Benefits of the ecosystem

Nordic Smart Government will define the requirements to an ecosystem with a service environment with multiple databased services made possible due to integrated digital solutions.

 

Standardisation enable data to be shared automatically

The ecosystem consists of public and private systems handling financial and economic data used by the SMEs in various ERP systems, which support their business administration such as transactions and reporting to government authorities, as well as access to financial information for counterparts.

The data is already in the SMEs ERP systems thus the aim is not to provide any governmental database. The focus is on creating coherence between systems for efficient use and reuse of data. This means that the digital systems and solutions must apply standardised interfaces (APIs), which make them able to share data automatically.

Real time data for reporting

The ecosystem provides (almost) real time, detailed, structured and historical data on demand, and thus serves the different needs for data in both business and government decisions. Data will be available real time and thus the ecosystem will facilitate the development of new data-based products and services that can create value for both public and private actors. This implies for example the possibility of real time VAT-reporting.

 

Benefits for SMEs

  • Reducing administrative burdens and saving time by automating financial processes and reporting
  • Transparent market and therefore increased trust in business partners
  • Data is available for insights and informed business decisions
  • Better competition and a more effective Nordic market – and thus a higher value creation in our region
  • Simplifying cross-border business via aligned standards
  • Easier credit validation – easier to be an entrepreneur

 

Benefits for authorities  

  • Improved data for more efficient government and administrative purposes, such as policy initiatives and automatic control
  • Improved transparency and tax auditing - easier to supervise and control 
  • Alignment of national digitalisation initiatives
  • Minimal document management

 

Benefits for financial institutions and other stakeholders

  • 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
  • Minimal document management
  • Less risk of fraud, better financial advice, analyses
  • Innovation, growth, product development, access to a Nordic market
  • Real-time data policy initiatives, impact measurements