By Tom Noda
SINGAPORE — Global software firm Progress Software has introduced in the South East Asia market its Progress Corticon business rules management system (BRMS), which is touted as a new “practical way” of automating business decisions.
Progress Software chief technology officer for decision management Mark Allen said the Progress Corticon is designed to provide software and services that can help organizations make automated decisions in their business and IT operations.
“Corticon can help companies make better and faster decisions [so they can] optimize their operations, deliver better customer service, and reduce risk,” Allen said.
Compared with traditional business decision-making engines, Allen described Progress Corticon as less technical and inexpensive to implement and that it can automate recurring business decisions that enterprises encounter daily.
With its patented Excel-like modeling tool, Progress Corticon serves as an out-of-the-box ready for use by business analysts and IT professionals.
“There are no coding rules. It’s not programming. It’s like using a spreadsheet so we can take people with no programming experience and background and in a matter of three days teach them to be as productive as somebody who is a programmer,” he said.
Based on Progress Corticon’s user case studies, its business rule platform have reduced manual underwriting tasks by 90 percent, cost to acquire new customers by 75 percent, including reduction in processing time per loan at 50 percent.
“With Corticon we have a patented algorithm that performs and scales very well with increasing amount of data you’re processing. So it allows businesses to solve much more complex problems,” Allen said,
The software executive cited customers such as eBay, AEGON, LexisNexis, US Bank, and the State of Texas which were able to combine improvements in decision automation, decision
change processes, and decision-related insights to realize significant bottom and top-line results.
Progress Corticon currently has more than 500 customers that are mostly in the insurance, financial services, government, commerce, and health and human services.