FICO Supports New Decision Model and Notation Standard with Free Modeling Tool
Object Management Group’s standard can reduce the costs and time to market for decision management initiatives
SAN JOSE, Calif. — April 12, 2016 —
- FICO® DMN Modeler supports the Object Management Group (OMG) Decision Model and Notation (DMN) standard for describing and modeling repeatable decisions within organizations, and ensuring that decision models are interchangeable across organizations
- FICO DMN Modeler is available for free on the FICO® Analytic Cloud
- Decision models created in FICO DMN Modeler can be deployed within FICO® Decision Management Platform as decision services that can react to customer behavior, target decisions to individuals and determine the best possible action in real time
Analytics and decision management software company FICO (NYSE:FICO) today announced immediate availability of FICO® DMN Modeler, a tool that supports the new Decision Model and Notation (DMN) standard from Object Management Group (OMG). Using this tool, business analysts responsible for hundreds or hundreds of thousands of decisions can take advantage of the new standard. FICO DMN Modeler will allow them to focus on the decisions rather than the rules, by building models which identify all of the decision inputs, including data, business knowledge and results of other decisions.
With FICO DMN Modeler’s intuitive interface, business analysts can easily create decision models based on the DMN standard. These decision models can then be deployed within the FICO® Decision Management Platform, which enables organizations to create powerful decision services that react to customer behavior, target decisions to individuals and determine the best possible action in real time.
The tool enables business analysts to:
- Improve the precision of decision making through greater transparency and stronger management of decision structure
- Maintain enterprise-wide consistency in decision making through reuse of decision models and decision logic
- Reduce the operational costs of developing and maintaining decision processes that work across products by supporting an industry-adopted standard
- Expedite time to market using true model-based development
The new OMG standard provides a common approach for modeling decisions, both at the decision requirements level and the decision logic level. It will help unify the languages, skill sets and technologies for decision management initiatives by standardizing the notation, the underlying meta-model, and the formats for interchanging models among decision modeling tools. The DMN standard includes notation initially proposed by Dr. Alan Fish, a member of FICO’s technology consulting team, in his book Knowledge Automation: How to Implement Decision Management in Business Processes.
“The lack of common standards in decision rules and decision management drives up costs and time to market,” said Stuart Wells, executive vice president and chief product and technology officer at FICO. “By operationalizing the DMN standard, we can drastically reduce the time and cost of defining, executing and managing decisions in the enterprise.”
FICO® DMN Modeler is a free tool available today through the FICO® Analytic Cloud.
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 165 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time. Learn more at http://www.fico.com.
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