By IANS
Bangalore : Fair Isaac Corporation (FIC), the US-based analytical applications firm, is expanding its India operations to hard sell its software products.
Besides leveraging the Indian talent pool for servicing its global customers from its Bangalore centre, the $825 million FIC is opening an office in Mumbai to market its enterprise software products to prospective clients in five growth sectors such as banking and financial services, insurance, retail, healthcare and telecom.
"Though Indian enterprises have come of age, competition and globalisation have brought about a host of challenges to sustain growth and use resources cost-effectively. Unlike conventional processes, our enterprise decision management (EDM) software helps corporates make critical operational decisions for staying ahead," Fair Isaac CEO Mark N. Greene told IANS.
EDM combines data, analytics and business rules into systems that automate and improve decisions. When integrated with the client's operating systems, the licensed software ensures decisions are consistent across the enterprise and adaptable to meet new customer demands, competitive challenges and corporate requirements.
"Over the last five decades we have been helping enterprises across the world do a better job managing risk, fighting fraud, handling complex rules and regulations, boosting sales and meeting customer requirements," Green recalled.
As a result, nine of the top 10 Fortune 500 firms use FIC technology, 2,000 plus firms in about 70 countries rely on its solutions and over 70,000 businesses the world over have bought its products through alliance partners. ICICI Bank is a leading client of FIC in India.
Deep analytical ability and a strong scientific, technological and mathematical base attracted FIC to set up its Indian subsidiary here three years ago for designing new algorithms and offering its suite of products worldwide, especially in the Asia Pacific region.
The 300-strong Indian development team provides predictive analytical expertise to global majors, community lenders, public agencies and businesses across the five continents.
"In line with our expansion plans, we will increase our headcount to about 400 in the next 12-18 months and widen our product offerings," said Green.
According to industry watchdogs like Gartner and IDC, the EDM software market is estimated to be about $20 billion worldwide and growing at 10-12 percent annually.
Competing with a dozen global majors in the domain, FIC currently has a seven to eight percent market share in the BFSI (banking, financial services and insurance) sector and aims to double it by 2010 with greater penetration into retail, healthcare and telecom.