Software as a service solution for real-time and continuous operational risk control on business processes

The Spanish SME, founded in 2019, is run by a team that accumulates on average more than 7 years of experience developing innovative technology for risk management in different contexts, such as multi-cloud environments or Internet of Things (IoT) systems.

The complexity of construction, energy and transportation projects is rapidly increasing and companies currently waste millions of euros because of their lack of operational risk control. For instance, unexpected incidents generate documentation delivery delays and cause an unwanted impact in the form of budget overruns, global project delays and the unexpected use of extra resources (Figure 1). Similar problems happen related to contract management, maintenance activities, etc.

Available tools tend to focus on risk assessment and do not allow for continuous control. In other words, they cannot handle the 3 most important challenges: complexity, dynamism and urgency. In addition, they generally lack fundamental features such as predictive and artificial intelligence (AI)-based techniques.

The company has created the first software as a service (SaaS) cloud solution for continuous operational risk control, which is based on their unique algorithms and AI techniques. Its prime focus is to ease operational risk control in highly volatile and regulated environments, and provide the means to assess, optimize and monitor the status of the risks in real-time fashion by leveraging non-intrusive methods of collecting influential data. For instance, it has successfully been applied to control operational risks related to documentation management, including documentation preparation, revision and approval, and avoid delays and subsequent budget overruns.

The technological novelties that provide added value to the SaaS include novel software engine for the continuous control of risks over business processes, novel AI techniques to predict a business process execution and establish the level of risk, based on predictions, and novel time-aware visualizations to facilitate the control of risks as they evolve (Figure 2).

The priority domains of their SaaS include:

• The construction of critical infrastructures such as airports, railway infrastructures or fusion power plants

and

• Transportation (both in-land and aviation) such as in airports operations, where to control for instance the ground equipment risk to avoid flight delays.

Their solution also helps small subcontractors to manage risks related to documentation and certificates management, when they are required to upload documentation in multiple digital platforms.

The innovative character and the value of the technology is recognized by the European Commission through two grants for their contribution to two European-funded Horizon 2020 projects, where the company was selected as innovation leaders in digital tools for continuous risk control.

They are either looking for pre-seed or seed investors through new financial agreements, or large companies or SMEs from the construction, transportation and energy sectors willing to establish a license or commercial agreement with tech assistance to control their business processes performance and predict risks related their operations in real time.