Guest blog: Data & insights to support UK SMEs through turbulent times

The world is experiencing an unprecedented and challenging situation, leaving businesses of all sizes facing an uncertain future. It’s likely that smaller businesses will feel the most impact and require the most support to survive the current environment. Small and medium enterprises (SMEs) make up 99% of the UK’s private businesses and keeping them afloat in turbulent times is a key priority for the UK economy and for wider society.

How data can help
Businesses need data to inform critical decisions, more so now than ever before. Data and analytics can help companies with both risk management and marketing activities, helping to protect and grow their business. Data can be used to find new customers, retain current ones, andassess exposure to risk using information such as credit scores to manage on-time payments and take decision on how much credit to extend.

Dun & Bradstreet has been working to identify ways to use our data and analytics to help as much as we can. Whether that be providing data science resources and information to government or commercial data to help small businesses.

Working in partnership
We’ve launched a new COVID-19 Business Impact Research Platform to provide government agencies with data, analytics and insights to help determine the full impact of the virus on the business communities. The platform provides critical information on the number of businesses by region, size and industry to enable the prioritisation of response efforts and funding support.  The platform is built on Dun & Bradstreet’s Data Cloud, containing comprehensive global information on more than 355 million businesses.

Support for small businesses
We have also pulled together a special data & analytics package to support small businesses through the next few months. D&B Business Essentials will be available for free for 90 days for small and medium businesses to help mitigate risk and restart growth. The package includes:

  •         Credit Information – to help companies monitor the credit rating of their own business and ratings on others businesses. This information is often used by lenders and business partners to inform funding decisions, and as a tool to identify risk.
  •         Smarter Sales – to gain access to critical data and analytics that can help sales teams make smarter decisions on how to prioritise their prospecting and retention efforts, and identify new customers to target to stimulate growth in a challenging market.

More data and information to support businesses is available at www.dnb.co.uk/coronvirus. Resources include webinars with experts from the World Economic Forum, The World Wide Web Foundation and Dun & Bradstreet’s in-house economics team, plus details about free health scans and articles with tips and advice on how companies can use their data, and third party data to navigate through the crisis.

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