Challenges & Solutions For Lending and Leasing Software vendors

Challenges & Solutions For Lending and Leasing Software vendors

Rules Engine helps manage and automate business logic by separating the invocation and declaration of business logic. Leasing software depends upon many rules and regulations that range from company policies to industry regulations and government laws. As a result, change in any of these rules may require corresponding changes in business logic. Rules Engine software helps manage such rules and verify their consistency.

For any software application, including leasing, business rules change more frequently than the rest of the application code. Rules Engine consists of pluggable software components that separate the business logic from the application code so that business users can modify rules frequently without rebuilding the application or needing the assistance of the technical team. As a result, applications become more flexible and adaptable, and there is reduced downtime for business logic changes.

Rule Engine has the flexibility to support timebased rules (i.e., which rules need to be applied and when). In other words, it is possible to make a set of rules applicable only for a particular duration; once that period is over, the system will revert to another set of rules automatically. Rules can be used to implement various requirements: rate calculation, recommendations, internationalization and localization, personalization, exceptions or special rules, conditional decisions, optimization/configuration, validation, etc. Moreover, using Rules Engine can lower an application's maintenance and extensibility costs by reducing the complexity of the components that implement business logic.

Rules Engine also includes an analytical model that provides analytical reports and suggestions to improve the quality of the rules. It statistically analyzes which rules are used the most frequently and provides information to help finetune these rules to be more effective. The analytical model also helps make the Rules Engine more effective by providing information on the rules that are least frequently used and thus require reassessment.

In addition to separating business logic from code, rules can also help in the following situations:

User Interface Configuration Based on rules, the user interface of leasing software can be customized for multiple sets of users. The authorization for this procedure can be handled using rules.

Deployment Logic Deployment of leasing software can also be customized based on rules. This helps in achieving different deployment configurations without having to make any changes in the code.

Also read on : Mobile application development,Best product development companies,Saas application development

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