With the announcement today of the availability of a new version of its Product Configuration Framework, Pegasystems (NASDAQ: PEGA), the leader in Business Process Management (BPM), has brought the power of SmartBPM to the areas of product development and life cycle management.
This advance gives product managers, business analysts, underwriters and actuaries at Pegasystems' customers an important competitive weapon to simplify and speed the development and maintenance of new highly tailored offerings such as insurance policies, loans, mobile cell phone plans, healthcare benefit options, and many other service products.
The Product Configuration Framework lets product managers create complex component-based products that can be dynamically configured for different channels, customers, and situations. Products can also be specialized based on multiple dimensions such as geography, organizational structure, and promotional periods. Products created in this way are extremely flexible and can be re-used to create new product variations. This means that when customers like Australia's QBE Insurance or Seattle-based healthcare system Group Health Cooperative define products in the SmartBPM Product Configuration Framework, the system executes the creation of the product immediately and can deliver it to multiple sales channels such as web self-service, call center, or direct mail.
"Our mission is to provide the best array of BPM industry frameworks to help organizations benefit immediately from their investment in BPM. We are recognized not just for our industry-leading BPM software but also for our innovative industry frameworks like the SmartBPM Product Configuration Framework. Together, these offerings help our customers grow their business, enhance customer service and improve productivity," said Alan Trefler, Pegasystems founder and CEO. "With the Product Configuration Framework, companies across a range of industries, including insurance, financial services, and healthcare, now have the power to Build for Change® and create exactly the products they need - in record time -- winning new business and providing a level of service that builds and sustains customer loyalty."