The main benefits of the ecosystems may be summed up as follows:
Benefits for SMEs
- Reducing administrative burdens and saving time by automating financial processes and reporting
- Transparent market and therefore increased trust in business partners
- Better competition and a more effective Nordic market – and thus a higher value creation in our region
- Simplifying cross-border business via aligned standards
Benefits for Government
- Improved data for more efficient government and administrative purposes, such as policy initiatives and automatic control
- Improved transparency and tax auditing
- Alignment of national digitalisation initiatives
Benefits for Partners
- Improved access to quality data for innovation and new data based services,
- Banks and insurance companies get access to updated financial data which facilitates credit processes and risk assessments
Results of previous phase of Nordic Smart Government
- Data model – data/information management and governance is elaborated.
- Security aspects are addressed and concluded manageable.
- A data warehouse based on standardised interface and detailed structured transaction data proves the possiblility of automatic aggregation of financial reports.
- The business case for B2B processes on financial information showsyearly benefits in the range of 250 to 270 billion NOK.
- More than 70 key stakeholders in the region were interviewed about the SmartGovernment vision on financial data. In general, the Nordic stakeholders believe in the vision, and find benefits greater than the possible risks.
- Business and application architecture is outlined.