Analytics software firm Fico (NYSE:FICO) today introduced the Fico Decision Management Suite 2.0, at Fico World 2016 in Washington, DC.
The expanded, cloud-based suite of analytic tools and applications represents a major leap forward in the practice of prescriptive analytics and decision management, providing everything businesses of all sizes need to rapidly develop innovative analytic applications and improve business decision agility.
“Many Big Data deployments have failed to deliver competitive advantage because their approach is completely backwards,” said Stuart Wells, executive vice president of products and technology, and chief technology officer at FICO. “We focus on decisions-first, as opposed to data-first. That gives our customers the fastest route to real value, and the agility to change course faster than the competition. It means being able to innovate like start-ups. Some of our Decision Management Suite customers have reduced the time to deploy an analytic application from months to days, and the time to model a decision and act on it from weeks to minutes.”
FICO Decision Management Suite 2.0 enables businesses to operationalize decisions rapidly and collaboratively by:
• Engaging team members in crucial points in the decision process through a unified and intuitive user interface that leverages the recently codified DMN standard. The latest version of FICO® Decision Management Platform accelerates how business decisions are put into operation by coordinating and orchestrating the process. A subject matter expert can model a decision with FICO® DMN Modeler (announced earlier this month) and put it into production through the Decision Management Platform without the need to involve IT.
• Simplifying and centralizing the decision management process through FICO® Strategy Director, a new tool that helps users structure the decision flow. Strategy Director gives managers the ability to codify a decision, model it and optimize it, test it through champion/challenger testing, modify it and improve it to ensure the best outcomes. With the addition of FICO® Decision Management Platform – Streaming, business can filter and aggregate batch and streaming data from hundreds of sources and analyze it on the fly. The Decision Management Suite also includes FICO® Customer Communications Services, which brings the decision right to the end-customer in real time.
• Giving businesses the ability to record and store decisions so they can be reused, modified and improved. FICO® Decision Central™ provides the infrastructure to manage, audit, report and update decision logic along with predictive models, treating decisions – and any resource that informs decisions – as assets.
FICO® Decision Management Suite 2.0 also includes new Security Information and Event Management (SIEM) services that capture and analyze machine data and system log files. The suite also offers a text and unstructured analytics capability to add rich text analytics functionality to the predictive analytics already supported in the suite, as well as expanded and enhanced SAS and PMML execution.
“Many businesses have been doing amazing things with cloud computing, Big Data and analytics,” said Dan Vesset, group vice president, IDC's Analytics and Information Management research. “However, there is a gap between the promise of 'Big Data' and the reality that many businesses face. While there is indeed a ton of available data, it’s still hard for most companies to parlay it into useful insights, let alone operationalize them within their business decisions.”
“The original launch of the FICO Decision Management Suite in 2013 represented a dramatic change in decision logic authoring and application development,” Wells said. “Now, with version 2 of the Decision Management Suite, FICO’s customers have the chance to pull even further ahead of their competitors. This product suite represents the future of prescriptive analytics and decision management, and it’s available now.”
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