A new business analytics tool on the eesti.ee portal is now freely available to all entrepreneurs

“Until now, the state has been collecting various data from entrepreneurs, but with this application the state is, for the first time, returning such a large amount of valuable information back to the entrepreneurs,” explained Sirli Heinsoo, Head of the Digital Economy Department at the Ministry of Economic Affairs and Communications.

She added that the application returns an analysis compiled from the company’s own submitted data, helping entrepreneurs assess their strengths and weaknesses and compare their company with others. “The more accurate the data submitted to the state, the more realistic the application’s picture of the company’s situation,” noted Marre Karu, Head of the Experimental Statistics Team at Statistics Estonia.

The application evaluates a company’s viability based on five indicators – solvency, efficiency, financial leverage, profitability, and labour productivity. This type of information has not previously been available in one place.

The application is particularly useful for small enterprises

According to Sirli Heinsoo, the index is a business analytics tool primarily aimed at small and medium-sized enterprises. “95% of Estonian companies have fewer than 10 employees. These entrepreneurs often focus on their core activity, while financial analysis is not their main priority,” she described. “The application serves as an assistant to entrepreneurs, enabling them to conduct data-based economic analysis while saving time and money. It is important to emphasise that the results are visible only to the company’s legal representative logging in on eesti.ee. No one else can see this data.”

“Although Estonia is known for being a place where it is easy to start a company, we need to pay more attention to keeping businesses alive. It is not only about starting a company, but also about developing it. The business viability index application helps guide companies more consciously in this process,” said Priit Kuuskme, Director of the Harju Entrepreneurship and Development Centre.

Kuuskme added that, if needed, entrepreneurs can also seek further advice from regional development centres, where they can get help interpreting financial data and finding the best opportunities to support their company’s growth.

The application is the first pilot of its kind, but additional value and new services can be developed in cooperation with the private sector. In the future, tools related to sustainability or ESG reporting could be added—areas where the private sector can contribute additional value.

Many partners have participated in the development of the business viability index, including the Harju Entrepreneurship and Development Centre, EVEA, Ülemiste City, the University of Tartu, Tallinn University, and Creditinfo. A 100 companies have taken part in testing the application.

The announcement was originally published by the Ministry of Economic Affairs and Communications

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