FICO Updates Decision Management Tools and Applications for Big Data

Analytics software firm FICO has introduced its Decision Management Suite 2.0, an expanded, cloud-based suite of analytic tools and applications for prescriptive analytics and decision management.  The new release is an update to the suite which was first launched in 2013.

According to Stuart Wells, executive vice president of products and technology, and chief technology officer at FICO, the new suite tackles an issue common among big data deployments that have failed to deliver competitive advantage. There is a gap between taking the vast amount of available data and translating it in to useful insights to support business decisions.

“We focus on decisions-first, as opposed to data-first,” he said. “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.”

According to the vendor, FICO Decision Management Suite 2.0 enables businesses to operationalize decisions rapidly and collaboratively by engaging team members at key points in the decision process through a unified and intuitive user interface that includes the recently codified DMN (Decision Model and Notation) standard. The new suite allows a subject matter expert to model a decision with the FICO DMN Modeler and put it into production through the Decision Management Platform without the need to involve IT.

With the new suite, FICO  says it seeks to simplify and centralize the decision management process through 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.  And, with the addition of FICO Decision Management Platform – Streaming, organizations can filter and aggregate batch and streaming data from sources and analyze it on the fly. The Decision Management Suite also includes FICO Customer Communications Services, which brings the decision 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.