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Why Is Having a D&B D-U-N-S® Number So Crucial for My Business?

Six Reasons Why Every Business Needs a D&B D-U-N-S® Number

Happy business ownerDun & Bradstreet is the global market leader in business credit reporting as well as the procurement of sales and marketing, risk management, and supply management information. D&B manages this information through the use of a nine digit identification sequence known as a D-U-N-S® number. The D-U-N-S®, which stands for Data Universal Numbering System, has become the standard for how businesses identify each other and manage their corporate relationships.

If you are starting a new business, obtaining a D&B D-U-N-S® number is one of the most important things you can do. This number works like a corporate version of an individual’s Social Security number, and it is critical for establishing your business’s credit and its identity. But, that’s not the only reason why your business needs this number. Here are six little known ways having a D&B D-U-N-S® number will help your business grow.

Information Consolidation

Over the course of running a business, your databases can become inundated with duplicate records or information that is no longer relevant. Having a D-U-N-S® number will help you consolidate your information so duplicates and non-relevant information can be eliminated.

Links Related Customer Accounts

When you have a D-U-N-S® number and your customers all have their own D-U-N-S® number, you can link related accounts to create a one customer spotlight. This helps streamline your customer data, and as a result, can improve your customer service capabilities.

Reduces Exposure to Risk

Obtaining the D-U-N-S® number of another business is crucial before entering any financial agreements, because researching the company using their D-U-N-S® number will provide you valuable information that could help reduce your exposure to high risk situations.

Increases Buying Power

When you have an account with D&B, you can link your suppliers using their D-U-N-S® numbers to form a supplier family tree. This will help you avoid duplicate suppliers, reduce costs, and leverage your business so it can have the strongest buying power possible.

Validates Your Business

Having a D-U-N-S® number makes it easy for your business to be validated by potential customers. When they look for your business in the D&B database using your nine-digit identification number, they will be able to verify your business credentials, which is very important if they are considering starting a trading relationship with your company.

 Ensures Your Data Integrity

When other companies use your D-U-N-S® number to validate your business or you use their D-U-N-S® number to validate theirs, you can be confident in the information being delivered to either party. D&B’s enterprise solutions ensure the integrity of all of its account holders through rigorous validation and authentication processes.

Dave Donovan

Author:

Dave Donovan has written extensively for the web with a primary focus on articles targeting finance and business.