DUNS stands for Data Universal Numbering System, which assigns numbers to companies present in D&B’s database for identification. This means that each company enrolled with D&B gets a unique nine-digit number.
This number is also called a DUNS number. The unique number does not just give identity to the businesses, but also provides details like names, addresses, contact numbers, email addresses, etc.
Advantages of Having a DUNS Number
D&B’s data cloud contains millions of companies with their own DUNS number. This system was invented to create a link between businesses for better communication and collaboration in the marketplace. Let us see how it actually benefits the businesses:
- Business Prospects
As mentioned before, there are a plethora of companies in the D&B database. Among so many options, you can definitely find potential clients, suppliers, and partners. The platform allows you to scout for businesses that align with your interests, and you can also contact them.
- Brand Credibility
As much as you can see other businesses on this platform, they can scout you as well. This system opens you up to numerous opportunities to build and increase your brand’s credibility. By successfully working with businesses that are a part of this system, you can make your company look reliable.
- Cash Flow Management
With the help of a DUNS number, you can gain access to credit reports for any business linked to the cloud. This means you can analyse these reports, from the credit scores to the demographics. Such data can help you make better decisions with your credit data and, in turn, help you manage your company’s finances better.
- Brand Reputation
By becoming a part of D&B’s program with hundreds of millions of trusted companies, you instantly gain a good reputation. Moreover, you can further increase your reputation by getting good ratings and scores. Once you do that, you will become a trustworthy brand that businesses and customers can rely on.
- Loan Applications
Having a DUNS number can lead your business to better deals and contracts. Being in the system can make it easier to negotiate while getting loans or lines of credit. You can also prevent bad debt by using the credit files offered by D&B. Furthermore, paying on time can increase the credibility of your business.
How Do I Get a DUNS Number?
In order to get a DUNS number, you need to register your company on dun & bradstreet’s website and submit a few details. Some of these details include name, e-mail address, GSTIN number, PAN number, centre of operations, etc. Once you submit an application for a DUNS number, it will take up to 30 days to review and provide you your company DUNS number.
Conclusion
Getting a DUNS number will not only put you on the radar but also open your business up to a lot of possibilities. You can become a part of a large network and conduct business in a smarter and more efficient manner.
