FICO Platform Produced a Significant Return on Investment for Businesses According to New Total Economic Impact Study
FICO World ? FICO (NYSE: FICO)
Highlights:
- A commissioned study conducted by Forrester Consulting, on behalf of FICO, found that FICOŽ Platform customers noted improved customer retention, significant cost savings by upgrading legacy infrastructure, and heightened employee efficiency.
- In organizations like the composite Forrester described in the report, companies could see savings and profits of over $50 million in three years.
- FICO is showcasing new innovations and use cases for FICOŽ Platform all week at FICOŽ World.
Today at FICOŽ World, the industry's leading analytic and AI event, FICO released the first ever independent study of FICOŽ Platform return on investment (ROI) in the Total Economic Impacttm (TEI) study conducted by Forrester Consulting. The report examines the ROI enterprises received by deploying the platform from different stages in various industries over three years.
The commissioned study included the development of a TEI framework, and a financial analysis based on client interviews conducted by Forrester. The study found that FICOŽ Platform, implemented in the developed composite company, could deliver high-impact profit increase and operations efficiency savings. In organizations like the composite Forrester described in the report, companies could see savings and profits of over $50 million in three years.
FICOŽ Platform is a powerful and proven foundation that breaks down silos across an organization and empowers employees to achieve customer-focused digital transformation, while giving enterprises greater agility and collaboration. The next generation applied intelligence platform enables enterprises to use data, artificial intelligence/machine learning, and analytics to drive smarter business decisions, at scale, across a myriad of business use cases.
"Enterprises today need an enterprise platform that operationalizes analytics, AI and machine learning models, and brings together siloed data sources so they can address new use cases ? all while empowering business staff to make dynamic adjustments to their decisioning strategies," said Bill Waid, chief product and technology officer at FICO. "With FICO Platform they can achieve world-class business outcomes by driving collaboration across the organization and delivering hyper-personalized customer experiences."
The Total Economic Impact of FICOŽ Platform on Enterprises
Conducted by Forrester, the TEI Study is based on in-depth interviews with global FICO customers across the banking, media, manufacturing, insurance, financial services, and railroad industries. The study provides a cost-benefit analysis to determine the economic value and impact FICOŽ Platform can have in any organization over three years.
This ROI model was inclusive across several different AI use cases and business industries, however for purposes of simplicity an average of results were represented as a composite $10 billion organization. The study demonstrated an increase of 400 percent in benefits for the composite organization from utilizing FICOŽ Platform delivered in the cloud. The highly flexible FICO Platform also sparked additional decision-making and optimization uses for companies over and above the intended purpose of the investment.
According to Forrester Consulting, the TEI Study found that FICOŽ Platform enables enterprises to leverage data to make real-time decisions scalable across the enterprise? resulting in increased profitability, cost savings opportunities, and personnel productivity improvements.
The study uncovered several benefits of implementing FICOŽ Platform, including:
- Improved customer satisfaction, experience, and retention. With FICO Platform, the ability to regularly iterate on products and services and hyper-personalize the experience, businesses see an improvement to their customer experience and customer retention.
- Growth in new product offerings. Based on a better understanding of customers' product needs and journeys, companies can improve their ability to target customers with new product offerings, leading to faster product growth.
- Significant cost reduction by moving from legacy infrastructure to FICO Platform in the cloud. Organizations can avoid the infrastructure and licensing spend historically associated with decisioning solutions and optimization modeling.
- Increased profitability from improved production efficiency, including fewer stockouts and product transition waste. Organizations use optimization to decrease the likelihood of stockouts through improved capacity planning, avoiding revenue loss. FICO Platform also enables businesses to leverage optimization for seamless product transitions in the supply chain, be it changes to packaging, materials, ingredients, or other changes that result in supply chain disruption, stoppages, or excess waste.
For more information about FICOŽ Platform and solutions:
- Download and read the full Total Economic Impact Study from Forrester, here.
- Interested in the potential ROI from implementing an AI decisioning platform, contact us at https://www.fico.com/en/contact-us.
FICO will be showcasing FICOŽ Platform's newest features at FICOŽ World, FICO's premiere client event, on mainstage on April 17 in San Diego. For more information on FICO World, visit: https://events.fico.com/event/173c764b-8486-4a5b-b47b-5232b9102385/summary.
About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 4 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICOŽ Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency.
Learn more at https://www.fico.com/en.
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