Object Management Group’s standard can reduce the costs and time to market for decision management initiatives
- FICO® DMN Modeler supports the Object Management Group (OMG) Decision Model and Notation (DMN) standard for describing and modelling repeatable decisions within organisations, and ensuring that decision models are interchangeable across organisations
- FICO DMN Modeler is available for free on the FICO® Analytic Cloud
- Decision models created in FICO DMN Modeler can be deployed within FICO® Decision Management Platform as decision services that can react to customer behaviour, target decisions to individuals and determine the best possible action in real time
Analytics and decision management software company FICO (NYSE:FICO) today announced immediate availability of FICO® DMN Modeler, a tool that supports the new Decision Model and Notation (DMN) standard from Object Management Group (OMG). Using this tool, business analysts responsible for hundreds or hundreds of thousands of decisions can take advantage of the new standard. FICO DMN Modeler will allow them to focus on the decisions rather than the rules, by building models which identify all of the decision inputs, including data, business knowledge and results of other decisions.
With FICO DMN Modeler’s intuitive interface, business analysts can easily create decision models based on the DMN standard. These decision models can then be deployed within the FICO® Decision Management Platform, which enables organisations to create powerful decision services that react to customer behaviour, target decisions to individuals and determine the best possible action in real time.
The tool enables business analysts to:
- Improve the precision of decision making through greater transparency and stronger management of decision structure
- Maintain enterprise-wide consistency in decision making through reuse of decision models and decision logic
- Reduce the operational costs of developing and maintaining decision processes that work across products by supporting an industry-adopted standard
- Expedite time to market using true model-based development
The new OMG standard provides a common approach for modeming decisions, both at the decision requirements level and the decision logic level. It will help unify the languages, skill sets and technologies for decision management initiatives by standardising the notation, the underlying meta-model, and the formats for interchanging models among decision modeming tools. The DMN standard includes notation initially proposed by Dr. Alan Fish, a member of FICO’s technology consulting team, in his book Knowledge Automation: How to Implement Decision Management in Business Processes.
WANT TO BUILD A FINANCIAL EMPIRE?
Subscribe to the Global Banking & Finance Review Newsletter for FREE Get Access to Exclusive Reports to Save Time & Money
By using this form you agree with the storage and handling of your data by this website. We Will Not Spam, Rent, or Sell Your Information.
“The lack of common standards in decision rules and decision management drives up costs and time to market,” said Stuart Wells, executive vice president and chief product and technology officer at FICO. “By operationalising the DMN standard, we can drastically reduce the time and cost of defining, executing and managing decisions in the enterprise.”
FICO® DMN Modeler is a free tool available today through the FICO® Analytic Cloud.