Early Warning System: invoking data for business protection and growth
The stability and growth are tightly related both with the performance of the enterprise itself and the financial conditions of clients, partners, and suppliers. The financial technology startup Finpass has partnered with Swedbank Lithuania and developed Early Warning Systems (EWS) – the digital data-driven tool to monitor and highlight potential risks of financial conditions. EWS simplifies the way for enterprises to invoke data-based decisions in daily operations.
In most cases, companies evaluate financial statuses, risks of clients and suppliers before
signing agreements. However, unseen changes in the financial conditions of clients and partners usually result in unpaid invoices, supply disruptions, and heavy losses. Defaults, property seizures, and bankruptcies cost over € 200 million a year.
Gaudenis Milvydas, co-founder and chief product officer of Finpass says: “Early Warning
System aims to lower business risks related to previously untracked financial changes of
business partners. EWS monitors, analyses and summarizes information about each company based on 200 different features. In this light, EWS is helpful not just to prevent risks but also to unfold new business opportunities such as higher sales or more profitable operations”.
EWS developed by Finpass closely monitor credit score, other financial indicators, and their
changes. The credit score itself and its changes reflect the status of the client or partner entirely because they connect different indicators such as finances, number of employees, property seizures, depts to state, etc. Finpass users are promptly notified about changes, so business owners and leaders can make this tool the part of daily decisions making process.
EWS could be easily configured based on relevant indicators, also its monitoring sensitivity
can be set according to aims and risk tolerance.
Find out more www.finpass.eu