The Ministry of SMEs and Startups will expand private data linkages and shift small business policy to a "real-time analysis" system.
The Ministry of SMEs and Startups (MSS) and Korea Credit Data said on the 26th that they signed a memorandum of understanding to strengthen data-driven administration for small businesses at Korea Credit Data's headquarters in Gangnam-gu, Seoul.
The agreement is a step to reflect small business management data in policy in real time. The Ministry of SMEs and Startups (MSS) plans to expand linkages with private data that hold sales and expense information through the management application (app) "Cash Note."
Until now, the Ministry of SMEs and Startups (MSS) has used national approved statistics such as the Small Business Survey and the Business Survey Index (BSI). However, there have been pointed out limitations in policy timeliness due to the time lag between surveys and releases, and in the scope of data available.
To solve these problems, the Ministry of SMEs and Startups (MSS) plans to promote collaboration with multiple institutions to integrate and build dispersed public and private data related to small businesses, so that small business policy can be advanced on a data basis.
First, it will work with the National Tax Service to secure precise financial data using tax data. The plan is to accurately identify types of small businesses, such as multiple business operators and side-business operators, and improve the efficiency of policy support.
In collaboration with private data corporations, including Korea Credit Data, it will analyze changes in neighborhood commercial districts and traditional markets in real time. Unlike public data, private data can be obtained immediately, making it highly useful for quickly identifying management conditions amid changes in the external environment.
The Ministry of SMEs and Startups (MSS) plans to expand the scope of collaboration going forward to strengthen the data foundation of small business statistics, and based on this, provide tailored policy guidance and improve support efficiency.
In addition, together with Korea Credit Data, it plans to announce in April the changes in sales of nearby small businesses following the BTS concert held at Gwanghwamun on the 21st. In the first half, it also plans to release statistics analyzing small business sales for the first quarter of this year.
Lee Byeong-gweon, the second vice minister of the Ministry of SMEs and Startups (MSS), said, "The national statistics on small businesses that the Ministry of SMEs and Startups (MSS) has released so far have limitations in identifying the current situation or policy effects when designing new policies," adding, "Including Korea Credit Data, with which we signed this memorandum of understanding, we plan to collaborate with various private institutions to share data, reduce the time lag, and use it for establishing and analyzing small business policies."