From the FICO® World, analytics software firm FICO showcased the latest enhancements to FICO® Decision Management Suite (DMS) which leverages artificial intelligence (AI), machine learning (ML), advanced analytics, optimization and decisioning to deliver better, more predictive business outcomes. New capabilities include:
- DMS Enterprise Grade Cloud Service: Now available on AWS, this managed service provides 24×7 high availability, disaster recovery, and supports the development, test and production environment.
- New tools and execution platform: For mission critical AI, decisions, analytics and optimization, the new FICO® Analytics Workbench supports a wide range of commonly used AI and ML model executions and FICO developed analytic models for use cases such as fraud and anomaly detection.
- FICO® Decision Central™ and DMS Hub in the Cloud: Enables true centralized decisioning with performance tracking, governance, source code control and collaboration for analytics and AI models.
- Next generation decision optimization: Latest version of FICO® Decision Optimizer is now available in the Cloud
“We are excited to unveil new capabilities in FICO DMS,” said Jari Koister, vice president of product management at FICO. “DMS supports the full life cycle of decision, analytics and AI driven applications, this includes data ingest and management, collaborative development, scalable elastic execution, and management and performance tracking of models.”
DMS in the Cloud
The new Enterprise Grade Cloud Service is a managed service offered in a FICO datacenter or on AWS. This new service provides everything an enterprise needs to run and operate decision management solutions in the Cloud, including infrastructure, support, architecture best practices, and lifecycle services.
Tools and Execution Platform for Mission Critical AI
Introducing a new Analytics Workbench, FICO now offers a robust analytic development tool that was built from the ground up to be fully integrated with the decision platform. With the FICO® Analytics Workbench, both business users and data scientists have access to sophisticated yet easy-to-use data exploration, visual data wrangling, decision strategy design and machine learning. The Analytics Workbench effectively bridges techniques such as decision tree and scorecards with ML, offering the best of both worlds. Analytics Workbench offers an explainable AI toolkit that enables organization to validate and interpret models, as well as individual model executions.
The Analytics Workbench has been purposely designed for a wide variety of users with varied skillsets to work together within the same solution environment to inform and enrich strategic decision-making. Business analysts will appreciate the simple pathways for exploring and modeling data, while data scientists will value the analytic notebook and its array of popular data science languages. With an intuitive user interface, users can expect faster time-to-value, higher levels of productivity and significant business improvements through analytically powered decisions.
Analytics Workbench is supported by ML model execution on the FICO® Decision Management Platform (DMP). Model execution on DMP supports common ML libraries, as well as FICO’s differentiated models for anomaly detection.
“Enterprises are eager to transform their business to be analytic and AI driven,” said Koister. “The effort to develop, deploy and improve such solutions for mission critical applications is complicated. With a broad range of new products and capabilities DMS provides a path to help businesses transform and take advantage of AI, ML and optimization efficiently, while maintaining focus on their business problems and value add.”
Centralized Decisioning and DMS Hub in the Cloud
Now available in the Cloud, FICO delivers centralized decisioning to help enterprises provide consistent, personalized customer engagement at scale and have the ability to measure business outcomes and simulate alternative strategies for continuous improvement. Centralized decisioning capabilities coupled with the DMS Hub also deliver performance tracking, governance, source code control and collaboration for analytics and AI models.
“Adopting centralized decisioning requires more than just a common execution platform or technology standard; it requires a rich set of capabilities that enable the business to manage, measure, understand, and improve outcomes,” said Bill Waid, general manager, FICO Decision Management. “Developed from thousands of customer engagements and more than 185 technology patents, the FICO DMP Platform enables the cohesive adoption of centralized decisioning.”
Next Generation Decision Optimization
Now available in the Cloud, FICO® Decision Optimizer enables businesses to discover optimized decision strategies that balance tradeoffs between cost, risk and reward, while also factoring in economic and market conditions. Its advanced decision impact modeling, simulation and optimization capabilities enable business users to assess and improve the decisions that drive customer interactions and business results.
“FICO Decision Optimizer marries the best of optimization with the best of decisioning,” said Koister. “With Decision Optimizer, enterprises can give domain experts and business users the control to simulate and optimize a wide range of decisions. This provides valuable insight into the impact of various scenarios, utilizing different goals and constraints, while applying stress tests, and allowing for uncertain events.”