FICO announces new innovations in simulation technology on its platform

Fair Isaac, the US-based data and analytics firm better known as FICO, on Tuesday, announced over 20 new enhancements to its Platform for enterprises to improve profitability, reduce risk, and create more value for their customers.  

One of the most significant updates is within the Digital Twin and Simulation capability, which enables users of FICO Platform to create an enterprise digital twin of their organisation and unlock the power of business simulations. This allows businesses to experiment across many dimensions, not previously possible, to find optimal business outcomes, the company said.  

All new enhancements are designed to help businesses solve complex operational challenges while unlocking customer value in connection with driving clear strategic business outcomes. 

"Deploying digital simulations allows businesses to safely experiment with incremental and multidimensional new business scenarios to optimal outcomes, take advantage of new opportunities, and transparently respond to business priorities to achieve higher performance," said Bill Waid, chief product and technology officer at FICO. "With the new advances from the FICO Platform, our customers are able to deliver compelling new consumer value and achieve their strategic business outcomes." 

In December 2023, the company launched its cloud-based platform in India. Indian banks like HDFC Bank, Axis Bank, and AU Small Finance Bank are among the early adopters set to elevate customer satisfaction and drive innovation in the banking sector. FICO Platform brings to market a suite of advanced decisioning and artificial intelligence capabilities tailored to empower local businesses. 

According to a commissioned study conducted by Forrester Consulting, “Succeeding in business is ultimately about making the right decision at the right time. Regardless of industry, knowing not just the right decision but also the right time to act and what to do next is vital for success — and with data sources and variables rapidly multiplying, it’s never been more difficult." 

“AI decisioning platforms automate decisions using a combination of decision intelligence technologies to author, automate, and continuously improve business decisions.” 

The latest FICO Platform updates enhance how organisations can integrate data and analytics into operational decision-making strategies that dramatically accelerate business innovation.