Data is valuable. Engage the company registry and financial databases and be the first to harvest the results

This is a guest post by Sofie Mollerup Ladekær, Consultant at The Danish Business Authority. For the upcoming InsurTech hackathon, The Danish Business Authority provides free access to the entire database of Danish companies, complete with ownership, yearly balance sheets and other kinds of valuable data.

The Insurtech Hackathon will run from Friday, September 29th until Sunday, October 1st . The Danish Business Authority will provide all participants the possibility to use the Danish Company Registry Database as a flavor or main ingredient in the ultimate remix of data driven fintech solutions.

What data are available? Amongst other things, addresses for all companies. These can be combined with other open data to map the GPS-coordinates of companies in your local area. How is it that relevant? Well, if you want to open a Café or an auto-repair shop, placement is the key to your success. You will need to know the distance to competitors and partners. The data can help you to make the right decisions.

What about to human resources? Well, there are current employment data on all companies, and also a gallery of all persons who have ownership, are board members or CEOs of the different enterprises. Annual reports can be analyzed to identify if there is a relation between the people involved and the results the companies deliver.

“We want to provide everyone equal opportunity to use our data” — Sofie Mollerup Ladekær, Consultant at The Danish Business Authority.

One of the great things is that you don’t need ninja-level skills in databases to participate and have fun. The data sets are supplied in a variety of formats.

  • Limited samples of 20.000 companies with yearly balance sheets, and balance-sheet texts in Excel.
  • CSV files for the nerds.
  • Python drivers for MS SQL Server are supplied for the über-nerds.
  • MySQL database access to balance-sheet texts for those who fancy text mining.
  • SQL Server 2016 databases with the full dataset, indexed aggressively for blazing fast query times, available in sandbox mode. You’ll get your own database if you want, where you can play, learn and develop cool prototypes.

Future outlook

The value potential for Danish companies is enormous in using open public-sector data. Not only data from The Danish Business Authority, but also from other open datasets like the ones you can find on http://opendata.dk.

So what is stopping you from enabling the data? A brief overview of the available data shows a variety of different formats, like JSON, CSV, Excel, RESTs and SOAP APIs. Some of these can appear complex to the average employee in most companies. For this reason, there is an enormous demand for people who specialize in data analysis.

The data analyst’s role requires both business and IT knowledge, a combination that is rare today, but something that educational institutions are increasingly focusing on. Unlocking both open public-sector data and the data inside businesses will be key to survival for many SMEs going forward in an increasing digital and globalized world economy.

The future looks bright. Denmark is one of the most digitized countries in the world and provides high quality open public-sector data. We have the right tools and the opportunity to succeed. Let’s leverage that strength together going forward realizing the many potentials of data.

Happy hacking!

Sofie Mollerup Ladekær, Consultant
The Danish Business Authority