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What is a DataWash? 7 Reasons Why You Need One

CREDITORWATCH | 2 MIN READ

In a world that seems to be moving faster every day, it might feel harder to find the time to manage your customer database and perform due diligence. However, the further you fall behind, the more at risk your business may become from bad debtors.

For example, if a debtor has changed their ABN or didn’t provide one, then this could pose serious complications with credit management if they start defaulting on payments. If a customer or supplier only provided you with an ABN and not their ACN, this could affect a PPSR registration, potentially voiding it.

There is a solution: DataWash.

What is it?

A datawash takes a database and cleanses it by performing key tasks of data matching, data validation, data reconstruction and data standardisation. CreditorWatch’s DataWatch service enhances the databases by appending vital information from ASIC, ABR, AFSA, Australian courts, mercantile agents (debt collectors) and CreditorWatch to each record. As a result of choosing to perform a DataWash, your database will be updated, you can proactively identify risks and know the types of entities you are dealing with when conducting business.

Here are 7 specific reasons why you need a DataWash:

  1. Provides a clear and updated review of new and existing accounts
  2. Identifies missing ABN’s and ACN’s
  3. Prepares data for any possible new CRM/ ERP integrations and modifications
  4. Validates your customers’ credit status and highlights risks
  5. Meets Trade Credit Insurance requirements
  6. Documents due diligence on current customers
  7. Prepares files for PPSR lodgement or renewal

Essentially, a DataWash will save you time, money, stress and hassle. It is recommended that a DataWash should be conducted annually. Why not consider it as a spring clean for your database?

Now is the perfect time for a DataWash with the end of financial year upon us and the PPSR Renewal quickly approaching for January 2019. For more information about CreditorWatch’s DataWash service download our PDF. To get set up, enquire with your account manager today.

Additionally, view our ‘Benefits of DataWashing’ webinar.