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Psion Insights

Psion Advisor - Smarter Operational Management

Singapore
Market: Information and media, Consulting, Telecommunications, Financial services, Artificial Intelligence
Stage of the project: Prototype or product is ready

Date of last change: 15.05.2020
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Idea

Psion Advisor is a front-line digital advisor that uses automation, predictive analytics, decision support, reporting and monitoring to create a unified operational platform that drives operational execution, optimisation and resilience.

Current Status

Tech demonstrator developed
MVP under development for Pocket Advisor and Database
Expert online community in Beta on web

Problem or Opportunity

Existing operations, risk, issue and incident management systems are limited in providing insights, dynamic monitoring or facilitating a proactive response; these limitations are magnified by the following:

Key limitations are:

a. Data Silos – Current solutions rarely, if at all, connect, collate or correlate data in systems, e.g. risk profiles, controls, test results, issues & actions with other relevant internal or external datasets, e.g. HR performance data, anonymised insurance claims, financial service complaints.

b. Manual Overload – Systems generally require data to be manually collected, cleaned, enriched, analysed and reported, e.g. a risk manager talks to management, data is entered into a spreadsheet, risk/loss categories are added and post-approval the information is uploaded into a system which populates limited dashboards.

c. Limited Enabler – Risk expertise is dispersed across geography/organisation resulting in inadequate coverage and relies heavily on informal networks for notification of potential risks or issues; notification occurs typically after the event and is too late for proactive mitigation. Existing solutions do not help awareness, communication and dynamic interaction between line management (1st Line), risk experts (2nd line) and independent oversight (3rd line).

d. Static Response – Risk Taxonomies are typically static with periodic updates by risk experts analysing data. Risk Control Assessments are created offline, can take 2-3 months to complete and upload and are often only done 1 or 2 times per year, missing fundamental business/risk changes. The lack of effective management results in limited awareness of “true risk” resulting in ineffectual responses and mitigation for emerging risks.

e. Ineffective Monitoring – Key Risk Indicators (KRIs) are frequently manual, not fully understood or integrated into operations, have limited coverage, resource-intensive and issued post-event. Current systems do not address these issues or enable management to make preemptive or prompt decision and action. System limitations reinforce firefighting as a norm.

f. Existing tools are complex – Existing tools are focused on the creation of static databases with workflows. These databases are then connected to machine learning tools for analysis. The existing tech stack requires experts to manage and use them to identify insights. As a result, there is a disconnect from the source, identification and risk management which is with front line employees and those managing the tools in the 2nd line or back office. Complex tools in the wrong hands leads to firefighting and not proactive response.

Solution (product or service)

Psion Advisor

Digital advisor in front line employees pocket.

Focus on operational execution, optimisation and resilience

Psion Advisor is an operations, risk, issues and incident management solution that uses deep technology and big data. It delivers predictive insights, decision support and ensures proactive decisions, mitigation and remediation.

Psion Advisor incorporates a front-line digital assistant, automation, predictive analytics, decision support, reporting and monitoring into a unified suite of applications. The platform includes:

• Front line empowerment: integration with common communication channels for enhanced advice and faster reporting
• Categorisation services: Automated algorithmic matching of data and activities with risk taxonomies
• Dynamic decision support: machine learning derived recommendations and optimised risk mitigation
• Proactive monitoring: Key risk drivers and indicators collected across multiple channels to generate predictive insights
• Measurement of culture through built-in kudos identifying and awarding positive behaviours

Competitors

Similar products are centred around the creation of databases and adding analytics services.

Psion Advisor is focused on providing a digital operational advisor in the pocket of every front line employee.

Advantages or differentiators

Psion Advisor differentiators:

• Reduction in complexity for front line managers leading to increasing engagement and empowerment.
• Smart deep tech driven operational brain with an API first approach to existing infrastructure integration
• Cross-channel insights that identifies and monitors execution, risk, issue and incident drivers across the internal and external environment
• Data Activation and Openness: Easy integration of analytics data into the operational management ecosystem.
• Augment and extended existing technology investment with a deep tech PaaS

Market validation reveals competitor limitations include:

• Over complex
• Poor and expensive to customise
• Manual data entry and structuring
• Poor connectivity to other applications to collect and analyse all operational drivers
• Static identification, assessment and monitoring of risk
• Low value for front line business managers
• Data interconnection reinforced in silos
• Lack of consistency in application
• Information overload and difficult to understand

Money will be spent on

Product Design
Product Development
Cloud Infrastructure
Sales & Marketing
Customer Support
Legal

Team or Management

Incubation/Acceleration programs accomplishment

Member of IOT Tribe Deep Tech Accelerator Singapore
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