In a world where the trading environment is increasingly uncertain and information comes at us at an overwhelming rate, having accurate, reliable, and up-to-date business data can make all the difference in how well your business is protected.

Why businesses need data management

It’s one of the biggest problems facing businesses in the 21st century. Data is plentiful in the age of technology, but when it comes to the information we need it often takes more time than we’d like to spend to determine what’s useful to us and what’s not.However, grinding to get that clean and accurate data is vital in keeping your business safe from doing deals with unreliable companies.

With good data management regularly updating and correcting your customer database, having clean data allows you to gain reliable insights to assess business credit risk and identify your most high-risk customers. Ensuring you have the right details on your customers will also help in debt collection. You can likewise keep track of your customers’ payment behaviour more easily, helping you send timely reminders to your late and non-paying customers, and encourage them to pay you back faster.

Being diligent with your data management will not only empower you to make precise data-driven decisions but also take timely actions to mitigate credit risk sooner rather than later.

With data quality and sound credit risk management posing as one of the biggest issues for businesses today, having good data management is easier said than done. Luckily, there are steps you can take to help manage your company’s data without spending any more money, energy or time.

How to improve your data management

The first step you can take to make your business’s data management more efficient is to cleanse your customer database. Keeping dirty data – any information that is incorrect, inconsistent, outdated, or wrongly formatted – can and will result in detrimental, long-term outcomes for your business if you don’t address them soon enough.

So, what’s the best way to go about cleaning your data? Conduct a thorough health check of your business’s portfolio, of course.

A CreditorWatch Portfolio Health Check cleanses your data so you can work more efficiently, manage your credit risk better, and be in a stronger position from which to grow your business. It also provides your company with a fully comprehensive review of your customers, so you can better validate their data, remove and update any inaccurate or outdated information and identify high-risk businesses.

With access to CreditorWatch’s data sources in particular, you’ll be able to gain more accurate insights into your customers and their credit history, no matter the size of your business or database. In turn, our Portfolio Health Check ensures a more streamlined data matching, validation, reconstruction and standardisation process for your business, which adds context to your existing records and captures vital financial information from key institutions like the ATO, ASIC, ABR, AFSA and the Australian courts.

Once all your data is cleaned and collated, your Portfolio Health Check will be presented in an analysis that works seamlessly with your accounting or ERP software and allows you to make the most of your new and improved dataset.

For a service that helps you produce the highest quality of data, CreditorWatch is here to help you level up your database and keep credit risk off your hands for good. Contact us to get started today!