Risk Assessment System for Vendor Customer Evaluation
Solution Overview
Problem
Vendors in modern transactions often lack direct interaction with customers, making it difficult to identify potential risks and challenges, such as customer satisfaction and legal issues, which can lead to monetary and legal difficulties.
Innovation Solution
A system and method using cognitive sentiment analysis and data analytics to assess the risk level of potential customers by analyzing social media activity, electronic communications, and reviews, comparing this data to the vendor's preferences and past transactions, and providing a visual representation of the risk level to help vendors make informed decisions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If vendors conduct transactions without direct customer contact, then transaction efficiency is improved, but risk identification capability deteriorates
Solution Approach 1:
The patent introduces a risk assessment system as an intermediary that analyzes customer data from multiple sources (social media, reviews, communications) to generate risk scores. This mediator enables vendors to assess customer risk without direct contact, resolving the contradiction by providing indirect risk detection capability while maintaining transaction efficiency.
Solution Approach 2:
The system performs preliminary risk assessment before transactions occur by analyzing customer data in advance. This preliminary action allows vendors to identify potential risks beforehand, maintaining both transaction efficiency and risk identification capability by preventing problematic transactions before they happen.
2Measurement precision
If vendors analyze customer data from multiple sources, then risk assessment accuracy is improved, but system complexity increases
Solution Approach 1:
The patent segments the risk assessment system into distinct modules: data collection from multiple sources, data processing and analysis, risk scoring, and reporting. This segmentation allows the system to handle complex multi-source data analysis while maintaining manageable system architecture and enabling independent optimization of each component.
Solution Approach 2:
The system employs a universal risk assessment framework that can process various types of customer data (social media, reviews, communications, transaction history) through a single integrated platform. This multi-functionality approach improves assessment accuracy across different data types while avoiding the complexity of multiple separate systems.
Data Source
AI summary
Embodiments for managing potential customers by one or more processors are described. An identification of a potential customer for a vendor is received. A risk level associated with the potential customer is determined based on customer data from at least one data source associated with the potential customer. A signal representative of the determined risk level associated with the potential customer is generated.