BDO USA provides accounting and consulting services via 49 domestic offices. Its offerings include assurance, tax, financial advisory and consulting services to a wide range of publicly traded and privately held companies.
Challenge: Controlling data overload
While having seemingly limitless data might be a good problem to have, data without actionable insight is not. That’s the situation in which BDO found itself in the mid-2000s, when it reexamined how to rein-in the overwhelming amount of data at its disposal.
“We had so much information, but we didn’t know what to do with all of it,” says Laurence Goldberg, BDO’s National Director of Receivables Management. “We serve clients across the spectrum of industries in the United States, from small private companies to billion-dollar public and private organizations. We needed to develop a methodology to consistently use the data to identify credit insight regardless of business size and type.”
Solution: DNBi gives BDO leading-edge insight
The introduction of DNBi in 2004 proved the solution Goldberg and BDO were seeking, and the company became an early adopter. For the first time, the company could evaluate how it used its data and how to make it actionable. The switch to DNBi instantly set BDO apart from its industry peers.
Dun & Bradstreet worked with BDO to develop a methodology and modeling plan for evaluating credit insight relative to BDO’s business needs. A consistent approach to credit insight was paramount; Goldberg and his team effectively incorporated the system into BDO’s overall client acceptance approach. With support from Dun & Bradstreet, BDO built a new statistical model that combines DNBi’s scores, including PAYDEX and the Financial Stress Score. The model is now used for welcoming new commercial clients.
“I’m looking for objective data that can be provided to our offices across the country when they are onboarding new clients,” Goldberg says.
ROI: Creating customized scorecards, developing relationships
BDO continues to work with Dun & Bradstreet to derive actionable insight from Dun & Bradstreet products and services.
“For us it’s the ability to create customized scorecards that are unique to our business model,” says Goldberg. “We’ve refined it over the years, but I’ve had the benefit of some very talented support folks from Dun & Bradstreet.”
Through the relationship with Dun & Bradstreet, BDO continually assures a consistent and comprehensive approach to its credit insight management processes utilizing the DNBi solution. Dun & Bradstreet support staff further add value to DNBi by helping Goldberg’s team better understand and use the product to optimize BDO’s credit insight management performance.
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