Finessence - examine your current and potential business partners in details(the added value of financial information)

To develop innovative and high-tech web application which will provide all relevant info on credit risk and financial situation of croatian legal entities in one place and in user-friendly format. As result, users' risk management procedures will be largely improved.

Financial information and information on credit rating are the key for sound operations of companies. The consequences of the recent financial crises that were caused by poor risk management and financial analysis are reflected in severe losses and bankruptcies. Adequate credit and financial analysis are particularly important in CRO as the corporations are highly leveraged. Furthermore, the strained liquidity is one of the CRO biggest problems as unpaid liabilities accelerate and create serious problems for CRO legal entities and CRO economy. The objective of this project is to develop innovative and high-tech web application which will provide all relevant information on credit risk and financial situation of CRO legal entities in one place and in user friendly format. Application will also ensure search and classification (ranking) of large database of CRO companies according to financial and other criteria as well as analysis and comparison of competitors and industries. In addition, web application will be excellent tool for selection of quality customers as well as exploring of growth opportunities into attractive industries. At present, there is no provider of financial and credit information on CRO companies in one place. Furthermore, current information providers enable the access to only limited information in which there is low value added. Information that will be used in application and from which the database will be created are mostly public and freely available. However, a lot of value is added to that information and because of that, users will be willing to pay for it. The main benefits for the subscribers will be the following: a) significant saving of time (all information in one place, high quality of information processing), b) improvement in risk management procedures (credit rating and credit limit will be integral part of the application), c) cost savings and optimisations (decrease in bad receivables, increase in productivity, benchmarking, KPI's establishment), d) enhancements in sales (efficient selection of quality clients), e) exploring of growth/acquisitions possibilities (selection of attractive industries, potential acquisition targets) and f) information available in: ENG and CRO languages as well as in different currencies. The added value of the web tool will be the following: 1. Innovative content - high-quality processing of large data base will ensure the content that cannot be found in one place, i.e. that is not present at all (e.g. rating, credit limit, financial analysis, qualitative information - managers, owners, payment morale); innovative creation of financial and other search criteria enables efficient and effective search; 2. IT - high-tech data entry, storing and processing of data will facilitate creation of quality database; innovative technology will be used in search engine, which will enable fast and effective search, simultaneously according to multiple criteria, conditions and years, as well as overview and classification (ranking) of information; by using state-of-the-art technologies, the efficient transfer of data into user friendly reports will be enabled; modern equipment will be used to support software; 3. Commercial segment - analysis of CRO and SLO (Service Level Objectives) market of financial data services providers and current/potential users; development and implementation of sales model adjusted to the needs and size of users (large/medium/small companies); contracts with subscribers; expansion to ex Yugoslavia and Western Balkan markets and as result of that generation of new working places, profit and references for project partners. Other goals of the project: * To increase efficiency of the economy through better use of human and capital resources; * To improve liquidity of the economy; * To enhance transparency of doing business and promote better economic climate; * To ease access of foreign companies and investors to CRO companies, and consequently to increase foreign direct investments; * Commercial, development and social effects, as profitable operations of this project will enable further investments, development and employment; * Penetration onto foreign markets through the transfer of technology and know-how; * To implement highly effective educative approach into application with immediate and context-based e-tutorial. Project will be divided into three phases. Preparatory phase contains the preparation of the Project Application. Execution phase is focused on market analysis of the CRO and SLO financial information (data) market, development of the content of the application (credit rating model, credit limit calculator, financial indicators, search criteria, etc.) and development of the IT System. Implementation phase will consist of data input and their processing, publishing, simulation and implementation of the adjustment procedures, statistical testing of the rating model, final testing of the system and promotion activities.
Project ID: 
6 283
Start date: 
Project Duration: 
Project costs: 
600 000.00€
Technological Area: 
Data Processing / Data Interchange, Middleware
Market Area: 
Other finance, insurance and real estate (including loan and mortgage companies)

Raising the productivity and competitiveness of European businesses through technology. Boosting national economies on the international market, and strengthening the basis for sustainable prosperity and employment.