Every organisation competes with others offering similar products and/or services. How an organisation defines and applies their business rules sets them apart from the competition. The leaders are innovative and responsive, applying their business rules consistently. The rest have patchy and inconsistent performance ensuring they remain part of “the pack”.
The only way to ensure fast, consistent and accurate application of business rules is to automate them. IDIOM empowers the business unit to define the decisions that will drive automated decision making.
What are business rules?
A business rule should not be confused with a business activity.
For example:
An insurance company receives policy applications, issues policies, receives claims and pays claims. These activities will occur because the company is in the insurance business. Business rules determine pricing and acceptance of policy applications, the verification of and settlement of claims, etc.
Business rules determine how competitive and potentially profitable the insurance company is. Fast and consistent application of business rules is essential for the company to take and hold market leadership.
Similarly:
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Investment companies have rules and calculations around projected investment returns, portfolio balancing etc. |
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Superannuation funds have rules around member investment options, pension products, etc. |
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Lending institutions have rules around loan qualification, interest rates, repayment terms, etc. |
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Credit card providers have card types, card limits and acceptance criteria of the applicant. |
These are a few examples of the many business rules that will separate one organisation from the others. Many of these rules have complex decision and calculation paths behind them, making them difficult and expensive to program using conventional programming tools. IDIOM changes this.
What is an intelligent application?
An intelligent application automatically applies business rules to data, delivering a decision without manual intervention.
Intelligent applications are often deployed at the client interface, enabling the client to enter information into an electronic form. The application applies the rules to the information, giving the client an immediate answer. The answer may be a quotation, an offer, an acceptance, advice or some other response.
The key outcomes are:
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Immediacy. |
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Accuracy. |
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Consistency. |
IDIOM changes the way organisations develop and deliver Intelligent Applications
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