Economic turmoil, waves of bankruptcies, (geo)political instability, unpaid bills: in our permacrisis world, a single bad decision about a client or supplier can jeopardise your business strategy. From data collection to insights generation, find out how Smart Data can help you minimise your risks, maximise your growth and bring confidence to every decision.
No matter their size or industry, whether they are looking to grow their business, explore new markets, or assess the financial health of trading partners, companies are all looking for smart data to effectively manage their risks. The problem is that (too) often, credit managers and financial directors have to deal with fragmented and rapidly outdated data that does not provide an overview.
However, in order to make quick and informed decisions, these need to be based on reliable, global and enriched information in real time. Which should be easily accessible and actionable!
Value-added data is above all data properly sourced
Collecting data effectively is the first step in building your Smart Data. Before any relationship with a trading partner (client, supplier, prospect), you need to collect specific data on this third party, particularly financial data, in order to better assess their situation and measure the commercial risk.
This requires tools integrating real-time data, such as Business Information solutions. Whether you collect the data internally or use an information provider, the key is to have reliable and up-to-date data.
Cleaning and qualifying data to enrich your analyses
Before the analysis phase, the data must be cleaned, qualified, and harmonised to eliminate inconsistencies, duplicates and errors. And rightly so: raw data only makes sense if it is interpreted and contextualised.
Artificial Intelligence (AI) plays a key role in automating this process, reducing manual tasks while improving the accuracy and granularity of analyses.
Using AI to benefit from advanced analytics
Smart Data filters the data to keep only what is truly useful and actionable. This allows you, for example, to detect early signals in your portfolio to anticipate threats and growth opportunities. In short, to manage your business risks proactively.
Artificial intelligence (AI), on the other hand, converts your data into intelligent actions to support your decision-making. Used properly, these cutting-edge technologies offer almost infinite possibilities in risk analysis and prediction, from the creation of mathematical models simulating the impacts of potential economic shocks to the use of advanced analytics and machine learning to predict future trends.
! Spoiler alert! Human expertise remains crucial to guarantee the quality and relevance of the analysis.
Turning smart data into unique and actionable insights
Smart Data gives you exclusive, high added-value information (insights). With one requirement: to take full advantage of it, equip yourself with a data visualisation tool able to deliver this Smart Data in the form of clear and precise information, for swift understanding and effective use. These adapted tools offer more dynamic data management, facilitating decision-making... even for Data Science newbies!
Easily actionable, these insights are powerful business decision-making helpers that allow you to stop navigating by sight and to anticipate risks. A security for any company that is developing, transforming, diversifying, or opening up to new markets and trading partners.
Coface Business Information capitalises on ~80 years of global expertise in commercial risk management, offers you intelligent solutions to manage your commercial risks and optimise your decisions.
Find out more
Discover how Coface Business Information solutions can help you bring confidence to every decision and drive growth. Contact our experts now to get a demo.
