As a business owner, you must have heard about DUNS numbers. If not, then this blog is going to give you some insights on what exactly are DUNS numbers and how they can benefit your business. Whether you are a small or large organisation, take a look at the importance of this number to expand your business’ life. Keep reading to understand every bit of DUNS numbers.
What is a DUNS Number?
DUNS stands for Data Universal Numbering System, which is a nine-digit number issued by the global provider of analytical real-time data and insights, Dun & Bradstreet, to help businesses grow and take their establishments to the next level.
The purpose of a DUNS number is to establish the creditworthiness of any business. This system was launched in 1963 to standardise business data so that financial institutions and stakeholders could gain knowledge about your business in terms of credit and finance.
Apart from being a unique identifier for uniquely recognising your company in the world trade market, DUNS has become an essential aspect of business credit reporting.
Advantages of a DUNS Number
Here are a few advantages associated with the DUNS number that you should be aware of:
1- Universally Accepted: The business intelligence company – Dun & Bradstreet and its programming applications and interfaces, including the DUNS number, are recognised globally. Moreover, the DUNS number is also used as a standard in business reporting and identification worldwide.
2- Establish Business Credibility: DUNS number assists in portraying a firm corporate image and financial well-being to banks, stakeholders and potential prospects. Furthermore, it is an indicator that you intend to comply with rules and regulations. It also implies that your company is not afraid to make reports and statements public, which fosters honesty among viewers.
3- Allows your Business To Partner with the Government: Many national, multinational and foreign companies, as well as government institutions, demand DUNS number to submit any proposal. So, having a DUNS number enables potential partners and suppliers to conduct an assessment of a company and ensure its stability and legitimacy in all business aspects.
4- Makes you Eligible for Various Certifications: Many business certifications require a DUNS number. For instance, having a DUNS number boosts the process of obtaining an SSL (Secure Sockets Layer) certificate, which is a digital credential that authenticates your company’s website identity and enables an encrypted connection and communication.
How to Get a DUNS Number?
To get your business registered for obtaining a DUNS number is relatively easy and free. You can go on the official website, fill out the form, and you’ll receive your DUNS number in up to 30 days. They also have a fast-track service available, so you can get registered quickly, do business effectively, and grow exponentially.
To Sum Up
Keeping today’s unpredictable markets and economic conditions which are badly impacted due to the effects of COVID-19, it’s essential to stay ahead of competitors and form a solid financial position for your business. And obtaining a DUNS number is the first step in building so.