A Decision Support System to Automate the Innovation Scoring Process in the Financial Sector
SOFIA is a Decision Support System (DSS) to Automate the Innovation Scoring Process in the Financial Sector.
SOFIA Innovation Scoring, developed by Renvis, is a Decision Support System (DSS) for Innovation Scoring, that:
- Integrates data from various sources and offers a unified, friendly UI for creating Innovation Scorecards and customizing Innovation Scoring Models.
- Guarantees data integrity and secure user access, so that it can be immediately part of an alternative evaluation process (Credit & Investment Scoring) beyond traditional banking criteria.
The implementation of the pilot will introduce to the market the new version of SOFIA (SOFIA 4.0), that adds the ability to provide suggestions based on existing, external and newly created datasets. This will create unique added value to data entered by the users and to the everyday usage of the software. SOFIA 4.0 will introduce the following innovations:
- An Innovation Scoring tool that is applicable on an international level and can be customized to meet any market needs.
- ML models stemming from financial banking transactions, consumer behaviors, and macro-economic company datasets.
- An alternative Scoring process for companies, irrespective of their size and stage.
The Innovation Scoring process is a relatively new form of evaluation for the Financial sector, that supplements the traditional banking credit and investment evaluation criteria.
The business pilot aims to achieve a widespread use of SOFIA, in order to introduce the Innovation Scoring process tool as a B2B solution for financing institutions. The pilot’s results (datasets, Innovation Scoring methodology and process) will create a baseline of resources to be communicated and introduced to the market.
It is planned to enrich the Datahub catalogue, create new Innovation Scoring processes based on Innovations Scoring Models, collect formally expressed interest and intention of using SOFIA for Innovation Scoring Process by Banking institutions, Companies that request funding, Private Foundations, Venture Capitals, etc.
EOSC will assist in communicating the pilot through newsletters campaigns, participation in events/webinars/seminars related to Innovation Scoring and the use of ML/AI into SaaS DSS.