Everyone who works with data appreciates the importance of up-to-date and accurate data. Digital payment solutions more than anything else rely on it. It is a question of being able to trust data whether it covers customers, suppliers, business partners or society at large. The challenge is usually that this colossal amount of data needs to be structured, qualified, and validated. At Nets, the work with data is highly complex, among other things because of the involvement of so many different internal and external stakeholders. Elsebeth Gundersen Jensen, Product Owner Master Data Management, Data, IT at Nets is well-aware of this. She was therefore on the lookout for a data solution that, apart from delivering correct and up-to-date data, delivers the data exactly as users want it.
Need for correct data in real time
At Nets, it is about having sufficiently large volumes of company data so that every geographical(?) market is covered. In addition, each different data user has specific requirements regarding the level of detail they need. Each Nets department, such as finance, sales or marketing has specific data challenges that need addressing.
Another important aspect when working with data – in fact, it is almost as important as having enough quality data – is being able to access the data in a flexible and efficient way. Nets previously worked on a solution where they received a basic file with monthly updates. This meant, of course, that the work took place with a slight delay in terms of the data’s relevance. “We sometimes found that companies which appeared to be active had actually gone bankrupt. Moreover, we were unable to see any data for our Faroese, Finish or Norwegian customers,” continues Elsebeth Gundersen Jensen.
D&B data blocks implemented in just six months
In September 2022, Nets had finished defining exactly how it wanted to expand its existing data solution. In collaboration with Dun & Bradstreet’s consulting team, Nets decided that the D&B Direct+ solution would meet requirements combined with Dun & Bradstreet’s delivery concept, D&B Data Blocks. It’s a concept that can be compared to LEGO bricks, as the customer chooses how their data blocks should be composed in terms of content, delivery, target group, etc. The expansion was implemented, and only six months later, the new Block model was fully implemented, tested and up and running. “Both the consulting and implementation processes have gone completely smoothly. I’m impressed with our Dun & Bradstreet consultants, especially patience shown by Jesper Vojdeman, (Senior Solution Manager at Dun & Bradstreet Denmark and a consultant for Nets) and Mette Rønnow (Technical Implementation Consultant). There was a great deal that had to be studied and discussed before we could finally decide on a final requirements specification. This has been hugely valuable for the process and our current position. Not least in terms of Jesper’s ability to familiarise himself with our challenges and help provide a constructive and future-proof solution that we would all be happy with. It’s been a real partnership all the way,” says Elsebeth Gundersen Jensen.
Successful onboarding process
The above is in the final implementation phase in the Nordic region, and the next step is to test the solution for the DACH (Germany, Austria, Switzerland) area. “A test conducted on German customers showed impressive results, with a healthy success rate of up to 95% for search results by name and address. We’ve also carried out tests on the Baltic countries, which showed very good results,” says Jesper Vojdeman.
D&B Data Blocks includes a monitoring feature that sends messages in real time in the event of any data changes to one of the registered D-U-N-S® numbers (Data-Universal-Numbering-System). This saves Nets a lot of time with checks and research.
Nets has so far purchased three data blocks, but the solution is flexible and can be expanded or changed at any time. "We’ve assessed that it is particularly important for us to be able to see the full risk and potential of both existing as well as new potential customers. In this way, it becomes easier for us to segment and arrive at what we can specifically offer both short and long term,” says Elsebeth Gundersen Jensen. “With the D&B Data Block solution we’ve chosen, we can download customer data with precisely the level of detail we need. Of course, it might well change over time, but then we can quickly adapt the solution to the new requirement. Among other things, we can now provide our bankruptcy bot with updated data so that we’re constantly abreast of customers’ financial situation and can deliver this data to both finance and sales.” The D&B Data Blocks solution can also be combined with Dun & Bradstreet’s RUM (Records Under Management) concept, a commercial model that allows data to be received in the format appropriate to a given situation.
In the short term, Nets wants to expand the D&B Data Blocks solution. Longer term for Nets, Data Blocks’ scalable expansion potential will also include Nexi Group.
“The other business units in Nexi will be able to achieve an equally efficient, comprehensive, and user-friendly data solution – and in the long term, this will also give us in the Nordics a better insight into the companies in the 25 markets covered by Nexi. Of course, it usually makes a lot of sense for everyone to have a single data provider that covers their needs both locally and globally. Last, but not least, there are economies of scale associated with using the same solution throughout the organisation. I hope this will motivate the other Nexi branches to choose D&B Data Blocks,” concludes Elsebeth Gundersen Jensen.
Facts about Nets A/S
Nets A/S is a north European PayTech company that delivers digital payment solutions to companies and financial institutions. Since 2020, Nets has been part of the Italian Nexi Group, which was formed through the merger of Nexi, Nets and Sia, thus making it one of the biggest PayTech players in Europe. Nexi Group covers a total of 25 countries. Nets has more than 2,500 employees in Denmark, Norway, Sweden, Finland, and Estonia.