What is Business Rule Engine for Businesses & Why Should They Adopt It? - Blog
Consider a scenario where you have an insurance company and you hire a broker to meet your corporate clients. His daily task is to visit several companies of various sizes and sectors and present them proposals for diverse types of claims. What if an opportunity comes wherein the broker has almost closed the deal except that he has to visit the office for consulting manuals and writing complex proposals? This ‘time gap’ could very well result in a loss of opportunity. Wouldn't you want to depend on a well-defined and automated business rule system that could quickly assess the key parameters of the proposal and come with a preliminary decision before it proceeds for final acceptance? This is what business rule engines generally do. They aid in providing agile, reliable, and assertive decision-making and effectively boost your business.
What are Business Rules, Business Rules Engine & Business Rule Engine Management System?
Business rules are statements that will guide the proper functioning of your business. They basically define what, where, when, why, and how something must be done within an organization. A business rule engine is an application that manages decision processes using pre-defined logic to determine outcomes. Implementation of a BRE enables automated and precise decision making especially for those businesses which use complex logic to identify the output. This logic needs to be dynamic, based on specific scenarios and parameters.
A Business Rules Management System is an application used to specify, execute, control and maintain the variety and complexity of decision logic that is used by operational systems within an organization or enterprise.
Strategy One, by CRIF, is one such complete business rules management platform and decision engine that enables your organization to identify the right targets, increase customer loyalty, boost sales and margins, manage risk, and implement business and regulatory policies and procedures.
How does a BRE benefit an organization? The Business Rule Engine is an important software that can deliver values to your company, development team, and your customers. It can help you in the following areas.
1. Keeping up with the market speed: As businesses grow with time, they naturally acquire more customers which increases the complexity of their business. A business rule engine management system simplifies the task at hand and speeds up the process of decision making, giving you a huge buffer to do other important things crucial for your business.
2. Compliance with policy and regulation: A BRMS system enables you to capture policy and regulation in the form of business rules which are then applied to all business transactions.
3. Provides a better customer experience: A BRMS helps you to provide faster and more responsive service to your customers. It can help your agents in diagnostics, upsell or cross-sell. Be it selling complex products online or automating a help desk function It can deliver a better customer experience.
If you are looking for a business rule engine for your business, contact CRIF for completely automated, autonomous and confident decision-making solution for your enterprise.