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Software as a service solution for real-time and continuous operational risk control on business processes

Resumen

Tipo:
Oferta Tecnológica
Referencia:
TOES20201021003
Publicado:
04/11/2020
Caducidad:
05/11/2021
Resumen:
A Spanish SME specialist in providing solutions for risk management, offers an artificial intelligence (AI)-based solution for real-time operational risk control in construction, energy and transportation sectors. Their software monitors business processes, predicts risks and automatically initiates mitigation actions. Their customers avoid delays and budget overruns and improve manager´s decision-making capacity. License, financial or commercial agreements with tech assistance are sought.

Details

Tittle:
Software as a service solution for real-time and continuous operational risk control on business processes
Summary:
A Spanish SME specialist in providing solutions for risk management, offers an artificial intelligence (AI)-based solution for real-time operational risk control in construction, energy and transportation sectors. Their software monitors business processes, predicts risks and automatically initiates mitigation actions. Their customers avoid delays and budget overruns and improve manager´s decision-making capacity. License, financial or commercial agreements with tech assistance are sought.
Description:
The Spanish SME, founded in 2019, is run by a team that accumulates on average more than 7 years of experience developing innovative technology for risk management in different contexts, such as multi-cloud environments or Internet of Things (IoT) systems.

The complexity of construction, energy and transportation projects is rapidly increasing and companies currently waste millions of euros because of their lack of operational risk control. For instance, unexpected incidents generate documentation delivery delays and cause an unwanted impact in the form of budget overruns, global project delays and the unexpected use of extra resources (Figure 1). Similar problems happen related to contract management, maintenance activities, etc.

Available tools tend to focus on risk assessment and do not allow for continuous control. In other words, they cannot handle the 3 most important challenges: complexity, dynamism and urgency. In addition, they generally lack fundamental features such as predictive and artificial intelligence (AI)-based techniques.

The company has created the first software as a service (SaaS) cloud solution for continuous operational risk control, which is based on their unique algorithms and AI techniques. Its prime focus is to ease operational risk control in highly volatile and regulated environments, and provide the means to assess, optimize and monitor the status of the risks in real-time fashion by leveraging non-intrusive methods of collecting influential data. For instance, it has successfully been applied to control operational risks related to documentation management, including documentation preparation, revision and approval, and avoid delays and subsequent budget overruns.

The technological novelties that provide added value to the SaaS include novel software engine for the continuous control of risks over business processes, novel AI techniques to predict a business process execution and establish the level of risk, based on predictions, and novel time-aware visualizations to facilitate the control of risks as they evolve (Figure 2).

The priority domains of their SaaS include:

· The construction of critical infrastructures such as airports, railway infrastructures or fusion power plants

and

· Transportation (both in-land and aviation) such as in airports operations, where to control for instance the ground equipment risk to avoid flight delays.

Their solution also helps small subcontractors to manage risks related to documentation and certificates management, when they are required to upload documentation in multiple digital platforms.

The innovative character and the value of the technology is recognized by the European Commission through two grants for their contribution to two European-funded Horizon 2020 projects, where the company was selected as innovation leaders in digital tools for continuous risk control.

They are either looking for pre-seed or seed investors through new financial agreements, or large companies or SMEs from the construction, transportation and energy sectors willing to establish a license or commercial agreement with tech assistance to control their business processes performance and predict risks related their operations in real time.
Advantages and Innovations:
The SaaS solution helps to avoid delays and budget overruns, controlling business processes performance and predicting risks related to operations in real time. It additionally allows enterprises to obtain accurate predictions and prospective results to inform decision-making related to engineers´ work prioritization, negotiation with providers and clients and to start mitigation actions when high risks are detected.

The technological novelties that provide added value to their solution are:

· Novel methodology and engine for the continuous control of risks over business processes, reducing the time reaction in business processes in front of unwanted incidents and potential risks.

· Novel AI techniques to predict a business process execution and establish the level of risk based on predictions, improving decision-making quality thanks to better accuracy on risk likelihood and impact prediction, and therefore better reliability offered by their system.

· Novel time-aware visualizations to facilitate the control of risks as they evolve, enhancing user awareness of risk status with respect to the observed process (Figure 2).

· Better negotiation capacity with providers and clients thanks to business intelligence provided by their solution.

· The solution is easy to use and requires no installation and minimal training.

Their technology goes beyond the existing ones. Alternative advanced risk control tools do not usually leverage predictive analytics and, when they do it, they are usually based on the generation of indicators from past activity, using simple linear regressions and bivariate correlations and not considering complex correlations and predictions as their SaaS does.
Stage of Development:
Already on the market
IPs:
Secret Know-how
CommeR Statunts Regarding IPR Status:
The SME has focused on research during its first year and a half, establishing the baseline for their solution and building the first contacts with clients. At present, they have already designed proprietary algorithms, but they have opted not to publish their ideas for the time being to maintain their trade advantage. They plan to protect their algorithms through patents once they receive the expected investment.

Partner sought

Type and Role of Partner Sought:
The company is interested in:

1) Commercial agreement with technical assistance and license agreement with:

· Medium and large construction, transportation and energy companies willing to reduce delays, budget overruns and control all their internal processes more efficiently.

· Small companies required to upload multiple documents in several different platforms by their contractors.

2) Financial agreement with investors specialized in pre-seed/seed. They are asking for 500K -Y-euro; and a 10% dilution.

Client

Type and Size of Client:
Industry SME <= 10
Already Engaged in Trans-National Cooperation:
Si
Languages Spoken:
English
Polish
Spanish

Keywords

Technology Keywords:
01003003 Artificial Intelligence (AI)
01004016 Gestión de análisis de riesgos
01003015 Gestión de conocimiento, gestión de procesos
01004012 Sistema de planificación de procesos
01003024 Tecnologías de la nube