What is DataWashing?
CreditorWatch's DataWash provides a comprehensive review of a database, empowering businesses to easily validate information, identify risky customers and suppliers or perform due diligence on a database. DataWashing can be used by multiple departments such as finance, procurement, credit risk, accounts receivables, accounts payable, sales, and marketing.
Utilising large data-sets available through CreditorWatch's credit reporting platform, a DataWash cleanses your customer/supplier databases by performing the key tasks of data matching, data validation, data reconstruction and data standardisation.
Most significantly, the DataWash service enhances databases by appending vital information from ASIC, ABR, AFSA, Australian courts, mercantile agents and CreditorWatch to each record; then, provides a visually appealing, in-depth analysis on the enriched database (optional).
The cleansed and enhanced data is presented in a CSV ouput file alongside the original provided database, and can be used to easily cross reference or uploaded back into any system.
How can DataWashing assist with your credit management process?
- Provides a clear and updated review of new and existing accounts
- Identifies missing ABN’s and ACN’s
- Prepares data for any possible new CRM/ERP integrations and modifications
- Validates your customers’ credit status and highlights risks
- Meets Trade Credit Insurance requirements
- Documents due diligence on current customers
- Prepares files for PPSR lodgement or renewal
It is recommended that DataWashes are performed annually. The upcoming PPSR renewal in early 2019 makes this the perfect time to get your data in order.
For more information about the DataWash Service and to get set up, enquire with your account manager today.
The Benefits of Conducting a DataWash
- Know the types of entities you are dealing with when conducting business
- Proactively identify customer changes and possible risks
- Update and sync your database
DataWash Output and Analytics
The DataWash analysis is presented in a report and summarises the enhanced data to provide additional insights with powerful visuals for easy presentation.
Some key areas that are covered in the analysis are:
- Data clusters and segments within your database
- The data matching strategy to ASIC and ABR
- A snapshot of entities with adverse data present
- A breakdown of each adverse risk factor
- Segments that present significant adverse data
- Next steps that should be considered
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