IMPROVING FORECASTING BEYOND A COIN FLIP
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“ We are the ideal partner to help startups get off the ground : our wide industry knowledge , a large client base , deep industry knowledge , capital – all from a trusted global brand ”
— Paul Spronk , Head of ING Labs Singapore
According to Spronk , the team has a three-pillar strategy and works on :
• Greenfield ventures that create long-term impact for ING and its clients . These ventures and initiatives can go beyond banking business models in addressing client needs as the global trade ecosystem evolves .
• Venture partnerships with a clear client-driven platform strategy in mind . ING invests in partnerships with startup , scale-up and corporate partners , with the aim of developing multi-sided business ties and models with open architecture and governance structures that enable the bank to create value-added products and services clients .
• The roll-out of PACE , INGs innovation methodology that combines a lean startup , and agile way of working with design thinking . It offers tools that enable the bank to develop relevant solutions to internal and external problems .
IMPROVING FORECASTING BEYOND A COIN FLIP
With advances in new technologies such as AI and machine learning it has become possible to do things that were previously hard for the industry . For example , Spronk shares that the Singapore lab has developed a software venture called SoptAI , an AUTO-ML powered demand and cash flow forecasting system that optimises supply chain operations and financing .
“ Within the industry , the accuracy of forecasting can sometimes be as low as 50 %, the same as flipping a coin ,” he says , adding that “ with SoptAI , early proof points show that we are able to improve the accuracy with double digit
DECEMBER 2019