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Predictive Black offers transformational cash visibility, management and forecasting software that for the first time combines macro market and economic sector data with the client's financial data to create machine learning-based predictive forecasts. Thanks to its software services, the company's clients can automate the management and forecasting of cash and liquidity in real-time.
Predictive Black works with larger SMEs and enterprises to transform their cash management through best-in-class automation, visibility and control. As a cloud-based solution, implementation is low-effort and does not interrupt core financial systems. The innovative solution facilitates the use of artificial intelligence and machine learning to turn cash management into a strategic function contributing to the success of the business.
Predictive Black was established to leverage powerful data-driven technologies to help clients make better business decisions. For its team, that meant using both client's data, macro market and economic data in a way that utilizes machine learning to provide the most useful predictive forecast of their cash position.
According to Zitah McMillan, Co-Founder and CEO of Predictive Black, the team had spent 18 months building a comprehensive, market-leading Industry Analysis service which underpins its cash management software. She reveals that at present, there are over 3 billion points of data – a figure which is growing every day in the company's Industry Analysis, just for the UK. Further, Predictive Black is constantly reviewing and sourcing new data streams which it deems would give greater accuracy for the predictive forecasts.
Whilst this is her first fintech start-up, Zitah has been in financial services firstly as a regulator at the Financial Conduct Authority and then as the regional CEO of a European consumer and business lending company. She is well-known in the fintech space, appearing on numerous panels and webinars in the industry, and leads the market engagement for Predictive Black.
Zitah affirms that Predictive Black software was developed with a goal to learn, by utilizing machine learning and deep learning tools that constantly monitor and refine predictive forecasts. This enabled its clients to access and benefit from the technology and processes used by much larger firms, without the significant investment associated with those technologies.
Predictive Black makes the assimilation and aggregation of vast amounts of data not only practically possible but also in a very short span of time. Typically, these tasks would take weeks, if not months, to complete, but Predictive Black can achieve them in seconds. For clients this means that they have access to complex data that would otherwise be a time intensive and manual process to search for and utilize.
Zitah believes that basing a service in the cloud is also a huge leap forward, not only for service providers like Predictive Black but also for its clients. They would no longer need to download huge software packages and then maintain them. Instead, the service provider will look after the maintenance and improvements without any downside for the clients. Zitah assures that this will make things significantly easier for the end-user.
Predictive Black's approach to cash management and cash visibility is completely different from the other services on the market. Not only does it actually employ machine learning practices but also takes a sectoral-based approach. This means that the company's forecasts are based on the reality of what the business and the sector are experiencing, not just the wishful thinking or +5% on actuals type mindset of old.
Zitah admits that launching a machine learning predictive forecasting business in the middle of a global pandemic may not seem wise, especially on the economic front and it wasn't always an easy road. However, they saw this as the perfect time to test recalibrating algorithms in the face of challenge and adversity to ensure that Predictive Black was considering the right data and was capable of predicting sector forecasts with a high degree of accuracy.
"Some people want to see what's inside a cell formula and be able to manipulate it, which means not everyone wants to embrace the power of machine learning yet and that's ok," she explains.
In terms of working with clients, Predictive Black witnessed several companies retrenching and not wanting to bring on a new software solution whilst the future was so uncertain. However, working with clients to support them as the economy starts to rebound is a perfect time to deploy the service. Clients need low risk solutions to high-risk problems, and as the software is cloud-based and can live easily alongside a company's other systems, it minimizes both the time to usefulness and the pain of implementation. At the same time clients are considering how to maximize and benefit from the pending recovery. The pace of growth during a recovery will strain cash resources so managing and forecasting cash and liquidity remain a top priority.
Predictive Black won an Innovate UK funding grant for its distinguished and outstanding contributions – one of 900 companies to do so out of 8,500 applicants. This grant enabled the company to build Covid-19 based data into the outlook for each sector.
Predictive Black has also earned itself a spot in the Microsoft for Startups program and is a part of Treasury Management International's Innovation Labs. Besides, it has received FCA authorization and recently been nominated as one of the most influential tech companies of 2021
Zitah is confident that 2021 will see companies who have survived the last 12 months will start to pull through into the economic recovery phase and start planning for growth. At the same time, she is convinced that the Predictive Black software is perfectly placed to help support clients make that growth plan easier.
She reiterates that the company will continue to develop the service based on client feedback. Simultaneously the product development pipeline is brimming with potentially great ideas that align with the plans Predictive Black has for the future market. Zitah also anticipates that the adoption of Open Banking or similar sectors will continue and more services will hit the market.
