Following a successful 2007 fiscal year for ILOG, ILOG UK announces that it has witnessed 60% growth in the UK market for business rules management systems (BRMS) in FY07. The BRMS market in the UK has multiplied by two in the past three years with FY07 being a particularly successful year for the company.
ILOG UK Managing Director, Christophe Gasc, comments on the growth in the UK market for BRMS and the drivers which are encouraging this expansion, “Our recent UK figures show that awareness of BRMS in the market is really growing. In the past, our most fruitful vertical market has been e-government, but in FY07 the finance, banking and insurance market has taken the lead, with seven out of the top 30 UK financial institutions going BRMS with ILOG.
“Interestingly, more than half of all UK BRMS deals support an underlying Service Oriented Architecture (SOA) strategy. Following much hype within the IT industry, SOA is finally beginning to be implemented and organisations, particularly within the financial services sector, are starting to reap the benefits. Instead of a ‘big bang’ approach however, FIs are favouring an incremental approach to SOA based on critical and targeted business processes where business rules ‘services’ play a key role in data reconciliation, eligibility, fraud detection, pricing and claims processing.
“Many of the drivers for BRMS within financial services come down to compliance -whether that be MiFID, SEPA or Basel II. Following its BRMS implementation, Commerzbank is Basel II compliant and has reduced the time required to implement new customer credit applications by 50%. Germany’s DekaBank is using business rules technology to ensure it is IFRS-compliant and has reduced the time-to-market for new IFRS rules from four weeks to one to two days.
“The front-, middle- and back-offices are in dire need of re-engineering in order to meet the demands of regulation. At the same time, financial institutions are under pressure to become more transparent so that they can be more responsive both internally and to regulators. SOA is beginning to take off in response to the demands of regulation and as part of the modernisation of IT infrastructure required to make business more transparent, compliant and agile.
“Agility really is the buzz word of the future as business fights to compete in an ever-evolving market where customers demand a high level of service and personalisation whilst also expecting competitively priced products. BRMS is proving itself as a core part of the IT infrastructure of the future which will help business deal with the numerous pressures it is facing to survive in an increasingly regulated and competitive marketplace.”