As some regions edge towards the pandemic’s finish line, many businesses are rapidly stepping up activity in an effort to recover their position. But from here on, success is likely to hinge on a combination of automation, carefully managed costs and the ability to deliver growth at speed and scale.
The pandemic highlighted how companies that transformed their business to digital-centric organisations were able to continue running with little or no disruption to day-to-day operations.
Despite reduced activity due to the lower demands and increased risks, new business opportunities, sales and growth continued. But companies blighted by legacy systems, or relatively modest digital offerings, saw their businesses stall and flatline. As a result, many have moved to quickly accelerate digital transformation and process automation programmes in order to catch-up and speed up decision-making and their customers’ time to “yes”.
For those with digital channels and established automated processes, now is the perfect opportunity to make the most of their competitive advantage and take the next step to integrate a cloud-hosted decision platform.
Decision-Centric Firms See Major Gains
FICO has already helped a host of top-performers like HomeCredit, Nationwide, Care by Volvo and The Very Group implement these types of capabilities. The mix of results already speak for themselves.
- More than €2 million of increased profit within the first year.
- Up to 5% increased approval rate thanks to simplified application processes.
- Strategy changes reduced from six months to a matter of hours.
- Serving loan requests coming from a global network of over 365,000 points of sale.
- Application approvals reduced to within five minutes.
- Increase in number of customers by nearly a third within one year.
- Processing of more than 100 million loans.
- Reduction from two months to three days to implement updated risk assessment and pricing logic.
- Transition from manual to automated decision processes, reducing the time to decision from days to seconds.
Companies like Home Credit have also seen a mass of cost-efficiencies and competitive advantages by adopting and centralising the FICO Platform blueprint across Central and Eastern Europe, Russia, India and hugely lucrative high-value growth markets in Asia.
Organisations opting to implement an automated decision platform generally favour starting with a single function, like automating customer acceptance processes, identifying the most appropriate offers, or selective pricing of products. Following an initial implementation, the opportunities and potential are often seized by other parts of the business as the power of a decision automation platform is recognised.
FICO Platform is delivering multiple benefits for our strategic clients across the globe. It enables businesses to better serve consumers by helping to radically enhance their customer experience. The platform's ability to predict, analyse and optimize real-time interactions to enable better-informed customer decisions. The accelerated business success speeds up time-to-value for all parties and is delivered through a mix of leading advanced analytics, decision modelling and AI, all brought together via an open and adaptable platform. It gleans new insights into customers’ immediate and future needs by eliminating data silos and driving smarter working practices between enterprise applications. To find out more, simply click here.
