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.

The Vayana Good Business Score (GBS) is an accurate measure of current business health for MSMEs. The score is based on ongoing GST data, from which parameters like frequency, recency, value of actual transactions and business dependency across customers are derived. The score serves as a snapshot of an MSME's strengths, growth drivers, and areas of improvement. A good score can also serve as a certificate to attract new business leads. By measuring the score periodically, it can also become a diagnostic tool for making corrections and improvements. GBS can be accessed by businesses on the Vayana Network platform where all merchant data is secured and confidential.

GBS also serves as a point of reference for large corporates and financial institutions or lenders. For corporates, the GBS score will provide a real time pulse of the robustness of their MSME supply chain partners. Similarly, for financial institutions GBS works as an evaluation tool for getting an ongoing pulse of borrowers, helping them predict and reduce lending risks.

Speaking on the launch of Good Business Score, Mr.Parthasarathi Patnaik - Chief Risk Officer, Vayana Network said, 'Known as the backbone of the economy, the Indian MSME sector is a major source of employment also contributing to the country's GDP. For a sector this important, a looming challenge which exists is the lack of a measure which can gauge the success of MSMEs. We are happy to work with CRIF Solutions and further our efforts towards empowering the MSME sector, through a simple and powerful solution. At Vayana Network, we have always strived to work towards taking businesses to the next level - from micro to small, small to medium and medium to large, through our digital solutions. Through the Good Business Score, we aim to provide MSMEs with a tool that reflects the real picture of business health. This will enable better control and management of business operations, contributing to the larger cause of providing an environment of growth and stability for the MSME sector. With GBS, corporates and lenders too will now have a credible source to monitor and measure the health of supply chain partners or business loan borrowers.'

Mr. Atrideb Basu, Director Management Consulting for CRIF India said, 'Being in the business of developing credit scores and related reports, we are happy to work with Vayana Network and extend our expertise to help develop the Good Business Score. GBS is a much required tool for a sector like the MSME which is predominantly traditional in nature. This easy to use, tech enabled tool is the answer to a holistic view of a business that goes beyond one's credit rating.'