A Business Rule Management System (BMRS) is a software system that is used to define, deploy, execute, monitor and maintain the variety and complexity of decision logic and business rules that are used within an organization.
Business rules are logical statements that leads to an action based on the occurrence of an event. So, for example in commercial insurance premium determination, a Business Rule could be, does the applicant have a prior history of claims, if answer is yes, ask a set of additional questions “A” and if the answer is no, ask a different set of questions “B”. These could be a subset of business rules that govern the determination of policy premium. There would be numerous business rules to calculate the premium.
Traditionally Business rules have been embedded in the business logic of packaged or legacy software applications. Embedding the Business Rules in the software application leads to the numerous challenges. For example, by embedding the business rules within the software application that generates the policy premium, leads to the following business problems:
Business Rules Management Systems have emerged as the technological solution to address these challenges. New software tools are available where the Business rules are extracted out of the packaged or legacy applications and implemented as loosely coupled decision services on the Business Rules Management Systems.
The BRMS is a central repository or single holding place of all the business rules. Having the business rules outside the application enables the business users and IT team alike to collaborate with each other to develop and make updates to business rules in real-time. Businesses no longer have to send their requirements to IT and wait for IT to develop a solution for them. Most BRMS tools give the business users the ability to write business rules themselves and test it.
BRMS Key Features to look for:
To successfully bring on a BRMS that gives business users the ability to change business rules rapidly based on market conditions, try mondCloud.