Fair Isaac Corporation

04/17/2024 | Press release | Distributed by Public on 04/17/2024 15:28

Nine Steps Towards Improved Collaboration with FICO Platform

Two-time Nobel Prize winner Linus Pauling - whom New Scientist calls one of the 20 greatest scientists of all time - liked to say, "The best way to get a good idea is to get a lot of ideas… and then throw away the bad ones."

Pauling's words sprang to mind regularly over the past year as we developed the newest release of FICO Platform. We know that great ideas are spread all over your company and getting to them can be difficult. That's why the Spring 2024 release of FICO Platform is brimming with new features designed to maximize information-sharing, employee collaboration, and decision-making.

FICO Platform: Manifesting Great Ideas Is Getting Easier

Our collaboration, teamwork, and decision-making management tools give your team access to all the information needed to combine their best thinking: technologists, businesspeople, and customer-facing domain experts, all fusing their ideas into customer-centric game changers for your company. And by combining their unique perspectives and employee domain knowledge, the resulting ideas embody your organization's best thinking about what will resonate in the marketplace, and what is technically feasible.

FICO Platform improves collaboration at every stage of the strategic decision-making process by serving as a robust, four-stroke business decision engine that helps companies master and continually optimize the four stages of the decisioning cycle: data, insights, actions, and outcomes.

  • Data: Unify data silos to create a rich, contextualized view of your organization and customers to yield unique, actionable insights. Our latest enhancements make it even easier to incorporate data and insights from the widest possible range of secure sources to expand and evaluate the development, execution, and optimization of business decision processes enterprise-wide collaboratively and holistically.
  • Insights: Outsmart your competitors, respond faster to opportunities, create more profitable customer journeys, and build a learning culture that delivers competitively advantageous actions. Our newest release builds upon the industry's most modern and flexible tech stack to optimize your entire workforce's performance and resiliency. Additional enhancements include an amplified developer experience providing the ability to specify and evaluate the execution preferences.
  • Actions: Fuse insights from human domain expertise, AI, and machine intelligence into smarter decision-making and hyper-personalized experiences, resulting in optimal outcomes. Our latest innovations empower your solution developers to begin building origination and case management solutions from accelerators, pushing forward multi-purpose and flexible capabilities that put your organization on the right track to deliver outsized decision-making results.
  • Outcomes: Consistently deliver winning results with the enterprise oversight needed to evaluate and optimize decision-making and business performance. Our latest innovations improve your ability to process massive volumes of data while maintaining fine-grained control of all datasets in simulation environments. Your entire organization can work together to accelerate the rate at which alternative scenarios are created while avoiding risk and achieving time to value at supersonic speeds.

Reducing Uncertainty with Simulation and Optimization

Features in the new release of FICO Platform include enhancements for simulating strategic real-world scenarios - using "digital twins" - allowing for an unlimited number of input transactions in simulation scenarios, more granular control of input data, better what-if analysis, and optimal decision-making. These include:

  • More granular control on the input data used - This enhancement empowers business users to analyze any population subset without needing data engineers or data scientists. You can now also create data segments using the fields from your data model to define exactly what you want to run in a scenario. For example, run a random sample of the last six months of input data, run only the declines from the last two days, run only the data for the state of New York, etc.
  • The ability to modify the input data to create alternative data scenarios - It is important to simulate business decision logic across different economic environments to test its robustness and prepare for any future disruptions. You can create data segments and apply modifications to data fields to create alternative data sets for simulation. For example, an employee may want to change the FICO® Score distribution of a certain subset of your population and test the impact on business KPIs or modify the risk of a certain market, etc.

A Foundation for Innovation

Though the major thrust of the new release of FICO Platform is on collaboration, personalization, smarter ways of working, and optimum decision-making, we've also added a significant number of new platform-wide enhancements that create the foundation for building powerful enterprise intelligence networks across your company.

Building upon these I am pleased to share a glimpse into what is on deck:

1.Enterprise feature management - Greatly enhanced interoperability, reusability and deep assimilation of data insights make it easy to quickly create new go-to-market products.

2.Event-driven business - Deeper understanding of customer moments, and precision-guided timing of customer strategies and touches.

3. KPI-linked operational data - Platform-generated strategy recommendations based on your KPIs and your operational data to provide improved visibility into customer actions and their correlation to business goals.

4. Business observability - Deeper insights into how specific business decisions are made and how they are impacting business outcomes, to guide agile improvement of decisions.

5.Augmented outcomes - Watches your key KPIs & keeps you updated in real-time, and Increases understanding where and how to target improvements in the business decision landscape as automated decisioning scales across the enterprise.

6. Transparency, impact and governance - Boosts your innovation cycles and preserves confidence in underlying development technology with AI by clearly documenting and presenting its impact on business decisions and outcomes.

7.Business composability ­- Composability makes it easy to transform complex, single-use software into smaller, ready-to-use modular services that can be discovered, shared, combined, and recombined companywide, to enable rapid innovation.

8. Open ecosystem expansion - Open ecosystems are a proven, efficient, modular way of collaborating both internally - in support of enterprise systems across organizational functions - and externally to accelerate innovation through co-creation with 3rd party partners.

9. API-first enablement - APIs provide easy, versatile, and secure way for companies to create cross-enterprise and cross-ecosystem business processes and decisioning solutions; this allows new information-based products and services to be developed and deployed in a fraction of the time required by traditional approaches.

A Foundation for Innovation and Competitiveness

All of these new capabilities result in synergy that leads to better decision-making and winning in the marketplace. Lots of companies in our industry use Legos® to describe the modularity, components, composability, interoperability, and reusability of their software architectures. And while that metaphor works in theory, it misses the larger, holistic benefit we see with our clients every day.

Think about it: in real life, what happens when you put kids in a room with large tubs of Legos? They build things. They copy and improve on one another's ideas. They work together and endlessly create incredibly clever new structures… some of which become official Lego products. https://ideas.lego.com/projects/create.

FICO Platform instills that sense of discovery and innovation across your entire organization, by making it easy to collaborate, share, and build upon one another's best ideas. And that, in turn, results in the sort of unique new products and services that lead to compelling customer experiences, improved decision-making, and, ultimately, higher levels of customer satisfaction. So, start building those good ideas, and leverage them to your competitive advantage in the marketplace.

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