Synopsis
GBS can be accessed by businesses on the Vayana Network platform where all merchant data is secured and confidential. It also serves as a point of reference for large corporates and financial institutions or lenders.
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The platform is open for all businesses and different parameters and benchmarks have been set based on the sizes of the companies.
Supply chain financing platform Vayana Network, in partnership with CRIF Solutions, on Monday introduced the Good Business Score (GBS), a tech based tool to help India’s MSMEs measure and manage their business health effectively. GBS is aimed to help MSMEs signal their worth to prospective business partners, stand apart from competition, and improve by understanding their own strengths and weaknesses. The score will also serve as a criterion for large corporates and lenders associating with MSME businesses.
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Mumbai: With more than 60 million micro, small and medium enterprises, the MSME sector is one of the largest contributors to India’s economy. However, measuring the success of these businesses has always been a challenge, with credit scores being one of the only available factors. In a first of its kind, Vayana Network, India’s largest Supply chain financing platform has collaborated with CRIF Solutions, leading provider of analytics, scoring and decision solutions, to introduce the Good Business Score (GBS), a tech based tool to help India’s MSMEs measure and manage their business health effectively. GBS will help MSMEs signal their worth to prospective business partners, stand apart from competition, and improve by understanding their own strengths and weaknesses. The score will also serve as a criterion for large corporates and lenders associating with MSME businesses.