Rules engines are software applications that process some sets of rules to help us provide recommendations and take action. In a business, a rules engine simply provides what actions the business can and can’t do based on some set of predefined rules.
In this blog, we take a look at what rules engines are, what some of the most common rules engine use cases are and how to utilize them in any process effectively.
Domains using Rules Engine
Business Rules Engine is a massive market in itself and caters to all kinds of products and service providers. While looking at the functioning of any business, we can see that there is a certain pattern to be followed for any action to be taken. In this section let us see how various domains use Nected rules engines for their executions.
Here are some business rules engine use cases examples that exist in our day-to-day lives:
Healthcare sector - A rules engine can be incorporated into the healthcare industry in several ways. We can use it to automate clinical guidelines, check patient symptoms and history to categorize them and find appropriate treatment plans, plan their itinerary based on their record, etc.
- For example, allocating doctors to patients visiting can have basic rule checks like the kind of ailment they are suffering from, their past medical history, etc., and more complex checks depending on the scenario.
Financial institutions - The finance sector thrives on data. Business rules engine use cases examples in the finance industry include calculating risk assessment for loan approvals, finding potential customers for lending capital, ensuring that the business complies with all the lending policies and regulations, etc.
- A simple example could be a person trying to send money from his bank account. Nected rules engine does basic checks like valid account numbers, checking that the amount is within the allowed limits, etc. and Nected rules engine also ensures the safety of the transaction by including fraud detection and prevention
Retail businesses - The retail sectors have many use cases for such engines. They can decide how to modify their product placement depending on customer choices, decide on the amount of discount to be provided based on customer loyalty, change inventories based on demand and order history, etc.
- For example, if a majority of customers are inquiring about a product made by brand A, while the business provides a product made by brand B, they might consider switching their inventory to include A more often.
Rules Engine Use Cases
Rules engine use cases examples encompass several other major industries such as supply chain management, energy grids, telecommunications, manufacturing, human resources, education, government sector, transportation, etc. Tools like Nected have a robust platform to support various real-time use cases in diverse industries. In this section let us know the major use cases the rule engine serves as a major part:
Lead scoring helps the marketing and sales team determine which leads are most likely to buy. It assigns the scores to the lead which helps to determine which lead is most likely a good fit for the specific product or service.
The Nected rules engine helps in building a complex interactive lead scoring system that enhances sales by using predefined criteria and classifying the leads based on their potential.
Nected rules engine assists in building a lead-scoring plan by integrating with third party tools that can easily understand the segmentation of the customers based on demographics, behavior, etc.
Nected allows you to make the best in any situation by producing instant lead scores by defining the changes happening in real time that influence the actions of the leads. It also helps build a rule that can identify the good leads and also terminate the bad leads which enables the sales and marketing team to prioritize valuable leads.
What makes the Nected rules engine stand out is that it allows the customization of the lead scoring model depending upon dynamic factors like market conditions or seasons.
Feature flags or feature toggles are software development techniques that provide better control for developers to on and off certain functionalities during the runtime to do experimentation over the lifecycle of features. Nected’ experimentation engine is an advanced feature flag management tool that allows the user to build and run a wide range of experiments including Split-API Testing and Multivariate.
This tool also allows the teams to experiment across various workflows and validate hypothesis data for personalized customer experiences.
Dynamic pricing or surge pricing is a pricing strategy used to adjust the price points in business based on the demands in the market. The primary goal of dynamic pricing is to analyze various data points, automate price adjustments in real-time, and predict the trends in the market.
Nected’s dynamic pricing rules engine allows the business to optimize the pricing strategies, with a user-friendly interface, and its advanced data analytical capabilities increase the process of analyzing a large amount of business data and producing actionable insights to help businesses make more informative decisions based on the competitive market.
Nected offers integration of a dynamic pricing rule engine with e-commerce platforms as well. Its API and webhooks support integration and minimize disruptions in the existing system.
Business-to-business companies can implement B2B Dynamic Pricing Rule Engine with Nected with ease as well.
Customer segmentation is a process of grouping customers who have the same set of characteristics. This process helps the sales and marketing team to find the target customers or audience for their products and services. Nected rules engine effortlessly groups the customers and uses demographics to segment customers into micro-segments that refresh daily.
With the help of Nected, it is easy to analyze large amounts of customer data and classify them, understand what customers want, and apply the strategy according to the insights from the analysis of customer-segmented data.
A/B testing is a method of splitting the asset into two parts and then comparing the two parts to determine which is the best. Hence it is also called split testing. It is commonly used in web designing, app development, and marketing to produce better results. Nected’s A/B testing tools enable the business to precisely compare the marketing experiments and effectively allocate the users.
