Better business management solutions with RiskPlanner – a complex risk management tool

Situation.

The process of supplying and selling goods covers a wide range of operational risks, from ensuring that the available evidence is sufficient for the delivery of goods and transfer of ownership, to managing the buyer’s payment risk.

 

When trade takes place in more than one EU country, the management of VAT risk becomes particularly important, as cases of fraud are quite common. Therefore, one of the main ideas behind RiskPlanner was the desire to develop a tool and solution that would include complex risk management of the sales process: the assessment of risk and financial condition of individual business partners and the entire customer portfolio, the management of legal and logistics risks.

 

Driven by this idea, UAB “Idėjų valda” and research partner Kaunas University of Technology (KTU) have joined forces to develop a risk assessment and management model for sales processes, which, with the help of artificial intelligence (AI) and big business data management systems, helps companies to identify and manage the risks arising from the trade chain.

 

In this project, UAB “Idėjų valda” and KTU collaborated with DreamCubator, which created a solution that brings real benefits.

 

Solution.

RiskPlanner is a complex commercial risk management tool, which consists of assessing individual business partners and the entire customer portfolio, as well as legal and logistics risk management. This tool for managing business risk and financing challenges is built on the #1 CRM platform – Salesforce.

 

RiskPlanner’s uniqueness lies in using the internal data of the platform’s users to assess the creditworthiness of companies. Customer payment information from users’ internal accounting system is integrated into the platform. This provides a real-time assessment of the creditworthiness of companies.

 

There are algorithms based on AI and machine learning integrated into the RiskPlanner platform; they were developed in collaboration with KTU scientists. The algorithms aggregate the financial data of companies and internal payment data of all users of the platform and calculate a daily updated risk assessment of the customer. In this way, the platform’s customer receives a daily updated assessment of the creditworthiness of the business partner: the risk assessment rating, the recommended credit limit, and the probability of the company’s insolvency.

 

In the section of legal risk management, there is an option to create purchase/sales contracts and upload all the necessary documents, while the VAT assessment algorithms will ensure that the 0% VAT rate is applied correctly. In the section of logistics risk management, there is an option to integrate order data and track cargo in real-time.

Results.

The RiskPlanner solution brings the following benefits to the company:

 

  • Access to additional capital. Financing goods on transit through the RiskPlanner platform helps business earn the difference between the average return on working capital and the cost of financing.
  • Higher self-insurance limits. By using the RiskPlanner system, the cost for insurance limits queries can be optimized and credit limits can be increased.
  • New customers due to the simplified procedures of providing insurance. By using the RiskPlanner platform, the sales manager will know immediately whether a lead will be approved for an insurance limit. This will help in negotiating the terms and conditions of the sale with the customer.
  • Debt portfolio management. Portfolio management is a necessary process in every business.

 

By using RiskPlanner, the following steps are automatized:

 

  • Annual portfolio assessment (information gathering, assessment, and rating of each customer’s financial condition, assessment, and rating of payment history, portfolio assessment)
  • Portfolio management (assessment and rating of payment history, portfolio assessment)
  • Assessing new companies
  • Monitoring

Testimonial

“We are delighted to have chosen DreamCubator as our partner in the development of a complex risk management solution. From the very beginning, DreamCubator’s team perfectly understood what we wanted and helped us to implement it qualitatively in the Salesforce system.”
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Inga Kudrevičiūtė, Project Manager at RiskPlanner

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