Tag Archives: Decision Management

Analytics & Optimization Better Business Outcomes with Prescriptive Analytics and Machine Learning

analytics in cloud
Feb092018

Yesterday I had the pleasure of speaking at the Chief Data & Analytics Officer (CDAO) Winter event in Miami. If you’ve ever been to CDAO, you know it is quite a gathering of some of the smartest minds in analytics. Everyone I met had great stories to tell about the innovative work being done with analytics, artificial intelligence (AI) and machine learning (ML).  My keynote was focused on using AI, ML and prescriptive analytics to improve business impact and drive optimal outcomes. In partnering with FICO clients, I have found that combining ML with prescriptive analytics solutions delivers the best results when the strategic business outcomes are at the center and are the foundation that influences execution moving forward.  Defining a business outcome seems simple enough, but the more prescriptive you can be about what you want to achieve, the more positive impact the solution will have on the business.... [Read More]

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Analytics & Optimization Digital Transformation: Unleash Your Firm’s Hidden Knowledge

Digital assets
Sep052017

In my last post on digital transformation, I talked about how it’s tempting to track your competition in the race to disrupt and transform your industry, but that every business’s DNA mandates an approach specific to your challenges and objectives. When you start to uncover new insights that are transformational, it’s critical to consider one often overlooked fact: You have a lot of hidden data living in your organization that you ultimately need to tap to digitize your business. Where does the data reside? In the brains of your business experts, data scientists — even front and back office staff. And of course, on their PCs, tablets, and even sticky notes and business cards. It’s not just knowledge of their jobs, but the specifics about how they get things done; how they deal with people both in and outside of the company (including customers, partners, vendors and suppliers); and even... [Read More]

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Customer Engagement Three Keys to Advancing your Digital Transformation

Digital assets
Aug082017

With today’s proliferation of data, digital transformation (DX) has become more than a hot topic: It’s an imperative for businesses of all shapes and sizes. The collision of data, analytics and technology has businesses, analysts and consumers excited — and scared — about what could happen next. On one hand, everyone from banks to bagel shops and travel sites to tractor manufacturers have found new ways to connect the dots in their businesses while forging stronger, more dynamic customer engagement. Artificial intelligence (AI) has come of age in technologies such as smart sensors, robotic arms, and devices that can turn lights and heat on and off, adjust for changes in conditions and preferences, and even automatically reorder food and supplies for us. However, today’s Chief Analytics Officer (and Chief Data Officer and Chief Digital Officer, for example) faces both the promise and precariousness of digitizing business. While significant opportunities abound... [Read More]

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Analytics & Optimization “We Can Change Our Strategies in 2 Days” – African Bank

African Bank logo
Jun152017

African Bank, a large retail bank in South Africa, recently went through a large-scale restructuring in order to bring more efficiency, transparency and collaboration to the way it made decisions. Working with FICO, the bank applied a standards-based decision management methodology to fully modernize its decision system. Now that the new solution has been implemented, we spoke with Dawid Van Zyl, Program Executive of Credit Decisioning at African Bank, to learn more. Q: What challenges was African Bank facing with its existing credit decision process? Dawid: Our credit decision lifecycle was fragmented over different applications and teams. This was causing inefficiencies and missed opportunities for our executives to react to the market. We knew we needed to do a complete overhaul of the existing process in order to be effective and profitable. Q: How did you and the FICO team create a solution for this challenge? Dawid: The first step... [Read More]

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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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