FICO® Custom Decision Optimization service provides clients with pre-configured FICO Decision Optimizer based Solutions
These solutions provide organizations with a significant improvement in decision performance, while simultaneously helping business analysts — who typically have experience in developing predictive models and rules-based strategies — manage some of the complexity of using optimization. FICO’s business analyst-focused methodologies and software provides organizations with the ability to go on to independently manage, improve and further develop a range of optimization solutions.
Increasing numbers of organizations are considering applying optimization solutions and prescriptive analytics to the decisions they make. After all, in FICO’s extensive experience, using optimization can yield profit increases of 10% to 30%, or more, over existing approaches. It’s not simply a matter of giving business analysts access to optimization software; to ensure success, it’s also essential they understand how best to construct the optimization solution. For over 15 years, FICO has been working in partnership with clients to create FICO® Optimization Solutions for use by business analysts and business users, and to help expand their optimization knowledge, skills and hands-on expertise.
What Does FICO Provide?
A typical FICO Custom Decision Optimization project will initially focus on developing a new set of improved decisions that will deliver a strong return-on-investment (ROI). To achieve this, the FICO Professional Services team works collaboratively with the client team to design and develop a Decision Impact Model, which is then used in FICO’s optimization software to run and assess a range of simulation and optimization scenarios using different business goals and constraints. The chosen scenario is then built out as the final decision optimization solution. This may be as an application, a process or as decision logic (usually as rules or in a decision tree format) that can be easily deployed within a production decision engine. FICO increasingly uses these projects to also support the client team in adopting pre-configured solutions, optimization software tools and development methodologies, so they can independently obtain ongoing improvements, both from the initial project, and also more widely across a
range of decision areas.