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CIO Review >> Magazine >> June - 2014 issue

FICO: On A Mission to Democratize Analytics

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It is a known fact that complexities in technology and a dearth of qualified data scientists form the considerable portion of the complications faced by enterprises today. Although adoption of big data analytics is at 30 percent, only 8 percent of enterprises have actually converted investments into successful deployments.

With world headquarters in North America and with a strong presence in the Silicon Valley of India, FICO (NYSE:FICO), solves these pain points by helping organizations manage risk, increase sales, drive profitability and ultimately democratize analytics. FICO currently offers a platform available on the cloud or on-premise to help companies leverage big data. “Through our cloud-based platform, we’re putting the best tools into the hands of a range of users from business analysts to data scientists, so that organizations of all sizes can not only collect Big Data, but gain powerful insights, and put those insights into action,” says Dan McConaghy, Vice President and Managing Director, FICO.

With the big data market overflowing with vendors incorporating Hadoop and NoSQL support onto solutions and terming it as Big Data solutions, along with new players providing point solutions, the CIO is in dire straits so as to choose the right vendor. FICO combats this situation by bringing together tools for data analysis and application building, combined with decision management solutions for fraud, risk management and marketing. “We’re putting both the tools and the solutions in one place, the FICO Analytic Cloud, to make deployment easier than ever,” says McConaghy.

Apart from the innovative platform which amalgamates solutions and tools into one, FICO takes great pride in pointing towards its experience in the industry as its greatest differentiator. The company has been analyzing data and building decision management applications since 1956. “We understand not just the technology but how to make it operational, as well as the privacy concerns and regulations that surround any use of data,” adds a proud McConaghy. With a clientele who possess some of the world’s most sophisticated analytics teams, FICO not only leverages its technical know-how but also imparts decades of true worldwide exposure as to how businesses can make the most out of data.

Helping 65 Percent of the World’s Credit Card Users
A good example the company’s success is the FICO Score, the most used credit score in the world. The FICO TRIAD Customer Manager manages a whopping 65 percent of the world’s credit card accounts. “Today our FICO Falcon Fraud Manager protects 2.5 billion credit card accounts from fraud,” explains McConaghy.

Moving forward, the organization today is expanding into newer markets with the FICO Solution Stack, a set of tools and solutions hosted in the cloud and on premise. By offering an entire environment in the cloud where people can share best practices, buy and sell tools, FICO is on track to make all of its analytical solution available as a SaaS offering to fulfill its vision to truly democratize analytics.