... [Read More]

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Analytics & Optimization Decision Fundamentals: Making Analytics More Accessible

Hand holding analytics
Sep062016

This blog is the final post in this series covering my FICO World keynote presentation, sharing the five steps organizations can take to improve their operational decision-making. 1. Capturing subject matter expertise 2. Intelligent solution creation 3. Faster insight to execution 4. Building institutional memory 5. Greater analytic accessibility In this blog I’ll cover the topic of greater analytic accessibility––which seems like it should be easy to achieve these days, but it is still elusive. In the age of the customer, Big Data is the key to intimately understanding customers’ desires and translating those desires into products, services and personalized experiences. This kind of differentiation is critical to companies’ achieving a competitive advantage. The challenge of Big Data is extracting meaningful, timely and actionable information from it at a reasonable cost. The complexities of doing so mean that two-thirds of businesses derive little or no tangible benefit from the information they hold. Only 4% of companies extract... [Read More]

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Analytics & Optimization Spotlight Your Success in the FICO Decisions Awards

FICO Decisions Awards logo
Jul142016

Is your company seeing great success using analytics and decision management? We’re looking for success stories for the 2016 FICO Decisions Awards. These awards honor our clients’ strategic wins, use of best practices and innovative deployments of technology. Awards will be presented in six categories: Analytic Excellence, Customer Onboarding and Management, Debt Management, Decision Management Innovation, Fraud Control and Regulatory Compliance. To judge the awards, we’ve lined up a stellar panel of independent judges: Dan Ariely, expert on human behavior, author of Predictably Irrational, and Duke University Professor of Behavioral Economics Jim Bander, national manager, Decision Science, Toyota Financial Services (2015 winner) Ken Elliott, global director of Analytics, Hewlett Packard Enterprise Bill Fearnley, Jr., research director, Compliance, Fraud and Risk Analytics, IDC – Financial Insights Petr Kapoun, retail risk director, Česká Spořitelna (2015 winner) Dr. Dalvinder Singh, editor, Financial Regulation International Nicole Sturgill, principal, Executive Advisor, CEB TowerGroup Nominations are... [Read More]

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Analytics & Optimization Decision Fundamentals: Building Institutional Memory

Elephants
Jun212016

This is my fourth of five blogs expanding on the key points of my FICO World 2016 address. Through these blogs I’m exploring the fundamental ways organizations need to improve their operational decision-making. Organizations can reduce complexity and create competitive advantage through: 1. Capturing subject matter expertise 2. Intelligent solution creation 3. Faster insight to execution 4. Building institutional memory 5. Greater analytic accessibility Let’s talk about institutional memory. How Elephants Survive In my FICO World presentation I included a slide with a photo of elephants—not the usual stuff of a corporate deck. But a tale about elephant survival in Tanzania’s Tarangire Park provides a valuable allegory for business. The Wildlife Conservation Society examined patterns of elephant calf mortality during the park’s drought of 1993. The drought was the region’s most severe in over 40 years. Sadly, during a nine-month period of that year, 16 out of 81 elephant calves died. This mortality rate of... [Read More]

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Analytics & Optimization Decision Fundamentals: How to Go from Insight to Execution Faster

Title against city background
Jun152016

I’m continuing my blog series, taking a deeper dive into the core concepts of the keynote I delivered at FICO World 2016 in Washington, DC. Those concepts capture the five critical areas that organizations need to improve, to fundamentally enhance operational decision-making: 1. Capturing subject matter expertise 2. Intelligent solution creation 3. Faster insight to execution 4. Building institutional memory 5. Greater analytic accessibility Let’s look at the critical effect of gaining faster insight to execution, and how modern software solutions like FICO® Decision Management Suite 2.0 (DMS) catalyze this advantage. Fresh Insights Business isn’t run on a static set of facts; the knowledge we use to make business decisions is constantly evolving. At FICO we build solutions to reflect that reality by giving business users the ability to quickly adapt, test and modify strategies. Business analysts may want to test how previous decisions can be improved with champion/challenger, and when fresh insight is generated... [Read More]

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Analytics & Optimization Decision Fundamentals: Accelerating Intelligent Solution Creation

Jun062016

This is my second blog in a series of five, recapping the key principles in my talk at FICO World 2016. Those five principles can transform the way organizations can create and deploy analytically powered applications: 1. Capturing subject matter expertise 2. Accelerating intelligent solution creation 3. Faster insight to execution 4. Building institutional memory 5. Greater analytic accessibility With this blog I’ll dive into accelerating intelligent solution creation, and how it helps enterprise IT organizations to significantly reduce the complexity of solution creation. Less Legacy…More Innovation Legacy applications consume an extraordinary amount of IT dollars; only 16% of IT budgets go to innovation. Today, innovation dollars are getting further reduced and all the new innovative applications built this year will need to be maintained in the following years. Most companies underestimate the complexity and cost of maintaining applications, and find themselves with less and less dollars and personnel to innovate. That’s where Rapid Application... [Read More]

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Analytics & Optimization Video: FICO CTO Explores Solving the Global Productivity Crisis

Stuart Well at FICO World 2016
May102016

Missed FICO World 2016? Then you won’t want to miss this video of the FICO World keynote from Stuart Wells, FICO’s chief technology and products officer. Wells explained that after 50 years of technological innovation, we’re facing a global productivity crisis, with complexity – from regulation, security threats, competition and failed Big Data deployments – choking performance. Per Wells, these challenges call for an overhaul of the way businesses approach decisions, and he outlined what such an approach would look like. Note: click on the graphic above to view the video.

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Analytics & Optimization Tackle IT Complexity with FICO and Cisco

May022016

Last week at FICO® World 2016, the Decisions Conference, IT leaders such as CISCO, attended, participated and sponsored our event.  After deploying Cisco technology, we realized that our customers could benefit from knowing that our technology works well together. When business and IT are aligned, outcomes improve. Cisco knows IT and Cisco Unified Computing System (UCS) servers are installed in more than 75 percent of the Fortune 500 companies. To that end, the FICO® Decision Management Suite (DMS) is now certified on Cisco UCS and available in the Cisco Marketplace. FICO and Cisco want to help organizations of all sizes tackle IT complexity by delivering a tested and validated solution to our joint customers. FICO uses Cisco UCS, Cisco has validated the FICO Decision Management Suite on its servers and now you can deploy it on Cisco UCS with confidence. Learn more about the FICO Decision Management Suite on Cisco UCS... [Read More]

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