It’s time to think different about your Contracting and Financial workflow...

Knowing your business partner is essential, especially when it comes to international markets. It is really important to know how reliable your business partner is, how their ownership structure and the whole business group is built up. Along these factors, further business opportunities may arise and also, many risks can be assessed in advance.

Data should be essential especially in international market expansion – photo: pixabay

Unfortunately, in this field Hungarian enterprises are not doing so good: In the online survey carried out by Bisnode Hungary Ltd. in March with 306 companies participating,

it was found that 54% of the respondents fly blind, i.e. they don’t have any information about the ownership structure and related companies belonging to their business partners, or they only have very little information.

It may sound weird but 25% of the participants confirmed that even though this information is available to them, they don’t use this when making their strategy. Only 20% of the respondents confirmed that they know their business partners well and they use this information for business planning.

Integrated data handling is crucial so that the management can have a full picture of the current situation of the company, the market possibilities and the development required.

Two-third of the respondents are present in foreign markets and for them, the biggest challenge is to identify the target groups of customers and acquire clients.

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