Avon Grows Business and Cuts Bad Debt in Brazil with Cloud-Hosted FICO Decisioning Platform
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Highlights:
- Avon reduces its representatives' bad debt indicators by 72% using FICO® Platform from 2018 to 2020
- Avon automates 90% of individual credit limit increase requests made by representatives
- Avon won a 2021 FICO® Decisions Award for cloud deployment
Avon, part of the
More information: https://www.fico.com/en/platform
Before the implementation, the company had been experiencing issues with high levels of default by its representatives, especially on first orders. One of the key issues was that the systems in place were operating in silos and credit policy was based on regions instead of being individualized. It became clear that the existing infrastructure would not be able to offer Avon the agility, interoperability, and decision quality it needed.
"One of the biggest challenges we helped solve for Avon on this project was the extraction of data from the previous system, which was not built to work with data intelligence," said
By deploying the FICO system on the cloud, Avon was able to create intelligent rules driven by data, deliver business users increased autonomy to calibrate policy with less dependence on the IT team, and produce an audit trail that tracked the changes made.
The flexibility of the system was a great benefit to Avon. Policy changes that used to take up to six months to complete due to the workload of its IT department can now be completed in a few hours by the credit team.
Using the capabilities on the FICO® Platform, Avon was able to run champion/challenger tests on policy changes, score credit applications, create contingency plans and integrate directly with applications such as Salesforce. Through the connection with Salesforce, Avon has been able to automate 90 percent of individual credit limit increase requests.
The Avon toolset includes FICO® Decision Modeler - Cloud Edition, FICO® Model Translator, FICO® Application Studio SaaS and of course FICO® Decision Management Platform - Cloud Edition
"Avon has undertaken a transformational and comprehensive cloud deployment," said
For its achievements, Avon won a 2021 FICO® Decisions Award for Cloud Deployment.
"The Avon story is really remarkable," said René Javier Guzmán, market & liquidity risks director at Banreservas and one of the FICO Decisions Awards judges. "The scale and geography of a market like
The FICO® Platform provides the ideal decisioning foundation companies need to successfully achieve digital transformation. It provides unprecedented insight into customers' immediate and future needs by eliminating data silos and enabling interoperability between enterprise applications. FICO was named a leader by Forrester Research in The Forrester Wave™: Digital Decisioning Platforms, Q4 2020.
About Avon
Avon, part of the
Its diverse portfolio includes innovative and high-tech products, with world-renowned brands such as Avon and Color Trend makeup lines, personal care lines Renew and
For more information about Avon, visit the website: www.avon.com.br
About the FICO® Decisions Awards
The FICO Decisions Awards recognize organizations that are achieving remarkable success using FICO solutions. A panel of independent judges with deep industry expertise evaluates nominations based upon measurable improvement in key metrics; demonstrated use of best practices; project scale, depth and breadth; and innovative uses of technology. The 2021 judges are:
- Prasanna Dhoré, chief data & analytics and innovation officer, Equifax
David Dittmann , vice president, data & analytics, P&G (2019 winner)- René Javier Guzmán, market & liquidity risks director at Banreservas (2019 winner)
Tomas Klinger , decision science and data director at Home Credit (2019 winner)- Marcel Le Gouais, managing editor at Credit Strategy
Tiffani Montez , banking analyst at AiteLisa Morgan , journalist & analyst at InformationWeekIgnazio Provinzano , head of risk operations at Swisscard (2019 winner)
The winners of the FICO Decisions Awards will be spotlighted at and win tickets to FICO® World 2021, the
About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in
FICO is a registered trademark of
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SOURCE FICO
Public Relation - FICO milladelfino@fico.com; Press contact: InPress Porter Novelli, Alan Mariasch, +55 11 3323 3795 / +55 11 98606 6854, alan.mariasch@inpresspni.com.br