How to Mitigate the Effects of the Crisis Using Smart Data and Write New Success Stories

The world is grappling with a crisis, and numerous areas of economic life have been affected. We are facing demanding, entirely new situations that no one expected. The role of Bisnode in these extraordinary situations is to remain a true partner and assist companies in their daily operations, monitoring new and existing clients, identifying fraud, and understanding and seeking potential customers. Your role is to seek new opportunities in this situation and prepare for the „world after the epidemic”. You may be wondering how?

The coronavirus will permanently change our shopping habits.

Due to measures to prevent the spread of the coronavirus, experts predict growth in existing e-commerce platforms and the emergence of new, local service providers. The closure of national borders and measures requiring people to stay at home compel companies to digitalize, transform physical stores into online ones, and continue operating through both channels after the epidemic.

– We are gradually transitioning from shopping in physical stores to shopping online, and this habit will not disappear when the epidemic ends. This will have a very positive impact on the entire e-commerce sector – said Zhong Zhenshan, Vice President for Research of New Technologies at IDC.

A similar situation occurred during the crisis caused by SARS in 2002 and 2003, when Alibaba and JD.com saw significant growth. At the same time, new challenges arise for online stores: demand is increasing, reflected in the exponential growth of order numbers, while companies face staff shortages, causing delays in product delivery to end customers. Additionally, some factories are closed, and it is uncertain when they will resume operations, while border closures create uncertainties related to cross-border transport. This creates opportunities in the local environment, where you can find new business partners, staff, and products to include in your offerings.

How can you find support and enhance your global business with Bisnode’s analytical services and 210,800 online stores in 24 European countries? Bisnode offers subscription solutions that fully meet your needs with valuable data and advanced analytics. One of these is particularly relevant and welcome in these extraordinary times – it is smart prospecting for potential clients at the European level for e-commerce ecosystems (Smart Global Prospecting).

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It is crucial to know who we are dealing with.

Companies have unexpectedly found themselves in a difficult position due to business restrictions and loss of clients. How to respond to the situation? How to adapt to the challenges? How to seize opportunities in the new business environment? „Everything starts with verifying customers and suppliers, and continues with regular monitoring of existing business partners and competitors using predictive models”, emphasized Alja Stepišnik, a customer experience consultant at Bisnode in Slovenia, during a free webinar. At a seminar organized by Bisnode and the Chamber of Crafts and Entrepreneurship of Slovenia, participants learned why it is important to analyze and regularly monitor their customers and suppliers. Every day in the Southern Markets region, more than 200 business events occur that can significantly impact companies’ operations.

Credit ratings and the available archive of financial data and events are the best possible assistance in assessing companies’ readiness for current conditions and show the financial state of each company entering the economic crisis triggered by the epidemic. Of the most commonly used credit ratings calculated by Bisnode, the Dynamic Rating and Failure Score have the highest predictive value – these are dynamic categories that are calculated daily even in times of crisis based on all available data we receive from our primary sources.

We recommend that companies use Bisnode credit ratings in the following ways:

• Companies with lower credit ratings are more exposed to the risks posed by the economic crisis and therefore depend more on potential state aid.
• Companies with higher credit ratings (Dynamic Rating and Failure Score) are more likely to successfully continue their economic activity after the epidemic ends.
• Monitor the trends of stability, liquidity, and indebtedness of your business partners using balance sheet items and indicators in our online solutions.
• Frequently monitor news about your business partners that appear in media articles in Bisnode solutions that we add to our database daily.
   

Those who seek will find new business opportunities.

In this sudden and unexpected situation, we must look to the future. What can we do today for better business in the future, after the epidemic? Where can we find new customers when the epidemic ends? Where can we find a new, reliable supplier who will deliver a sufficient quantity of goods? Use this time to seek new business opportunities. Start market analysis.

1. Analyze current customers and use Bisnode solutions to find how many similar ones there are and who they are.
2. Define a potential customer: What do they buy/what products or services? How often do they decide to purchase? What is their purchasing power?
3. Define a potential supplier based on what you are buying, how often you decide to purchase, and what your purchasing power is.
4. Thoroughly study the competition: Who do similar entities, or so-called twins, do business with? In what ways are they better, and in what ways are they worse? What opportunities open up for us if a competitor ceases operations?

Bisnode’s practical online solutions help companies operate efficiently and worry-free, including seeking potential customers through the identification of twins or „Look-Alikes”.

Do not forget that to reduce risk, it is essential to verify both potential and existing clients.

Bisnode offers help and support to the Croatian economy.

Now that most Croatian companies are striving to reorganize their operations as quickly and efficiently as possible, we at Bisnode want to further assist in making these processes successful. We provide companies with support in continuing their operations and maintaining a healthy business environment with free licenses (available until June 30, 2020) for using risk management and credit information solutions in the region, which you can access anywhere and anytime. The Bisnode Mobile online solution allows insight into the operations of all entities in Croatia, Slovenia, Serbia, and Bosnia and Herzegovina.

In partnership with Dun & Bradstreet, we are trying, among other things, to monitor the global impact of the covid-19 virus on business. It is now crucial to early identify and understand all immediate risks that your customers or your supply chains will face. To this end, we have prepared a free D&B report on the risk and impact of the coronavirus on your customers or a report for better understanding the vulnerability of the supply chain. A global D&B report on key risk developments for 132 countries and a D&B report on country risk for Spain, Australia and India.

With free advice to clear answers.

We have supported the necessary processes of adaptation for companies and the entire economy in Croatia by informing about new opportunities, thus enabling companies to shape new ways of working required by the current situation. That is why we created Bisnode SOS Assistance, a service through which we provide quick and clear answers about the operations of your existing business partners and help you find new ones by providing you with information that is currently important for your company’s survival. Simply fill out the questionnaire at the link, enter the company details, and describe the challenge you are currently facing. You will receive the requested answers in the shortest possible time.

– The Neuromarketing Institute regularly uses Bisnode’s services in its operations. As an institution that values precision, timeliness, and quality of published data, it is of utmost importance for us to have a partner who can meet these conditions. Business Croatia is of great importance to us in the areas of marketing and intellectual property expertise, as well as in daily operations due to the large portfolio of addressees in the comprehensive database of Croatia and the region. For the Institute that conducts neuromarketing research for numerous companies/brands both within and outside Croatia, valuable data about existing and future/potential partners in their database is crucial. From a marketing perspective, they have an exceptional database segmented by manually selected and predefined criteria. I must also mention the exceptional professionalism, helpfulness, and flexibility of the entire sales team of Business Croatia. So far, we have not encountered any technical problems, but they have always enriched our offerings! Keep it up, as the future lies in highly adaptable companies that follow new technological and developmental trends with a flexible approach to clients, which is very important to us as entrepreneurs and scientists – said doc. dr. sc. Hedda Martina Šola, director of the Neuromarketing Institute.

Bisnode support is available anytime and anywhere.

Our goal is to remain true to our principles and preserve objectivity, which is why our analytical teams across Europe are determining what the consequences of this unexpected and unpredictable event will be in the coming months. We are simultaneously assessing short-term impacts using methodologies and approaches for exceptional situations and trying to predict the consequences of negative events on specific sectors in the market. Bisnode and D&B indicators are based on data and statistically proven methodologies. With solutions for monitoring and informing at both local and international levels, we provide the most current view of your business partners.

Together we will better identify and manage risk, mitigate damage, and plan for the future. Stay positive, take care of yourself and your loved ones, as well as your colleagues and employees. Opportunities will change. In the meantime, ensure you have insight into the payment discipline of business partners – based on past and current data.

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