Business Apps in Decision Management

on June 26, 2024
Business Apps

What are Business Apps?

A business application or business app is a generic term for software or a collection of programs that support business operations. Businesses typically use business apps so that their employees can execute specific tasks more efficiently and effectively. For example, a business may use accounting software to streamline accounting related activities such as bookkeeping and generating financial reports. Businesses can build their own apps or purchase them.

What’s the Difference Between a Business App and a Platform?

Technically speaking, a platform provides a foundation for applications to be built and run. However, many platforms come with pre-built applications and many applications masquerade as platforms. In addition, vendors use generic terms like system, software, solutions, and technology to market their products. So in practice, the distinction is less clear. Therefore, when evaluating technology, it’s better to think in terms of usability and flexibility.

While out-of-the-box software tends to offer high usability for the end user, they tend to have limited flexibility. When it comes to software like word processors, flexibility is less important. That’s because majority of them already come with all the functionality that any user would ever need. But when it comes to software for automating and managing key operational decisions, flexibility is important. For example, underwriting and claims in insurance or fraud and credit risk in financial services. The less flexible, the more you’re going to spend on IT workarounds which can become very cumbersome and costly to maintain. So with flexibility, you should be thinking in terms of how easy it will be for developers and technical people to get the product to do exactly what you want it to do. If you’re finding that your claims management software or loan origination system too inflexible for your needs, consider using a decision management platform like SMARTS™ Data-Powered Decision Manager.

Fine-Tuning through SMARTS™ Business Apps

One of the largest title insurance companies wanted to build a rating engine for generating estimates. Pricing included title rates, endorsements, closing costs, recording fees, and taxes. They had attempted to build one in the past, leveraging different business rules management systems. However they failed to do so because of resource restraints and shortcomings of the tools they tried. Testing, implementing, and maintaining the rating engine was too complicated and costly.

The insurance company turned to Sparkling Logic because of our expertise with rating engines and SMARTS™ decision management platform’s robust rules authoring tools, lifecycle management support, and modern architecture. Through applying decision migration best practices and leveraging our RedPen™ point-and-click rules authoring tool, the insurance company was able to easily build a turbo-fast rating engine containing almost 1.5 million rules!

However, building a rating engine is one thing. Managing and maintaining it is another. This is where Business Applications come in handy. SMARTS™ Business Apps are custom, easy-to-understand user interfaces that enable non-technical users to easily accomplish decision management tasks in a truly no-code manner. Users can do so without being trained on the SMARTS™ platform or knowing how to code. Rather than exposing all rules and all SMARTS™ capabilities to all users, Business Apps can expose only what is necessary to complete specific tasks. Business Apps can be created by business analysts and software developers directly in the SMARTS™ interface, using the same low-code tools for defining rules.

The insurance company built various Business Apps for generating test data, running simulations, and updating rules. As a result, non-technical users were able to easily test, implement, and manage the rating engine through intuitive user interfaces. Learn more in our presentation, “How to Build An Insurance Rating Engine That’s Easy to Manage.”

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ABOUT US

Sparkling Logic Inc. is a Silicon Valley-based company dedicated to helping organizations automate and optimize key decisions in daily business operations and customer interactions in a low-code, no-code environment. Our core product, SMARTS™ Data-Powered Decision Manager, is an all-in-one decision management platform designed for business analysts to quickly automate and continuously optimize complex operational decisions. Learn more by requesting a live demo or free trial today.