What is SOFIA Innovation Scoring?
SOFIA Innovation Scoring – (aka SOFIA) is a data-driven Decision Support System that aims to automate the Innovation Scoring process in the financial sector.
Through a pool of 139 specific innovation scoring factors and their classification matrix, SOFIA offers out-of-the-box 4 Innovation Scoring Models to measure Disruptive and Process Innovation.
First of all, it is a business intelligence tool that integrates data from various sources and offers a unified User Interface for creating Evaluation forms (Scorecards) and customizing Innovation Scoring Models.
Secondly, SOFIA guarantees dataset integrity and secure user access, so that it can be immediately part of an alternative evaluation process (Credit & Investment Scoring) beyond traditional banking criteria.
Consequently, SOFIA Innovation Scoring, as a model and data-based Decision Support System, is designed to support business or organizational decision-making activities. In addition, SOFIA is utilized by business managers and staff members, or individuals who interact with an organization, for a variety of purposes, with regard to the adjustment of the model.
Through secure and easy user-based access, SOFIA Innovation Scoring offers a unified and modern tool for evaluating Business Innovation. In addition, its bilingual (English/Greek) UI provides an innovative portal for data entry collaboration between Financial Institutions and Businesses. Also, SOFIA supports Scorecard Benchmarking. Machine Learning models process data to analyze historical trends, estimate Innovation Risk, and create custom Scoring models. SOFIA is also ready to work with third-party databases through REST API and gives access to an Innovation Scoring e-Learning wiki.
You can always find a fully integrated tutorial, that provides guided navigation to the users’ main tasks.
Why SOFIA Innovation Scoring?
RENVIS has developed SOFIA to facilitate access to funding, especially for SMEs and Startups, increase their bankability and act as an alternative/supplementary evaluation process for Credit & Investment Scoring, beyond traditional banking criteria.
A rather new evaluation method for the financial sector, it fills the gap of a complete Innovation Scoring software tool and can be used immediately by Banks, Funds, VCs, Evaluation Platforms, and Registries.
How it works
To begin with, financial institutions need the right tools to measure progress and success by assigning numerical values to Innovation Scoring factors and processes associated with a given project. By using SOFIA Innovation Scoring, they invite companies and collaborate with them to fill in relevant financial, organizational, strategic, and impact-related data. This is an important step to create the starting point for evaluating and monitoring Innovation. Based on this reference, the user can identify and outline an overview of strengths, opportunities, gaps, or weak areas, through company dashboards and indicators. Ultimately, SOFIA Innovation Scoring can even predict the Innovation score at an early stage with high accuracy.
In addition, tracking progress is an integral part of Innovation Scoring. Hence, SOFIA can provide valuable insights into facts revealed from data and assist in taking meaningful actions. Comparison of Scorecards and thresholds is also integrated to analyze performance over time or shortlist successful projects.
Finally, knowing how to get the most out of investments is similarly a fundamental step in Innovation Scoring. SOFIA allows organizations to identify the Innovation risk level of a company’s Innovation Scorecard. This way, data-driven insights turn into sound decisions that propel innovation forward, enable targeted investment and allow the development of unique financial products or services.
The Proof of Concept (PoC) that won the first prize in the Innovation Challenge of the competition hosted by the Hellenic Development Bank (HDB) in collaboration with Elevate Greece, HDB, and the National Documentation Center was the first step towards the realization of SOFIA Innovation Scoring.
Our participation in the EUHubs4Data experiment SOFIA 4.0, provided us with the opportunity to enrich our solution with Machine Learning features. Moreover, experienced partners like Teralab IMT, ITI Data Cycle Hub, AIR4S, and FundingBox, provided support to form the current version of SOFIA as a complete and market-ready solution.
Finally, our participation in EOSC DIH Business Pilots guarantees market expansion and dissemination of SOFIA.
Do you want to learn more?
In RENVIS we are very excited about developing an innovative and valuable tool for the Innovation Scoring process. If you want to learn more about SOFIA Innovation Scoring and our company’s solutions, contact us by completing the form on your right.
You can find here a version of this page in Greek.
Great things are coming!