What is a DUNS Number, and how does it benefit your company?

The D&B D-U-N-S® Number is a globally recognised identification for businesses. It stands for Data Universal Numbering System, and is provided by Dun & Bradstreet, a company that holds commercial data, analytics, and insights about different businesses. D&B was established in 1841, and has been functioning in India since 1995.

A D-U-N-S® Number can benefit your company in several ways, be it a start-up or a well-established brand. It lends credibility to various types of data about a business. For example, D&B provides a Paydex Score to companies, which indicates their promptness in making payments. The Financial Stress Score predicts the possibility of a company’s failure over the next 12 months. The D&B Predictor Score foretells whether the company will cause financial issues like making transactions in an unlawful manner, concluding an operation without settling the finances, etc. for the next 12 months.

Let’s take a look at a few specifics on how a DUNS Number benefits your company.

1. Provides universal identification across businesses

The D&B D-U-N-S® Number is considered a standardised tool that helps build the credibility of your business. It is an indication that the company is thoroughly verified and validated by Dun & Bradstreet.

2. Credit Reports

One of the major benefits of having a DUNS Number is that you can establish your company’s credit score and credit file. It can be used by various prospective clients, suppliers, and vendors to analyse your business on the basis of different aspects such as financial stability, dependability, etc. A high credit score makes the company look more trustworthy and reflects positively on the capabilities of the company.

3. Easier to receive government grants and contracts

A significant amount of governments and government agencies regard the D-U-N-S® Number as primary identification. A company with a D-U-N-S® Number has an advantage when it comes to bidding on and receiving grants and contracts.

4. Increase in potential partners for business

A strong business credit file is an indication of the company’s standing, as it gives an accurate overview of the venture to lenders. From understanding the history of the company’s business to understanding its capacity and background, the D-U-N-S® Number also helps potential customers in getting the details about a company, and thus, making a decision.

5. Helps in the development of the business

Apart from verifying the company’s credentials and establishing the company’s credit report, the D-U-N-S® Number also helps make the processes easier and quicker. It is necessary to have a D-U-N-S® Number to upload apps on the Apple app store. It also facilitates faster approval of an SSL certificate.

If your business is small, getting a D-U-N-S® Number opens doors that elevate the status and credibility of your enterprise. If your business is big, then a D-U-N-S® Number is something that may be long overdue, and would give your business a competitive edge that it may have been missing.