We ended the developing work in June 2024 and entered a phase where the final report is being drafted with summarizing conclusions and findings.
Ending the developing work – producing the final report
The final report will be handed over to our partner and co-financier in the late autumn of 2024. But while waiting for it, we can already share some overall results from the program and what we see as areas for continued co-creation, after the program has ended.
Key achievements
The NSG&B program has made significant progress in the field of digital business documents and automating cross-border transactions, developing a common Nordic financial vocabulary, and improving access to high-quality business data. The program’s key achievements include:
- Digital Cross-Border Transactions: Contributing in enabling businesses to fully automate their transactions within the Nordic region, reducing manual administration and operational costs.
- Nordic Vocabulary (semantic model) for Business Data: Facilitating easy comparisons and analyses of businesses across the Nordic region, supporting potential investors and business partners, and contributing to a more integrated and competitive market. The model can be reused for several future solutions like the Digital Company Wallet and is the basis for interoperability.
- Nordic Vocabulary (semantic model) for Financial Statements: Lowering the cost of financial information and enhancing transparency and competition across Nordic markets, benefiting market actors such as stock markets, equity markets, and M&A activities.
- API Solution for Business Data: Can be used for different purposes and be integrated by stakeholders so that an SME automatically can verify counterpart’s basic company information during order or invoicing process or if an upcoming business partner has a role in a company and can represent the business.
Perspectives for Future Cooperation
As the NSG&B program concludes, several focus areas emerge as possible for future development and collaboration. Therefore, organizations from NSG&B continue the co-creating in areas such as:
- Digital Business Documents: Enhancing the use of digital business documents to improve data quality and reduce administrative burdens on SMEs.
- Interoperability (Semantics): Advancing semantic frameworks to ensure data interoperability across the Nordic countries, aligning with EU standards.
- Collaboration with the EU on Interoperability: Maintaining and strengthening collaborations with the EU to ensure the insights and successes of the NSG&B program influence upcoming regulations. Advanced interoperability is in special focus.
Awaiting the final report - some final remarks
The collaborative efforts between public agencies and private sector partners have yielded substantial benefits, laying a solid foundation for continued innovation and growth in the Nordic region.
As the program concludes, we find it as crucial to build on the foundation created and expanding the scope to include emerging technologies and evolving regulatory demands.
The Nordic region is well-positioned to continue its leadership in creating a digitally integrated and sustainable business environment,
The program has laid a robust foundation for contributing to the 2030 strategy by Nordic Council of Ministers, by promoting green growth, knowledge, innovation, mobility, and digital integration. Automatic and digital cross-border trade and the development of a Nordic financial reporting vocabulary are key steps forward.
Central to this transformative initiative has been the collaboration among 21 government agencies and actors on the private market across the Nordic countries. This united effort drew on the strengths of the private sector, fostering public-private partnerships through pilot projects, strategic meetings, in-depth dialogues and generous knowledge sharing.
Spread the knowledge – webinar series in October
To spread information about what we have created in the program and share our knowledge, we are presenting five webinars in October. In the webinars, we will go through central topics, but also leave room for discussion and describe what might follow after the program ends.
By participating you have the chance to broaden your knowledge and engage in discussions on key topics like digital business documents, reliable Nordic business data, and simplified business startup.
More information about the webinars and how to sign up
Digital Transformation in the Nordic Business Region - Free Autumn Webinar Series
[Link to Bolagsverket website]
A big thanks to all our external stakeholders!
We extend our gratitude to all stakeholders who over the years have contributed very generously to this important work. Your support and input has been crucial and now serve as a solid foundation for continued efforts to create new value and a simpler, more efficient, and safer business environment for the 2 million small and medium-sized enterprises in the Nordic region.