Brazil is a country full of opportunities, that´s not big news.
Being the largest economy in Latin America and among the top 10th in the world with a population of more than 200 million people, it stands out when it comes to one of the places on the spot of foreign investors, corporations and even more Startups seeking for international expansion.
However, there is a tricky side which does those potential businesses to think twice before landing in the Carnival land. So there is a considerable risk surrounding the business landscape, not just because of the geographical complexity and its internal multi-cultural differences spread across its vast territory, but also the fear to get involved with corrupted businesses or persons.
The good news is that the Atlantic giant has been significantly evolving in the last decade to fix all that mess, introducing new policies and regulations such as the “Lei anticorrupção” (Anti-fraud´s law), that is intended to combat bribery between companies. Another initiative, the LGPD (GDPR – data privacy) that puts the right regulation on personal data usage for different kinds of transactions (commercials or not).
Doing a healthy and profitable business in Brazil means that your company needs to rightly measure the quality and security of all your relationships into your product or services life-cycle.
The other good news is that the use of technology is also emerging in the Brazilian mindset as the right way to get more efficiency, and when it comes to talking about big data, you can imagine what such big country has to offer.
There are several public (and mostly free) sources provided by the government, like criminal records, restrictive lists, sanctions, federal revenue, company registers at national or state level.
The access to platforms like upMiner, for example, enables to search at speed a massive amount of reliable and significant data about more than 40 million companies and organize it in a structured way. This technology is being used mainly from professionals in the areas of compliance, legal and human resources, helping to improve the decision process on KYC (know your customer) by spotting data that sometimes could be not easily identified by human eyes.
Challenging but feasible. Landing or expanding your business in a new country is always a tough decision, hard work. However, you have the right people on board, and if you use the right technology, the chances to become more competitive and be preferred by your clients are enormous!