New Application Aims to Protect Businesses Against Credit Risk and Bad Debt

February 28, 2019

Squirro’s Augmented Intelligence-based application works with unstructured data to assess credit risk on an ongoing basis

Zurich, London, 28 February 2019 – Squirro has expanded its suite of augmented intelligence-based applications with the launch of Squirro Credit Risk, a new app that protects B2B organizations from bad debt by tracking any factor or event that could change credit risk.

Suitable for finance teams, account handlers, administrators and more, Squirro Credit Risk offers users a deeper understanding of credit risk across an entire client portfolio and enables much smarter and more informed decision making related to credit risk.

“Many businesses don’t bother to credit check their customers at all, and those that do so usually only do it when they first start working with that customer,” commented Miguel Rodriguez, Chief Sales Officer at Squirro. “But the truth is that credit risk changes all the time and with the Squirro Credit Risk application, users are notified about any changes as they happen, meaning they have real-time insight into each customer’s credit risk.”

There are many factors and events that can affect an organization’s credit rating and credit risk. These include a company’s quarterly earnings figures; management team changes; supply chain issues; changes in the broader political & economic landscape, and much more. Tracking all this and relating it to specific clients is something that is rarely done in most businesses, and furthermore, nearly all of this data is unstructured – news reports, earnings calls, customer social media updates, call notes or hold within premium external data – and is impossible for an organization to manage.

The Squirro Credit Risk application uses Augmented Intelligence to add structure to this data and automatically notifies users when such an event or catalyst takes place, either via email or through the fully customizable 360-degree client risk cockpit. This means that users know in real-time exactly when (and how) a customer’s credit risk changes and can then make credit risk decisions based on that status.

“Bad debt can be a significant problem for B2B businesses all over the world and it’s clear that a company’s credit risk can change in a moment,” continued Miguel Rodriguez. “Businesses need to protect themselves and Squirro Credit Risk is a highly effective way of doing so, empowering finance teams with the insight required to make smart decisions about credit risk.”