Of course, you're doing everything you can to make the right decisions in your business and get the best possible results. But ask yourself this question:
"Are the companies I work with doing the same? How do I know?"
Requesting a credit report, but not only
You can only make the best business decisions when you are aware of the most relevant business information in real time. Therefore, a credit check should certainly not be ignored. But is a standard check enough? We don't think so.
To ensure that you are dealing with companies that are indeed financially sound, reliable, have minimal financial risk, and are making the right decisions, it's smarter to dive fully into the due diligence process. There are solutions that go far beyond a credit report, bringing your business into compliance and protecting your organization from negative outside influences. You can finally focus on growing your business!
A 360° view and irregularities in sight
Up-to-date, real-time knowledge about the companies you do business with is essential, but the Know Your Customer process goes far beyond just knowing who they are and what they do. It is equally important to know who your customers are doing business with: this is your second-level network. In addition, an overview of all irregularities can also indicate whether there are indications of fraud or any other problem that you would rather not deal with.
Making a well-founded decision is therefore only completely reliable with a 360° view. Furthermore, it is important that the first and second degree connections of a company are examined for unusual situations and irregularities, so that you can understand the extreme fluctuations in the company's financial figures.
However, all the information that is not mentioned in the company brochure, but that is essential to establish or maintain a collaboration, such as business operations, is equally important. Changes in management after a change in business form, or the takeover of bankrupt parts of another company, are crucial pieces of knowledge.
The impact of COVID-19
Due to the coronavirus crisis, another item was added last year.
"How does COVID-19 affect your new and existing customers?"
You need to know how the coronavirus crisis affects the company in question. Where you previously had full confidence in certain customers or suppliers, they have suddenly become much less stable or even experienced serious problems since the health crisis, with all the consequences that this implies. In addition, it can be even more difficult for new customers to get a clear picture of their business and prospects.
Positive results in the table
Of course, it's not nice to have only the risks in mind, but it's also helpful to have an overview of the positive outcomes and changes. The Graydon Network including XSeptions goes beyond the information in a traditional credit report. It also keeps you informed of the progress of your relationships, incorporating a series of scores and the Impact Score. The monitoring tool allows you to be informed of changes in real time. So you'll never be faced with surprises again.
