Danish SMEs: Easy to get started with digital tools

Today, Danish SMEs are increasingly using digital services that can make their everyday lives significantly more straightforward. This is a positive trend because it can take a lot of effort and be an obstacle to growth and development if you, as an SME, must take care of everything that goes into running a business yourself. But it can be a challenge to find the right partners who can help you with everything from administration, finance, and sustainability to sales and marketing.

An unknown undergrowth of new digital tools

It is both easy and valuable to embark on digital tools, says most Danish SMEs in a brand new survey Norstat conducted for kompasbank. 56% of the 252 decision-makers surveyed believe that it is easy or very easy for the company to get started with digital tools, and 60% believe that it is easy to gain insight using digital tools.

However, most decision-makers in small and medium-sized companies primarily only know the more established digital players such as Dataløn, Dinero, and e-conomic and are often not aware that there is a whole undergrowth of lesser-known digital tools that can help SMEs with everything from A to Z.

"Danish companies are far ahead when it comes to digitization – even the smaller ones – and can see great value in digitizing and streamlining parts of operations and administration with external help. But, finding the right partners can also be an unmanageable jungle once payroll and invoicing are digitized. Here, we will help SMEs because it is expensive and difficult to miss the mark," says founder and CEO of kompasbank, Michael Hurup Andersen.

The majority of the companies who participated in the survey use digital solutions for payroll (91%), finance (80%), and invoicing (77%). In comparison, fewer use digital solutions for compliance/GDPR (44%) and sales (44%), according to the decision-makers surveyed.

If the company were to choose one new digital solution, most would point to purchasing a system for sale, followed by finance and compliance/GDPR.

kompasbank navigator can support growth and make everyday life easier

kompasbank navigator is a new digital B2B marketplace targeted at small and medium-sized enterprises. The platform provides an overview of and access to a wide range of digital solutions from companies that specialize in, for example, sales and marketing, payroll, time registration, law, or secure processing of data.

"You can see our new marketplace as a supermarket, where you can both find what you need and at the same time be introduced to a number of different suppliers who can digitize and streamline the company's operations and administration. At kompasbank, we want to help SMEs reach their full potential. We do this, among other things, by offering tailor-made financing solutions and banking products, but if we are to help them on their growth journey, we will also give them access to services and benefits that can lead them to the next phase in their development," says Michael Hurup Andersen from kompasbank.

Many Danish SMEs spend significant resources on administration and operations rather than the core tasks. More than four in 10 (42%) of decision-makers surveyed say that the company experiences problems with administrative tasks and the time they spend on them and more than one in four (26%) experience problems with project management and time tracking. In addition, more than one in three (34%) say they need help with data processing and new legislation in this area. 

More time and zero errors

MuteBox, which produces soundproof phone booths and meeting rooms for open-plan offices, is one of the companies that has been successful in digitizing and automating parts of their administration.

This applies, for example, to contracts with new customers. Previously, MuteBox's employees had to create, fill out, and send leases whenever they received an inquiry, and the customer then had to print, sign, and return the document. Now, a digital solution from Contractbook has automated the entire process, so MuteBox can focus on developing the business further.

"Contracts are neither my expertise nor my cup of tea, so I really enjoy having an automatic setup. Now we miss 0% of our agreements, save 80% of our time, and our contracts are 100% correct," says Christian Toft Bach, CMO and partner MuteBox.

Contractbook is one of the many digital services that you can access directly on kompasbank navigator – and if you create a free profile for navigator, you can get a 30% discount on the company's products.

About the survey

Between 13 and 26 April 2022, Norstat asked 252 decision-makers in Danish companies with between 5 and 250 employees.