Professional Documents
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Business Rules
Business Rules
Compliance: Regulatory agencies can apply strict rules around a variety of verticals,
such as finance, insurance, healthcare, and marketing. Business rules can help ensure that
any documents that are reviewed by any regulatory bodies meet their respective
requirements.
Application Approval: Banking and real estate markets leverage business rules for
application processes for housing loans or rental properties. For example, an organization
may reject an applicant if their credit score is under a specific threshold.
Subscription Services: Companies can leverage business rules to terminate their services
to a specific client if payment is not received within a set number of days. This ensures
that the company does not waste resources on a customer that is not generating revenue.
Purchase Orders and Returns: Business rules can also be applied within the retail
industry. For example, a business can reject a customer's return claim for a given product
if it falls outside of a 30 day window.
Business rules can yield a number of benefits to organizations, which streamline business
operations and subsequently reduce overhead.
Increased efficiency: Programming business rules into applications and workflows can
save time in the long term. When business rules need to be updated due to changes into
regulations or company standards, only this aspect of the program needs to be updated
instead of manual updates throughout a software application. These updates can usually
be handled by less technical resources, like business analysts, saving technical resources
for more complex business problems.
Improved consistency: Business rules ensure that tasks are executed consistently as
specific criteria needs to be met in order for a given task to be executed. For example,
regulatory agencies may require the completion of certain documents. Companies can
create custom templates which will not be marked as complete until all required fields
have been met. As a result, less human error occurs and if all business rules have been
implemented accurately, leaders can rest assured that they're meeting compliance
requirements, avoiding any unnecessary fees and penalties.
Less complexity: Documentation of business rules can potentially translate to other lines
of business, and teams can potentially repurpose documents for other workstreams,
reducing complexity across the organization as a whole.