Jim SinurThis situation is where a company employed policies/rules to identify and execute on cross-selling opportunities in a dynamic manner. This organization provides connected software applications to the financial services industry for lending, collection, recovery, and sales/service. Today, nearly 500 financial institutions in all 50 states and all provinces of Canada are using their technology.
Leveraging Rules Agility for Cost Savings:
The company has embedded business language and decision table rules into their software products for risk-based pricing and automated decisioning for tasks such as assigning interest rates, automating decisions for evaluation loan applications, and providing explanatory messages to loan officers and service reps. This allows the software provider and all the institutions, the capability to change polices and rules on the fly. This saves costs on changes.
Leveraging Rules to Identify Revenue Opportunities:
One of their innovative uses of rules is for cross selling products based on credit report information for each of the served institutions
• The software application pulls a credit report and parses out payments and balances on existing loans and credit cards, and stores this information in collections within a .NET object (not the only technology option, but a good one).
• Rules run on each member in the collection of loans to evaluate savings when compared against the institution products
• Rule results are displayed graphically for business users, showing information including the type of instrument (e.g., Platinum Visa), monthly savings, payment amounts, and the priority of the cross-selling opportunity.
Net; Net:
Organizations are going to be pushed hard to not only show cost savings, but revenue opportunities going forward. Leveraging key technologies can allow of innovative solutions. This is just one example.
The above success story has been summarized and made anonymous to get the essence of the success documented quickly. The source of this success story is a technology provider named InRule Technology.
Category: Applications BPM Business Process Improvement Business Rules Challenges Innovation Optimization Strategic Planning Success Technology Visibility Tags: BPM, business, Business Process Improvement, Business Rules, Decision Management, Optimization, Process Improvement, Process Management, symposium
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1 Leveraging Business Rules for Revenue Generation: Success Snippet « Smart International Business February 7, 2012 at 12:16 am
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