There is no exact science to measure and mitigate risk. But with technology, one can build parameters that can reveal insights to optimize portfolio risk. Business risk is growing rapidly in all areas owing to digitalization, increasing security threats and regulatory issues. With the exponential increase in the volume of data, there is a need for platforms that would improve the compliance and risk management process. Artificial Intelligence (AI) is becoming life savior for organizations to augment the current risk and credit management process.
AI is slowly becoming vital for organizations dealing with complex data environment. The ability of machine learning models to analyze large amounts of data with more granularity improves analytical capabilities in risk management process.
Ziligence is an AI-driven product delivering risk-insights on private companies. It helps to uncover the risk parameters for the entire business ecosystem of companies that one is dealing with – including the association of its directors with other entities. The product also answers if a company has had any legal history that needs to be concerned about. It explores how well the company performs with respect to its peers in the industry, and so on. The goal of Ziligence is to provide actionable insights to help firms assess risks while dealing with private companies where information may not be easily available.
The Foundation of the Company
Ziligence has its roots in two key trends. First, the accelerated progress in AI technologies. Second, the democratization of information and knowledge at a much faster pace than ever. Estimates say that more than 90 percent of the information available today digitally was created in the past 4-5 years. Ziligence connects the dots between amultitude of disparate data sources using cutting-edge technology components.
The Brains Behind Ziligence
Mr. Manoj Madhusudanan, Co-Founder and Chief Executive Officer of Ziligence spearheads the company and the product that is focused on providing the highest quality risk insights on private companies in India by leveraging AI and automation. Prior to Ziligence, he was based in London working with Evalueserve, a global research and analytics firm. There, he had the opportunity to create a digital startup in the knowledge space, focused on on-demand business research. That gave him a ringside view of the evolution of information and analytics landscape.
Manoj felt that time is ripe for significant breakthroughs in the knowledge space via AI. That is when he happened to meet the co-founders of BIS Research, a fast-growing research firm focused on emerging technologies.Led by Faisal Ahmad, the young, enterprising CEO of BIS Research, this team had already started incubating ideas to create a disruptive technology product in the field of research and analytics. They had the ambition, a highly compelling seed of an idea, and a great team. Manoj decided to join hands with Faisal and team to take the idea further and help create Ziligence as we see it today.
Talking about the product, Manoj says, “We started with a product that is focused on providing the highest quality risk insights on private companies in India by leveraging AI and automation. Many banks and non-banking financial corporations (NBFCs) in India are battling rising bad loans. Ziligence provides a tailor-made solution to assess the risk involved in activities – from prospecting and approving the loans to managing the portfolio and chasing bad loans. As a procurement organization, if you are looking at assessing a potential supplier, Ziligence can help flag the risks effectively. If you are an investor looking at small businesses, Ziligence can help you know your target companies better. Soon, Ziligence plans to expand its footprint to companies in other geographies.”
The Challenges Faced by Ziligence
So far, it has been a great journey for Ziligence creating the product and getting initial market feedback. However, there are challenges Ziligence need to overcome to keep ahead of the curve. Data availability is still a challenge, especially in emerging markets, despite the information explosion in recent years. A lot of business data is still available only in disparate legacy systems. But that is changing fast. For example, in India, the pace of digitization has been accelerating, and that makes it possible to create meaningful insights by connecting the dots between all those data elements and other publicly available information.
Artificial Intelligence is a Game Changer
AI has been around for a long time, but the progress in the past few years has been simply mind-boggling.Machine learning is already getting pretty good at predicting behavior, and we can already see how it is used for influencing online shopping or whom you cast your vote to.
In future, the interaction between human and machine could be substantially different from how we engage today with computers and robots. We may not see them as machines, but probably as extensions of ourselves. For example, intelligent bots could make computing accessible to people who cannot read or write, thereby holding the potential to create significant positive social changes.
“Of course, all the current arguments on risks of AI need to be weighed, from privacy and security to reskilling of professionals, but my personal view is that AI will help us get a better tomorrow”, Manoj said on the potential of AI.
Looking into the Future
In the research and analytics industry, several firms still have ahuge dependence on manual processes. Unless they strike the right balance and invest in technology, they are likely to struggle to remain competitive.“We do see this already happening in many established firms in the research and analytics industry. The good news is that many firms are already making efforts to transform themselves”, Manoj says.
It is too early to predict how Ziligence will evolve in such a fast-changing landscape. However, the Ziligence team’s ambition is to build a product that can leverage signals and information from all possible sources to deliver the most accurate assessment of the risks of a company.