Integrating Your Business Data
Many businesses intuitively understand the importance of focusing on customers. Research shows that high quality customer experiences often deliver improved financial metrics. To deliver these experiences, companies must embrace “customer obsession” as a strategy. This means that integration and collaboration are at the center of the company’s culture. The best way to accomplish this integration is through data. Thus, modern finance leaders are uniquely positioned to drive this initiative. In fact, finance leaders who take an active role in leading customer-focused initiatives are more likely to see positive financial returns, according to a recent Forrester study commissioned by Dun & Bradstreet.
Over 53% of finance leaders are already responsible for their organizations’ customer-focused initiatives. For customer obsession efforts to succeed, finance leaders need to collaborate and integrate data across the organization. The D-U-N-S Number is one key to accomplishing this.
The D-U-N-S Number Unlocks Truth & Meaning in Relationships
The need to understand business relationships has never been more important. Why is the D-U-N-S Number important to understanding these relationships? The D-U-N-S Number acts like a social insurance number that verifies the existence of a business and identifies, validates, and links information about the business.
The D-U-N-S Number consists of two distinct parts: the nine-digit, company identifier that used to identify an entity, and the data aggregator, which aggregates data around an entity. Thus, the D-U-N-S Number creates a holistic, single view of an entity. With this visibility, businesses can improve their opportunities for profitable growth, manage risk, and integrate their businesses.
As a finance leader, you can use the D-U-N-S to better understand and engage with prospects, customers, partners, and suppliers. In the age of the customer, companies need deep insights into both internal and external customer data.
Where the D-U-N-S Number Can Help Finance Teams
By leveraging the D-U-N-S Number, finance leaders can build a customer-obsessed operating model that tailors positive customer experiences with data. With a D-U-N-S Number, finance leaders can:
- Eliminate data silos
- Share financial insight with colleagues and peers
- Link disparate business relationship data
- Improve cash flow
- Efficiently allocate resources
- Share financial insights with colleagues and peers
- Reveal total opportunity & total risk
A D-U-N-S Number is important for finance teams because it creates a complete view of business relationships. This view is a competitive advantage in today’s customer-empowered world.