FICO, a global leader in analytics software, announced more than 20 new enhancements to the FICO Platform, enabling businesses to better navigate an uncertain marketplace and make informed business decisions that will improve profitability, reduce risk, and create more value for their customers—all at unparalleled scale and market-leading speed. The updates include robust innovations in digital simulations, which are an integral part of helping financial institutions and other modern businesses accelerate their digital innovations. All new enhancements are designed to help businesses solve complex operational problems and unlock customer value to drive clear, strategic business outcomes.
One of the most important updates is the digital twin and simulation capability , which allows FICO Platform users to create a digital twin of their organization and unleash the power of business simulations. This allows companies to experiment in many dimensions—what used to be impossible—to generate optimal business results. Updates include faster implementations for greater efficiency, confirmation of changes to decision strategies, and better understanding of the impact on business KPIs such as profitability metrics.
“Implementing digital simulations allows companies to safely experiment with new incremental and multidimensional business scenarios to improve results, take advantage of new opportunities and respond transparently to business priorities to achieve greater performance,” said Bill Waid, director of product and technology at FICO. “With the new advancements in the FICO Platform, our clients can provide new consumer value and achieve strategic business results,” he added.
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As a leader in applied intelligence and analytics technology, FICO helps clients deliver hyper-personalized customer experiences. FICO Platform enables companies to generate the most critical and strategic business results throughout the customer lifecycle. The next-generation applied intelligence platform enables businesses to use customer data, Artificial Intelligence (AI)/ Machine Learning (ML) and analytics to make smarter decisions at scale, across a multitude of use cases.
According to a study conducted by Forrester Consulting on behalf of FICO: “Succeeding in business is ultimately about making the right decision at the right time. Regardless of the industry, knowing not only the right decision, but also the right time to make it and what to do next, is critical to success—and with data sources and variables multiplying rapidly, it has never been more difficult than now. . “AI decision platforms automate decisions through a combination of decision intelligence technologies to create, automate, and continually improve business decisions.”
New updates to the FICO Platform improve how organizations integrate data and analytics into operational decision-making strategies that dramatically accelerate business innovation. FICO Platform’s enhanced DATA capabilities enable businesses to break down organizational silos by improving data pipelines and incorporating services that modernize the way information flows within the organization. This enables more flexible data processing with industry-leading security. FICO’s enhancements to the platform’s INSIGHT capabilities enable customers to gain greater functionality to operationalize analytics, integrate machine learning models , and achieve business optimization to extract more value from data and make better investment decisions. business at scale. Different types of models can be developed inside or outside of the FICO Platform and integrated into business operations to accelerate digital value creation, while reducing risk across many vectors, such as operations, credit, fraud, retention, insurance, among others.
FICO Platform emphasizes a level of enterprise collaboration and composability that empowers internal teams that drive FICO Platform customers’ digital innovation agenda. Among the more than 20 improvements to FICO Platform, the following stand out:
- Data ingestion and connection – Our new data-focused enhancements aim to break down organizational silos and put data in motion with optimized data pipelines, a high-performance hotlist service , rich data libraries, and an easy-to-use database service. wear. The latest version also offers on-demand job scaling to provide flexible real-time and batch data processing, as well as to strengthen security and reliability to ensure data can be put into production securely and at scale.
- Applied Analytics & Machine Learning and Business Optimization – New updates focus on improving customers’ ability to develop world-class predictive credit analytics and ML models, incorporate third-party models, and apply mathematical optimization in new domains. This release includes improvements to our segmented scorecards, multi-objective scorecards, rejection inference, Python APIs, performance improvements to the machine learning execution and optimization solver , and the release of a new global optimization solver.
- Smart decisions and enterprise composability – Our latest version also supports lifecycle management for granular control, making it easy to manage and promote projects from design, testing and production, even in the most complex enterprise environments , with improved isolation to safely compress and scale change cycles. Additional enhancements provide deeper native integration with other FICO capabilities for applied analytics and machine learning , as well as simulation, to enable teams to work efficiently across the entire decision intelligence value chain.
- Digital Twins and Simulation – A major update included in this release focuses on the ability to drive business outcomes and enable organizations to achieve outstanding results. In this space, we are diving deeper into developing a digital twin so businesses can experiment within our Simulation Capability. Our new version allows employees to quickly develop new business scenarios, test possible changes, verify strategies, and simulate the effects on business KPIs to easily measure operational impact and move quickly with confidence.
- FICO® Platform – Core Services – Efficient, scalable and secure deployment of decision intelligence across cloud, on-premises and hybrid environments is made possible by our core services running on the FICO Platform. The latest version includes numerous improvements for greater security, better usability, improved system telemetry and modifications to strengthen the robustness and reliability of the services.
- All new enhancements are available to FICO® Platform users worldwide. For more information about the new improvements to FICO Platform:
- FICO Platform – https://www.fico.com/en/fico-platform/latest-release
- FICO Blog – https://www.fico.com/blogs/fico-platform-accelerates-innovation-digital-twin-simulation
- FICO Platform Products – https://www.fico.com/en/fico-platform
- The Total Economic Impact™ Of FICO® Platform by Forrester: https://www.fico.com/en/latest-thinking/analyst-report/total-economic-impact-fico- platform
FICO will present FICO Platform innovations and use cases at FICO World, FICO’s exclusive customer event, April 15-18, 2024, in San Diego, California. For more information and to register for the event, visit https://events.fico.com/event/173c764b-8486-4a5b-b47b-5232b9102385/summary.
SOURCE: BusinessWire