FICO supercharges business outcomes with innovations in simulation technology on FICO Platform
Global analytics software leader FICO have announced 20+ new enhancements to FICO® Platform that will enable enterprises to better navigate an uncertain market and make informed business decisions that improve profitability, reduce risk, and create more value for their customers – all at unmatched scale and market-leading speed.
The updates include robust innovations in digital simulations, which are an integral part of helping financial institutions and other forward-thinking businesses accelerate their digital innovations. All new enhancements are designed to help businesses solve complex operational challenges while unlocking customer value in connection with driving clear strategic business outcomes.
One of the most significant updates is within the Digital Twin and Simulation capability, which enables users of FICO® Platform to create an enterprise digital twin of their organisation and unlock the power of business simulations. This allows businesses to experiment across many dimensions, not previously possible, to find optimal business outcomes. Updates include faster deployment for increased efficiency, thorough validation of changes to decision strategies, and better understanding of the impact on business KPIs such as profitability metrics.
“Deploying digital simulations allows businesses to safely experiment with incremental and multidimensional new business scenarios to optimal outcomes, take advantage of new opportunities, and transparently respond to business priorities to achieve higher performance,” said Bill Waid, Chief Product and Technology Officer at FICO. “With the new advances from FICO Platform, our customers are able to deliver compelling new consumer value and achieve their strategic business outcomes.”
As a leader in analytics and applied intelligence platform technology, FICO helps clients deliver exceptional hyper-personalised customer experiences. FICO® Platform powers enterprises to drive the most critical and strategic business outcomes across the customer lifecycle. The next generation applied intelligence platform enables enterprises to use customer data, AI/machine learning, and analytics to drive smarter business decisions, at scale, across a myriad of enterprise use cases.
According to a commissioned 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 industry, knowing not just the right decision but also the right time to act and what to do next are vital for success — and with data sources and variables rapidly multiplying, it’s never been more difficult. AI decisioning platforms automate decisions using a combination of decision intelligence technologies to author, automate, and continuously improve business decisions.”
The latest FICO® Platform updates enhance how organisations can integrate data and analytics into operational decision-making strategies that dramatically accelerate business innovation. FICO Platform’s enhanced ‘DATA’ capabilities offer enterprises the ability to break down organisational silos by improving data pipelines and introducing services that revamp how information flows within the organisation. This allows for more flexible data processing with industry-leading security. FICO’s enhancements in the platform’s ‘INSIGHT’ capabilities allow clients to see expanded functionality for operationalising analytics, integrating machine learning models, and achieving enterprise optimisation to extract more value from data and make better business decisions at scale. Diverse types of models can be built on or off FICO Platform and integrated into business operations to accelerate digital value creation while reducing risk across many vectors including operational, credit, fraud, attrition, insurance, and others.
FICO® Platform emphasises a level of collaboration and business composability that empowers the internal teams that are driving the digital innovation agenda of FICO Platform clients. Among the 20+ enhancements, key improvements to FICO Platform include:
- Data Connection and Ingestion – FICO’s latest data-focused enhancements aim to break down organisational siloes and put data into motion with improved data pipelines, a high-performance hotlist service, enriched data feature libraries, and an easy-to-use database service. The latest release also provides on-demand job scaling to provide flexible processing of batch and real-time data, and strengthened security and reliability enhancements to ensure data can safely be put into production at scale.
- Applied Analytics & ML and Enterprise Optimisation – The latest updates are focused on enhancing clients’ ability to build world-class predictive credit analytics and ML models, pull in third party models, and apply mathematical optimisation to new domains. This release includes improvements to FICO’s proprietary segmented scorecards, multi-target scorecards, reject inference, Python APIs, ML execution and optimisation solver performance enhancements, and the launch of a new global optimisation solver.
- Intelligent Decisions and Business Composability – FICO’s latest release also supports lifecycle management for fine-grained control to easily manage and promote projects from design, staging, and production for even the most complex enterprise environments with better isolation to compress and safely scale change cycles. Additional enhancements provide deeper native integration with other FICO capabilities for applied analytics & ML and simulation so teams can work efficiently across the entire decision intelligence value chain.
- Digital Twins and Simulation – A major update included in this release is focused on the ability to drive business outcomes and empower organisations to achieve outsized results. In this space we dive deeper into the development of a digital twin for businesses to enable experimentation within FICO’s Simulation Capability. FICO’s latest release makes it easy for business staff to rapidly construct new business scenarios, pressure test possible changes, validate strategies, and simulate the effects on business KPIs to easily measure operational impact and move fast with confidence.
- FICO® Platform – Core Services – Best-in-class efficient, scalable, and secure deployment of decision intelligence across cloud, on-premises, and hybrid environments are made possible by FICO’s core services that work across FICO Platform. The latest release includes numerous enhancements for additional security hardening, better usability, improved system telemetry, and modifications to service robustness and reliability.
All new enhancements are available to FICO® Platform users worldwide. For more information on the latest enhancements 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 from Forrester: https://www.fico.com/en/latest-thinking/analyst-report/total-economic-impact-fico-platform
FICO will be showcasing the innovations and use cases for FICO® Platform at FICO® World, FICO’s premiere client event, on April 15-18, 2024, in San Diego.
To learn more and to register for the event, visit: https://events.fico.com/event/173c764b-8486-4a5b-b47b-5232b9102385/summary