Helix 2: Big Data and AI to finance companies
Searching for and finding financing for your company in a secure, fast and automated way eases many headaches. Technology facilitates these processes (even eliminating costs associated with them) and others that can be very distressing, such as knowing the financial risk of the corporation.
Plain Concepts continues to develop Helix. If in its first phase this tool already guaranteed SMEs security in B2B commercial operations, through the creation of a prototype focused on the assurance of invoices, the next process means a further step in the search for financing for companies.
The consortium that has developed the project is formed by ARIS Risk Solutions, Plain Concepts, Cívica Software, FIDESOL, onTech Innovation and the University of Granada.
After the first phase of the project between July 2020 and March 2021, the objective was to help SMEs access sources of financing such as non-recourse factoring, a form of short-term lending.
In order to popularize factoring, work was needed to:
– Identifying measurable commercial and bank credit risk factors.
– Data sources to quantify these values.
In addition, the prototype generated in the first phase of Helix had to be integrated.
The two phases of the project complement each other: in order to obtain financing, invoice assurance had to be certified first. At the same time, a financial feasibility study is required to use an invoice.
The process
Plain Concepts has identified those factors that influence commercial and bank credit risk and the data sources for calculating them.
These sources include data from Spanish SMEs; scientific articles on the default of small and medium-sized companies; the legislation of the United Kingdom and European Union countries on SME insolvency; and indicators from international organizations for assessing a default situation.
Practical experiences of possible insolvency risk factors and warnings of insolvency from professionals in EU countries were also added.
Results
- A predictive default risk model has been designed. This will help companies, in real time, to assess themselves and check their insolvency risk. The model has early warning indicators of payment difficulties.
- An innovative cloud platform has been developed for accessing financing via factoring, which also offers various tools for managing invoices, users, funds and numerous financial utilities.
- We help companies to have the largest and best possible options to obtain timely liquidity quickly and securely, and this helps them to continue to grow and demonstrate their competitiveness.
- The industry sees the quality of technologies for credit insurance and SME financing improving, which will lead to greater reliance on them in their digitization processes.
- The research carried out in this phase is used to continue to learn about the insolvency possibilities of a business and thus help SMEs to avoid defaulting on payments.
Estamos preparados para nuevos retos
