CoCredo and credit risk industry news

CoCredo's UK Open Data API Platform

• 02/07/2024
• Paul Atkinson

What Is Open Data? Definition & Benefits for UK Businesses

Open data refers to information that is freely available for anyone to access, use, and share without restrictions. Governments, public institutions, and organisations often publish this data. It encompasses a wide range of datasets, including those related to demographics, economics, transportation, health statistics, and more.

Open data is a valuable resource for businesses. By combining open datasets with credit insights and analytics, companies can gain a deeper understanding of markets, customer behaviour, and operational trends without making a heavy investment in data collection.

Why Open Data Matters for UK Businesses

Open data presents significant opportunities for companies of all sizes:

• Understand markets & customers – analyse trends, demographics, and behaviour patterns to drive strategy. 
• Improve decision-making – use real-world information to inform product development, risk assessment, and expansion planning. 
• Explore new sectors – identify opportunities in industries such as health, transport, energy, and finance. 
• Support innovation – integrate external data into analytics dashboards or credit tools to enhance insights. 

How Businesses Use Open Data in Practice

Many companies now leverage open data to improve competitiveness:

• Combining government economic statistics with internal performance metrics.
• Using transport and regional data to inform supply chain decisions.
• Applying public health data to understand sector trends relevant to business operations. 

With tools like CoCredo’s data dashboards and API integrations, businesses can integrate open data seamlessly into credit and risk analysis workflows.

Where to Find Open Data Resources

Common sources of open data include:

• Data.gov.uk – UK government open data portal covering diverse economic and social metrics.
• Transport for London (TfL) – live transport and planning data.
• NHS Health and Social Care Information Centre – Patient confidentiality limits access to health data, but it offers a good starting point for those seeking health statistics.
• EU Open Data Portal – Provides centralised access to a variety of data from EU institutions and other organisations, available for unrestricted use and reuse for any purpose.

Combining Open Data with CoCredo’s Credit Risk Insights

By enhancing credit and financial reports with open data, businesses can:

• Gain deeper insight into customer financial behaviour.
• Improve predictive risk models.
• Save time and cost through automated analysis.
• Reduce debtor days and enhance cash flow strategies.

Our Dashboard enables rapid access to build a comprehensive view of customers' financial behaviour.

Combining this information with our analytics, Open Data and API application empowers us to enhance your understanding of customers and uncover fresh, actionable insights.

These tools are designed to empower you to make decisions with precision, thereby reducing risk and ensuring superior outcomes for both you and your customers, instilling confidence in your decision-making process.  Rather than searching across numerous platforms and sifting through vast data tables, we have been able to integrate this industry-specific data directly into our reports.

Real-World Application: Pharmaceutical Sector

We’ve already begun integrating Open Data in the pharmaceutical industry, giving our customers a unique overview of pharmacy businesses. This includes NHS payment data, prescription trends, and financial behaviour—all accessible through our intuitive dashboard.

Conclusion: Open Data as a Strategic Asset

Open data is more than free information — it’s a strategic resource that empowers UK businesses to innovate, manage risk, and make data‑driven decisions. Whether you’re exploring new markets, enhancing credit analysis, or improving forecasting, integrating open data can drive growth and resilience.

Partner with CoCredo to Unlock the Power of Open Data

CoCredo is keen to collaborate with existing partners and explore new partnership opportunities to expand and enrich our open data sources.

Our cloud-based business intelligence platform provides the tools you need to analyse the companies you work with in depth. Gain a complete understanding of their financial performance, protect your business from fraud, and receive instant alerts on any significant developments or changes.

The CoCredo Dashboard delivers exclusive insights on millions of UK and international companies, combining market-leading data with our API-powered automated system for seamless integration and real-time monitoring.

Stay ahead of the competition and minimise financial risk by identifying, assessing, and managing potential issues before they escalate.

If you have data to share, suggestions for new sources, or are interested in collaborating, contact us today at 01494 790600 or email us.

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