What is a Business Rules Management System (BRMS)?
A business rules management system is a software solution that can facilitate the entire lifecycle of business rules and enable automation at every decision level. It keeps business decisions separate from hard coding, enabling quick modifications to meet industry demands. Having such software can help organizations define, implement, and manage business rules and business logic so processes can be simplified and human intervention is kept at a minimum.
Why do we need a Business Rules Management System (BRMS)?
How do you prepare your business to work on autopilot mode? It would be ideal if an intelligent automated system could handle your operations and workflows without requiring human intervention for every small business decision. Imagine the time and cost savings you could reap from such a transformation.
It is not always complex processes but simple ones, like raising a help desk ticket, which can involve multiple decisions such as determining if manual intervention is required, assessing the priority level, or evaluating whether a chatbot can handle it.
For a business process to be automated, each decision within that process needs to be independently automated by setting up business rules. It is also necessary to keep in mind that such decisions will be influenced by several factors, such as industry regulations, customer preferences, market conditions, and much more.
What to Look for in a Business Rules Management System (BRMS)?
- The software should be scalable and help define critical business procedures and policies as rules
- It should be adaptable to the evolving rules in real time
- Users should be able to create rules using logic statements or decision matrices without the need to code
- The risk decision process should be centralized and easily available across sales channels
- It should be able to seamlessly comply with regulatory requirements
Benefits of BRMS
Research reports say that implementing AI-led decisioning or a smart BRMS will result in about 50% reduction in time taken to process cases and the resulting cost saving will be considerable.
- Low IT dependency: Having a business rules management system with low-code functionalities in place helps take the load off the IT department and empowers business users to define and manage business rules.
- Reduced human error: An automated business rules management system reduces the risk of errors
- Scalability: A business rules management software enables organizations to scale their business rules as required to accommodate changes in regulations, business processes, and market conditions
- Consistency and accuracy: A BRMS provides a centralized platform for overseeing business rules, which helps ensure consistency and eliminates redundancy across different systems
- Agility & Flexibility: The business rules management software can enable swift adaptation to evolving business requirements by modifying rules and deploying them without disrupting current systems
- Enhanced Operational Efficiency: Automating decision-making with predefined rules streamlines business processes and improves operational efficiency
- Cost Savings: Reducing the time and effort to manually implement, maintain, and update rules saves costs and contributes to faster time-to-market for new products and services
Key Takeaways
In today’s complex environments, organizations need comprehensive business rules management software that enables them to define, deploy, and govern business rules in precision. Newgen’s Business Rules Management System, built on a low-code platform, can help your enterprise effectively manage business rules to drive operational efficiency, streamline processes, reduce risk, and save thousands of hours of your knowledge workers.
