Business Tip for Better 360: Take the URBA wheel for a spin
Growing a business while minimizing risk isn’t easy. The constant monitoring of new and existing suppliers can certainly lead to one (or many) sleepless nights. For many companies, active risk monitoring requires filtering through many data sources in an attempt to connect the dots and distill data into actionable insights. And then to keep doing it – over and over again.
If it sounds exhausting, that’s because it is. Jay Santos, Senior Technical Solutions Engineer at Coface North America explains the challenge, “One of the things we heard from customers is that their business didn’t need more data. Instead, they need tools that can help drive fast, accurate decision-making.”
Santos knows a thing or two about using data to drive decisions. With a background in computer science, he’s built a career helping companies and governments harness the power of data to drive decisions. “While business information data is nothing new, how we package and provide this information to customers certainly had room to evolve.”
Earlier this year, Coface North America launched a new product designed to bridge the gap between data and decisions with URBA360. The tool harnesses information from business reports, financials, economic briefs, public and unique data sets, and much more to provide a comprehensive view on risk available in an easy-to-understand graphic display. Because what’s the use of having all the data in the world at your figure tips if you don’t have a tool to harness the insights unique to your decision-making?
“The URBA360 wheel is an actionable tool, allowing the user not only to visualize the data but also to gain further insight on a business of interest so the user’s own interests are protected,” Santos said. “The wheel is the tip of the ‘data iceberg’ when assessing a company of interest, and URBA360 provides layers of due diligence, depending on data needs."
A 360-View on Risk
Score (Default Risk Assessment)
A score indicates the likelihood, over a 12-month period, that a company will meet its financial commitments, including counterparty obligations. This score is calculated based on various financial attributes such as stability, profitability, Coface payment history, claims, solvency ratios, and qualitative data, including the company’s business environment and management.
Coface’s credit opinions not only assist businesses in making informed decisions but also offer insights into any necessary credit terms or risk mitigation strategies to consider before entering into a contract. Our credit opinion represents a risk assessment of your business partners, expressed as a credit recommendation. This assessment draws on company details, financial stability, solvency, profitability, country-sector contextual risks, and Coface’s extensive payment history data. It also provides a recommended credit amount based on a customized risk evaluation, leveraging Coface’s expertise in risk analysis. It’s worth noting that Coface uses its own data to underwrite approximately $700 billion of risk, making it deeply invested in this opinion.
The financial ratio assesses a company’s performance based on factors like profitability, financial structure, and liquidity.
Late Payment Index
The late payment index rates a company based on its payment history with Coface-insured businesses. Companies are classified into one of three risk levels: “No negative experience,” “Some negative experience,” or “Considerable negative experience.”
Sector Risk and Country Risk Assessment
Coface evaluates companies against sector- and region-specific information, including market performance and political stability, using a globally applicable scoring method. This assessment helps determine the risk of investment in a particular country or within one of the 13 sectors, such as agri-food, automotive, chemical, construction, or energy. Coface updates this information quarterly.
Through URBA360, customers leverage a robust data network spanning 195 countries and a cutting-edge scoring system crafted by data scientists and risk experts.
“Unlike other tools, URBA360 is a one-stop-shop for all your risk monitoring needs,” Santos said. “Our monitoring feature allows customers to adopt a ‘set it and forget it’ process where we inform you of any changes across your portfolio.”
With URBA360, businesses can rest easy knowing Coface data and experts are connecting the dots so you don’t have to. Learn more about the power of Coface insights and take the URBA360 wheel for a spin with a free demo today.