Nected’s A/B testing tool automates the entire process from the experimental setup to the analysis of results. It makes the A/B testing execution easy without any complexities. Nеctеd’s A/B tеsting procеss makes it accessible to a large range of usеrs, from markеtеrs to dеvеlopеrs.
Product recommendation is simply a suggestion mechanism that displays the product or service that a customer may use or purchase. Nected’s product recommendation engine enables the platform to make recommendations quickly after users’ subsequent preferences and interactions.
The engine dynamically creates profiles, which go beyond static profiling and update the profile of the users continuously in real-time to produce relevant user recommendations that are consistently tailored.
Nected is not only scalable to handle large datasets and increase user traffic but also offers flexibility for seamless integration into diverse technology stacks. Its commitment to continuous learning ensures that recommendations stay fresh and aligned with users' evolving preferences, all while prioritizing privacy and security through robust encryption and access control measures.
How Rules Engines Help Businesses Grow?
Rules engines can be beneficial for any business as they help brands to make better decisions much faster. We look at some of the immediate benefits that they cause.
Business rules engines like the one provided by Nected are game changers for any business. They help with -
- Higher efficiency - Generally decisions about company and government regulations, changes in product lines, etc. take up a lot of time just because of the tedious process of collecting and processing relevant information. Using software-based solutions like business rule management systems makes the whole process faster, saving a lot of time.
- Improved precision - Much information can be overlooked or misinterpreted due to human errors if it is being manually processed. Using business rules engines, we can ensure that all the provided information is being verified before being processed, improving precision in every decision.
- Increased compliance - Auditing data and verifying that brands operate in compliance with regulations like the GDPR (General Data Protection Regulation) is a complex process. The engine helps business owners to know that they are following the rules. Additionally, a rules engine like the one provided by Nected automatically monitors activities in real time to determine any deviations from the norm. Such cases can then be flagged immediately by the engine, which can help them to cover up spots that can cause potential trouble in the future.
- Higher business agility - BREs also allow businesses to react to oncoming changes much faster. This allows them to find new opportunities faster and react more quickly and efficiently. A business utilizing a powerful business rules engine with a good set of rules can easily compete amongst its competitors.
Nected - The Hybrid Cloud-Based Rules Engine you need
While there are a lot of potential options for rules engines in the market such as AWS engine, ThingsBoard, Hyperon, Waylay, etc, Nected provides a Hybrid, Cloud-based solution with innovative features and fast and highly accurate results.
Some of the features in Nected’s cloud-based Business Rules Engine are -
- No code simplicity - Nected embraces a low code/ no code philosophy and provides the ability to create complex business rules without extensive technical knowledge as depicted in the image above.
- User-friendly UI - The UI provided by Nested.ai is designed to be intuitive. By prioritizing ease of use, it makes rule creation and management easier for users with all experience levels.
- Granular permissions - By implementing granular permissions, Nected provides secure role management that ensures that every user has controlled access to rules and information.
- Versatile ecosystem - By providing easy database, API, and IoT integrations, Nested.ai ensures that the BRE can be easily adapted to all sorts of rules engine use cases.
- Build to scale - The cloud solution is built keeping in mind scalability, ensuring that the users can develop continuously without worrying about any compromises.
Using the simple yet effective rules engine provided by Nected, you can get started and set up basic rules within minutes. Watch a video demo here.
Finally, the rules engine has taken a major part in areas like dynamic pricing, fraud detection, A/B testing, and data-driven recommendations. lead scoring, product recommendations, and customer segmentation. It has also proven to be the best concept for dealing with workflow automation. Moreover, it offers benefits like precision, compliance, accuracy, agility, and efficiency in various domains like healthcare, marketing, finance, and retail.
In conclusion, this blog has covered all the potential use cases of the rules engine and has depicted various reasons to start using Nected’s Rules engine platform for your workflow automation. Thus, as we discussed earlier, the rules engine implementation with a low/no-code platform has been a trend and almost every business has started using it. So, why wait? Start using Nected for your workflow automation and rule execution.
Rule Engine Use Case FAQs
Q1. How can a business rules engine benefit my organization in terms of efficiency and automation?
A business rules engine automates decision-making processes, streamlining workflows, reducing manual errors, and ensuring consistent application of rules, leading to increased operational efficiency.
Q2. Can a business rules engine adapt to changing business conditions and requirements?
Yes, a good business rules engine, especially when cloud-based, allows organizations to easily modify and update rules in real time, ensuring adaptability to evolving business needs without disrupting operations.