MINNEAPOLIS, MN – Fair Isaac Corporation, the leading provider of analytics and decision technology, today announced that IDC, a leading IT industry analyst firm, has ranked Fair Isaac as the revenue leader for 2003 within the analytic applications market.
“Fair Isaac’s continued commitment to the analytic applications market has positioned it as the worldwide revenue leader in that market for the past three years,” said Henry Morris, group vice president for applications and information access software research at IDC. “Analytic applications continue to play a critical role in the automation of decision processes that directly impact a business’ bottom line. Fair Isaac is notable among analytic application providers in delivering high value in industry-specific, decision-centric applications, and its ranking and momentum are a result of its focused efforts and commitment to the analytic applications market.”
Separately, Opinion Research Corporation has published results of a survey of 200 IT professionals that underscore the growing importance and value of using advanced analytic software to achieve an effective Enterprise Decision Management (EDM) strategy. Opinion Research Corporation interviewed IT professionals who work for companies with over $100 million in revenue in the following categories: consumer financial services, which include retail banking, credit card and mortgage; insurance, which includes property & casualty, health and life; and also telecom, retail and healthcare providers. The results of the survey support the movement towards an agile, EDM-equipped enterprise that maximizes the value of its data and automates business decisions.
EDM combines business rules, predictive models and strategies with existing systems to provide organizations with unprecedented control of their automated decisions. EDM significantly reduces the time and costs required to develop and modify automated decisions under waves of ever-changing business priorities, policies and regulations.
Specific results from the Opinion Research survey include:
- Almost all respondents (93 percent) felt that front-line operational decisions impacted profitability, with 61 percent rating this impact as significant.
- 75 percent of CIOs/CTOs expected the rate of automation in these decisions to increase over the next three years.
- 91 percent of respondents indicated that the ability to make the right decisions with a high degree of accuracy and precision was very important (a four or five on a five-point scale). This degree of importance was followed by consistency, control and agility of enterprise applications.
- A majority (52 percent) felt it would take months to get business changes implemented in production systems, with only 23 percent feeling it would take them less than a week. Only 18 percent thought it was not important to improve this time to market.
“The results of the survey are consistent with the feedback that we have received from our customers across all industries,” said James Taylor, director of product marketing of enterprise decision management at Fair Isaac. “The recent introduction and delivery of our Enterprise Decision Manager software is meeting organizations’ need for a single, integrated platform on which to build an automated decision infrastructure that helps ensure they consistently make the best decisions at the right time. We have effectively addressed our customers’ priorities as well as the ‘pain points’ identified in the survey.”
With only 51 percent of the organizations automating about 25 percent or less of their decisions, the survey confirmed the movement towards automation and improved decisions as a clear direction for large organizations. Respondents identified specific pain points — including high maintenance costs, slow time-to-market with new decisions, inconsistency and limited value from existing data asset — as hurdles to achieving significant business advantages.
Fair Isaac’s Enterprise Decision Manager™ system is the first software solution that combines industry-leading predictive analytics, business rules and business user control into a complete platform for managing decisions across an enterprise. It integrates proven Fair Isaac decision management tools — such as Fair Isaac Blaze Advisor for rules management, Model Builder for model development and Decision Optimizer for improved decisions — that have been successfully used by more than 250 organizations. Combined and extended, these tools provide any business that makes large numbers of dynamic, high-impact operational decisions with more complete capabilities for accelerating the development and deployment of decision management applications. Enterprise Decision Manager™ enables organizations to manage Decision Yield holistically — encompassing the quality and accuracy of automated decisions, the cost and speed of execution, the ability to change decision strategies, and the level of integration across the enterprise.
About Fair Isaac
Fair Isaac Corporation is the preeminent provider of creative analytics that unlock value for people, businesses and industries. The company’s predictive modeling, decision analysis, intelligence management, decision management systems and consulting services power billions of mission-critical customer decisions a year. Founded in 1956, Fair Isaac helps thousands of companies in over 60 countries acquire customers more efficiently, increase customer value, reduce fraud and credit losses, lower operating expenses and enter new markets more profitably. Most leading banks and credit card issuers rely on Fair Isaac solutions, as do insurers, retailers, telecommunications providers, healthcare organizations, and government agencies. Through the www.myfico.com Web site, consumers use the company’s FICO® scores, the standard measure of credit risk, to manage their financial health. For more information, contact www.fairisaac.com.
