Use Reliable Data to Make Sure Information is Updated and Accurate
Have you ever heard the terms known unknowns or known knowns?
They are among four key concepts in the “Johari window,” a framework used in government and business that was originally created in the 1950s to help facilitate a better understanding of interpersonal relationships.
In the business world, known knowns – things we know we know – are easy to act on and are the foundation of our work lives. They’re what make up our to-do lists, based on our confirmed understanding about our business.
On the other hand, known unknowns – things we know we don’t know – are not as easy to resolve, but they too are a constant in business. Transforming known unknowns into known knowns helps inform our decision-making and guide our actions.
Here are some examples that illustrate known unknowns:
- This account could be huge. Why don’t we have more revenue coming from them?
- I spend too much time chasing invoices. Why are some vendors so slow in paying us?
- I am sure there are other people who influence purchasing. Who are they?
- This new account seems solid. Can I get it past finance approval and are their terms appropriate?
- I think my supply chain is reliable, but how do I stress-test it?
These are the types of questions that surface for business professionals every day. While we do our best to answer these questions and move forward with business decisions, what complicates the equation is that no business is static. People change roles; lawsuits are filed; businesses move, merge, and shut their doors; and financial circumstances change.
Just how rapidly those changes occur might surprise you. According to Dun & Bradstreet data, in the next 60 minutes:
- 193 business addresses will change
- 692 new businesses will launch
- 599 phone numbers will change or be disconnected
- 1,021 businesses will have a suit, lien, or judgment filed against them
- 90 companies will change their names
- 12 businesses will file for bankruptcy
With this much change happening all the time, how on earth can anyone keep up? It’s a challenge, and it negatively affects people across your organization. Marketing efficiency plummets. Sales misses targets. Finance makes bad decisions. Making sure your team has accurate and accessible enterprise data can be key to mitigating these unfavorable outcomes.
Dun & Bradstreet’s Live Business Identity can help. When a change to any of our 300 million-plus business records is detected from over 5,000 sources, Live Business Identity is updated, including firmographics and predictive indicators; we make 5 million such updates each day.
In fact, we might even help you shed light on your known unknowns. Imagine your team getting answers to some of these important questions. By using our data, your data is transformed into a living, breathing, constantly updated resource, allowing your teams to improve marketing ROI, increase sales efficiency, manage risk, and accelerate revenue.
Let us help turn your known unknowns into known knowns.