Business Rules Engine (BREs) are increasingly being adopted by organizations to automate their decision-making processes, reduce risk, and improve agility. According to a report by MarketsandMarkets, the global Business Rule Management System (BRMS) market size is expected to grow from $951 million in 2020 to $1.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 8.2% during the forecast period.
With the growing adoption of digital transformation, the use of BREs is becoming more critical for organizations to streamline their operations and stay competitive. However, many organizations still struggle with understanding what is BRE, how it works, and how to implement it successfully.
In this blog, we will provide a complete guide to understanding Business Rules Engine – what is rule engine, including their definition, types, benefits, and challenges. We will also discuss the steps involved in implementing BRE tools and resources available to organizations. By the end of this blog, you can have a comprehensive understanding of what is BRE and its importance in modern business systems.
What is a BRE?
BREs process these rules and determine the appropriate action to take. There are two main types of Business Rules Engine. Here are the details for it!
BREs are different from other rule-based systems, such as expert systems, decision trees, and neural networks. Systems rely on knowledge bases and expert knowledge to make decisions, while decision trees are a graphical representation of a decision-making process. Neural networks use statistical methods to identify patterns in data to make decisions. Unlike these systems, Business Rules Engine focuses on processing business rules to make decisions.
Business Rule Engine can make a huge difference to your workflow management if implemented in line with business objectives. Here’s why you need to introduce BRE in the first place.
Top 4 Reasons – Why You Should Introduce Business Rules Engine?
Successful Business Rules Engine implementations include multiple perks for a financial institution. In Business Rules Engine as we discussed above, business users can define, test, execute, and maintain the business logic without getting into application code. They can also make changes frequently. Below mentioned are a few aspects where BREs can be applied.
Applications Of BRE For Financial Institutions
How to implement a BRE?
Think360’s FlowXpert is a low-code platform that enables users to implement end-to-end user journeys. Its inbuilt BRE module can assist you to configure business logic to consume data in your risk decision analysis. With a drag-and-drop interface, reusable assets, and pre-integrated APIs, you’ll have the business rules set up with extreme ease. However, there are still certain challenges that you cannot let go.
Challenges And Future Of BREs
Like any other technology, Business Rule Engine faces challenges and has a future that will depend on solving these.
The future of BREs will depend on several factors, including:
- Artificial intelligence: With advances in AI and machine learning, BREs can become more intelligent and autonomous.
- Cloud computing: The adoption of cloud computing can enable organizations to scale their BREs quickly and cost-effectively.
- Low-code platforms: Low-code platforms can enable business analysts to create and maintain rules without requiring programming skills.
- Integration: Integration through microservices and reusable components can make BREs more accessible and easier to use by internal and external applications.
- Data quality: Investments in data quality and diversity will ensure the rules engine produces accurate results.
The value delivery of BREs surpasses the challenges in implementing it. Advances in low code technology and increased investment in data quality will make the implementation of BRE seamless and effective. The amalgamation of Artificial Intelligence can help Business Rules Engine robust for performance and regulatory requirements.
In conclusion, Business Rules Engine is a critical component of modern business systems. Especially with financial institutions, they allow organizations to automate complex decision-making processes with respect to customer onboarding, reduce the risk of fraud, and much more. AI and machine learning have the potential to enhance BREs, by enabling the system to learn from large data assets and make more accurate decisions for risk underwriting.
To know more about BRE tools with Think360, click on the link or schedule a call with us now!