Investigations 26/07/2021 19/10/2021

How Open Data Help Solve Main Business Problems

Open data have powerful potential for optimising business processes. This is again confirmed in the report by Info Sapiens and the Ministry of Digital Transformation of Ukraine. In the interviews respondents talked about their experience of working with data.

As a result, it was possible to formulate the main types of business problems in Ukraine and to understand how to solve them with open data.

Open data and services based on them help businesses avoid corruption risks, protect themselves from hostile takeovers and fraud, automate and improve business processes, get rid of bureaucracy. This conclusion was reached by the authors of the study.

What Business Tasks Do Open Data Solve?

Problem: companies fall victim to fraudsters and suffer losses

Solution: checking of potential counterparties.

Open data and services based on them simplify checking of risky counterparties. In particular, all Ukrainian banks already use open data to form their customers’ profiles for risk assessment. 94% of them use the YouControl system for this purpose. For example, for the ATB company the cooperation with YouControl saved more than 400 000 UAH.

Problem: companies fall victim to fraudsters and suffer reputational losses

Solution: minimisation of reputational losses by checking the structure of companies, their links. For example, with offshore companies that launder money or are subject to sanctions in some countries.

Reputational losses can be more significant than the financial ones. 88% of Ukrainian banks reported cases of refusal to open an account due to reputational risks.

Problem: companies fall victim to hostile takeovers

Solution: monitoring of changes in state registers.

YouControl users can receive notifications of registration changes, a legal status, the beginning of bankruptcy proceedings, the state of settlements with the budget, a ban on foreign economic activity, lawsuits.

For example, with the help of monitoring it was possible to prevent a hostile takeover of the company "Zhytomyrski lasoshchi".

Problem: people spend a lot of time and businesses – a lot of money on routine tasks

Solution: Automation of processes.

About 30% of the workload in 60% of professions can be automated with the help of open data.

For example, the Ukrainian Universal Exchange automates the process of completing a questionnaire on its procurement platform with the help of YouControl. Registration on the portal takes five times less time, requests processing is significantly accelerated.

The YouControl tool "Groups" allows users to systematise counterparties according to various criteria and to create a common database with colleagues and partners. In particular, to combine companies into groups "Customers", "Risky Companies", "Checked Companies", "Debtors" or others at your discretion. This saves time on future checking.

It is possible to find the most profitable customers and reliable partners, to learn "by sight" the leaders of any niche, to form a base of contacts for cooperation, to receive a maximum of data for the situation analysis and own growth with the tool "Market analysis". There is no need to analyse a market manually. It is enough to just select criteria and the system will generate a report.

The practical application of open data in business is in our and your hands. We help businesses avoid financial risks, and you help use open data tools to work in security and achieve success, agree?

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