Sometimes a great idea and the motivation to carry it out are not enough to carry it on. Before their project comes true, many entrepreneurs have to answer an important question: How will I get started with this funding? First, it is considered to be the closest environment, that is to family and friends, but then to other types of investors, in order to make more money. In addition, other searches, such as the business office, suppliers, partners, clients, commercial advice, legal aid, etc.

And if all this could be done from one place? This single window is getting closer and closer with the combination of big data analytics and artificial intelligence (AA). "Data analytics and artificial intelligence will make it easier for banking entities to come up with different proposals, complete with tailor-made financial services, personalized diagnostics and recommendations that will help their clients grow and succeed in their businesses," said Banc Sabadell Technology director Enrique Solbes.

For his part, Miguel Ángel García Cabello is the director of accounts at Telefónica Empresas. García Cabello says: "Digital transformation has led banks, which have always been the first to adopt the most fragile technologies, to better understand the market and adapt their offer to the specific needs of each customer." In order to make these types of proposals, macroeconomic reporting, industry trends and other information, such as connections between different business groups or geo-referenced locations, are added to the data of entrepreneurs. The data is treated anonymously and embedded, always in accordance with privacy and confidentiality legislation, but nonetheless, there are many patterns that are widely available to customers.

Much more than data

On the surface, these are some of the useful things that data analytics can provide for an entrepreneur, who wants to move their project forward, or even for a company, to improve their existing business.

1. 'Geomarketing': Find these areas to locate the business, attract new consumers, or find "clones" of a new area, with the same consumer ability as today's customers.
2. Optimized Investment: Calculate in detail the expected results of different investments to select the option that predicts greater success, reducing risk.
3. Comply with legislation: Facilitate, mitigate and verify the automatic compliance with all the required rules, to start and continue the business.
4. New Providers and Partners: Build custom reports from a company relationship tree from a database. This allows it to be filtered according to the interests of the entrepreneur in the record time to find the most suitable suppliers and partners for the business.
5. Crime Prevention: By pointing out the above, knowing the full tree of an entity's relationships, the entrepreneur assures that these companies have no relationship with suppliers, partners or customers who are involved in irregularities or delinquent accounts, in order not to jeopardize the reputation of a company.

The power of networks

But before Artificial Intelligence and analytical tools make this data valuable, it is necessary to gather information, as it may be scattered in different places. In recent years, this connection has been facilitated, not only by fiber optic insertion, which optimizes bandwidth by streamlining data sharing, but also by the advent of next-generation networks, software-based and known for their English acronyms, SDN (software defined networks).

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