Global analytics software supplier, FICO, has announced major enhancements to its FICO Platform. The aim is to improve and expand enterprise collaboration. The updates unlock new methods for organisations to break down silos. And the overall aim is for FICO clients to get more value out of their data and analytics investments. FICO says that its open and extensible Platform empowers customers to rapidly onboard a wider range of use cases. And tap into an ecosystem of data sources and powerful analytics.

“The innovations to FICO Platform include new API enablement, an open ecosystem, and business composability features. These foster a more collaborative environment by reducing silos and creating transparency into future outcomes,” said Bill Waid, chief product and technology officer at FICO.

“Plus, with the improvements to our simulation and enterprise optimisation capabilities, a business stakeholder can model what would happen, for example, to their company-level credit portfolio if they adjusted their decision criteria to expand credit access or pursue new revenue opportunities. There are nearly unlimited possibilities to how organisations can utilise simulation and optimisation to develop, refine, and execute business strategies.”

Accelerating innovation through an open ecosystem

FICO Platform enhancements enable businesses to expedite their return on investment in data and analytics. This minimises vendor lock-in by creating an open ecosystem of data, decision intelligence services supported through APIs, a common repository, and an open and extendable platform. Combined with robust business simulation and digital twin capabilities, organisations can also provide their stakeholders with fine-grained control of enterprise-wide scenario experimentation that drives “what-if” scenarios that can have a direct impact on how to mitigate risk and create outsized results.

FICO Platform customers can now use the latest innovations in AI to consider complex constraints. Examples include available budget, desired profitability and market share. In addition, they can refine new pricing strategies to discover the optimal actions they need to take. With new engineering improvements, business analysts and domain experts are empowered to leverage optimisation modelling that is now up to 8 times faster to build models and 42% faster to solve the mixed integer programming problems that are common in financial services.

Dock expands partnership with FICO

“Dock empowers businesses to intercept fraudulent activities. It safeguards their operations, and enhances user experiences. Ultimately, it fosters greater customer loyalty,” said Antonio Soares, chief executive officer at Dock. “

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We are expanding our FICO partnership to introduce a new product designed to revolutionise credit line management and risk mitigation. This innovative solution leverages real-time transaction-level analysis powered by FICO Platform. It allows customers to optimise authorisations, minimise non-payment risks, and maintain control over exposure levels.”