Automation has played a fundamental role in enabling businesses to make better, more consistent and more strategically sound decisions. Increasingly sophisticated cloud-based software has given organizations the capacity to define the policies and regulations that drive decisions, and then to incorporate analytics into models – decision services – that can be refined to account for changing conditions. But software is only the toolset. Decision automation can be effective only as an enabler for an effective process to decide what decisions to support using decision services, and how those services will be used to drive business processes. For that purpose, a proven, documented process is required. FICO facilitates decision service development for its clients using a methodology called Decision Requirements Analysis (DRA), developed by Dr. Alan Fish, Principal Consultant, FICO Decision Solutions. DRA focuses decision-makers’ attention on a domain of decision-making and decomposes it into a network of decisions, which are... [Read More]
“It’s a long way to the top, if you wanna rock and roll.” Luckily, Decision Management (DM) technology has been invented and has come a long way since AC/DC released this epic anthem in 1975. With solutions like the FICO Decision Management Platform (DMP), the journey from novice to rockstar can be faster than a speed metal riff. In this blog, the last in my series about the FICO Decision Management Maturity Model and Map, I’ll provide a FICO customer example, using merchant onboarding, that illustrates how quickly companies can gain the benefits of becoming DM “rockstars.” Vantiv, now Worldpay, accelerates its Decision Management maturity Vantiv, which recently joined forces with Worldpay, is one of those rockstars. Vantiv is the number-one acquirer in the US, UK and worldwide, annually processing 40 billion transactions valued at $1.5 trillion. I recently caught an excellent session at FICO World 2018 featuring Worldpay’s rapid... [Read More]
Loans issued in days rather than weeks while bad debts reduced to 3 percent of loan book Malaysia’s Credit Guarantee Corporation (CGC), a government and commercial enterprise joint venture, has used FICO’s decision management technology to improve its ability to judge the creditworthiness of small businesses so it can provide them with loans. This direct lending is an expansion of CGC’s usual role of providing loan guarantees to businesses, many of which lack the collateral and track record to obtain regular financing. Since its deployment of FICO® Blaze Advisor® decision rules management system and custom analytic models in August 2016, CGC has reduced non-performing loans to just 3 percent of the loan book and has had only one default. For its achievements, CGC has won the 2017 FICO Decisions Award for Decision Management Innovation. The winners of the FICO Decisions Awards were spotlighted at FICO World 2018, the Decisions Conference, April 16-19... [Read More]
Leveraging analytics from insight to artificial intelligence (AI), business leaders can make sense of their rapidly-growing piles of data to improve their operations. Here are some tips for using analytics to create a measurable business impact. #1: Put the decision before the data With a decision-first strategy you define the business objective first, then determine what data and analytics you need to achieve the goal. Extrapolating insights from huge amounts of data can be interesting, but it can also be a tremendous waste of time and resources if it doesn’t solve a specific business challenge. If the modeling and data analytics requirements are defined by the business outcome first, data exploration and analytic development is faster and more productive. This helps enterprises narrow in on meaningful outcomes, shutting out extraneous noise and focus on the insights that address specific objectives. #2: Get data into decision makers’ hands Empower the business... [Read More]
Optimization of supply chain operations has become an imperative, as organizations grapple with customer demands, unpredictable events, and spiraling costs. On top of these persistent challenges, complexities are magnified by the myriad of tools required to manage everything from workforce schedules to resource allocation. To meet competitive demands, business decisions are needed quickly and accurately against an ever-evolving list of requirements and dependencies. But all too often, supply chains break down in the face of unanticipated factors or messy and incomplete data. To drive greater speed and precision in the supply chain, industry leaders are employing automation technology and visual insight capabilities. This traditional software driven approach can help but does not always suffice in the face of a growing number of variables and constraints. Today, many companies are transforming their supply chain challenges into business opportunities with powerful analytic platforms rooted in Artificial Intelligence and Machine Learning. Machine Learning... [Read More]
The DM3 provides an accurate and actionable segmentation of users and businesses against their current capabilities, requirements, skills and end-state objectives.
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]
Among the major banks in Canada, more than 60% that have already made the transition to the Cloud and we fully expect the others to follow suit in the new year.
Instead of connecting one analytic powered decision solution to another, our customers are asking us to plan out a full, enterprise-wide, centralized decision solution.
