First Look – FICO Xpress and Business Rules
Optimization is a mathematical process for finding the best decision for a given business problem â usually highest profit, lowest cost given a set of constraints. Involve applying an algorithm to data, decision variables, constraints and an objective function. In financial services and insurance optimization is still fairly new (unlike, say, supply chain) but the complex regulatory environment and tradeoffs between risk and reward are ideally suited to it. It also helps with champion/challenger and experimental design. Combining optimization with business rules, and with predictive analytics, is a growth area and I got an update from FICO on how they see these technologies working together.
Business rules and optimization allow you to use rules for flexibility and agility and optimization to get to âbestâ faster. FICO provides FICO Decision Optimizer as a packaged solution that solves specific banking optimization problems, and FICO Xpress-Mosel as an optimization modeling tool for solving a wide range of industry problems. Both of these products can be combined with FICO Blaze Advisor to leverage business rules management…
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