FICO Delivers Artificial Intelligence in the Cloud
Analytics software firm FICO today showcased the latest enhancements to the FICO Decision Management Suite (DMS), which leverages artificial intelligence (AI), machine learning (ML), advanced analytics, optimization, and decisioning. More specifically, there are four new capabilities: DMS Enterprise Grade Cloud Service; FICO Analytics Workbench; FICO Decision Central and DMS Hub in the cloud; and the latest version of FICO Decision Optimizer.
DMS Enterprise Grade Cloud Service is now available on Amazon Web Services. It is a managed service that provides 24x7 availability, disaster recovery, and support for the development, testing, and production environment to help companies run and operate decision management solutions in the cloud, including infrastructure, support, architecture best practices, and lifecycle services.
FICO Analytics Workbench is an analytic development tool that now supports a wide range of commonly used AI and ML model executions and proprietary analytic models for use cases such as fraud and anomaly detection. With the FICO Analytics Workbench, users have access to data exploration, visual data wrangling, decision strategy design, and machine learning. The Analytics Workbench bridges techniques such as decision tree and scorecards with ML. Analytics Workbench offers an explainable AI toolkit that enables organization to validate and interpret models, as well as individual model executions. It also includes pathways for exploring and modeling data, analytic notebook and its array of popular data science languages.
The Analytics Workbench "is sophisticated enough to meet the demands of data scientists, but also has an easy-to-use interface so business analysts can use it as well, and the actual business user can test 'what-if' scenarios. It also includes explainable AI (xAI) so enterprises can understand how the models deliver the answers they do. This is critical for highly regulated industries and to give humans confidence in the results," says Jari Koister, vice president of product management at FICO.
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.
"Decision Central aggregates disparate data sources and siloed systems by centrally sharing decision assets. This provides the ability to operationalize insights in real-time, driving more precise decisions and more compelling customer interactions," Koister explains. "It also gives enterprises access to more, fresher, real-time customer data and uses that data to make intelligent decisions consistently through all customer touch points and improving those decisions as the insights change."
The Latest version of FICO Decision Optimizer, now available in the cloud, allows 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 users to assess and improve the decisions that drive customer interactions and business results.
"We are continuing to build on our fundamental mission of delivering actionable analytics," Koister says. "Enterprises today want to use data and technology like advanced analytics, AI and ML to gain competitive advantage and create real business value. They are eager to tap into their rapidly growing repositories of data to learn from experience, adjust to new inputs, and then deliver a recommendation or take action."