Data Amplified 2019: Standardised Data to Transform SME Analytics

Posted on October 23, 2019 by Editor

Over the past two days Data Amplified has heard a lot about the use of XBRL for standardisation within enterprises.

During the plenary Mr Xie Haibin, Deputy General Manager of Finance at PetroChina, presented on how standardised granular data has been beneficial for PetroChina. Xie demonstrated how using structured transactional data has been crucial for building better integration within the enterprise and more efficient business planning in light of the lessons learnt from valuable granular data.

But granular data can be effective on a small scale as well, as Data Amplified heard on Wednesday afternoon when Ms. Zhu Hua gave a rousing presentation of the innovative work Hubei Xiangyang Financial Services Alliance are doing with granular data for small and medium enterprise (SME) analytics.

Hubei Xiangyang have been using granular data on SMEs to help banks make credit decisions. Traditionally, it is difficult for SMEs to access financing. They are often disqualified due to indicators like asset trajectory and liquidity. Hwoever, SMEs bring their own strengths to the economy – not least job creation – and by recording these strengths through granular data collection SMEs can become more attractive investment opportunities to banks.

Every element of the business can be recorded and transmitted to banks through this system. From expenditure and revenue to shipment reports, insurance policies and production, the system creates a closed loop that mitigates the financial risks of loaning tot SMEs by providing detailed granular data.

SMEs also benefit from a range of integrated services made possible by structured data. Smart invoice recognition, data extraction, and connections with tax and customs authorities all help drive down costs for SMEs.

With 20,000 SMEs signing up to the platform so far, this is an interesting look at how granular data can be just as useful outside of complicated and massive enterprises such as PetroChina.

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