Verification of the contractor’s credibility, business risk management, checking links between companies and entrepreneurs, trade reports, customer monitoring – today we reveal the secrets, which is useful in the business information business. Get More Details About IT Companies here.
Words such as “contractor verification” bounce off the corridor walls of almost any IT company. “They bounce” because they speak against the wall of mentality. Until something happens in the business, someone colloquially speaking does not overtake us, someone does not pay on time, these words are only empty slogans that nobody devotes neither time nor attention. It’s a pity because there is one right answer to the question when to check an IT company: whenever we want to enter into cooperation with it in any way. Information costs, but lack of information costs more – we can lose not only financial liquidity but also the chance to attract new customers.
Benefits, or what I gain by checking the IT company
On the one hand, checking and subsequent monitoring of our business partners provides us with financial security, avoids discontinuities in payments or entering into cooperation with suspicious companies (so-called due diligence).
On the other hand, verification gives us a lot more. It allows us to monitor the market more accurately and gets to know the contractor better (who is who on the board, in which other companies do the IT company have shares, what other companies are registered at this address, are related companies indebted) – and this, in turn, speeds up our business decisions and makes them more effective. Also, knowing that a given entrepreneur has other companies in his portfolio, we can easily use this knowledge to attract new customers. After all, it is much easier to convince someone to your services or products once you have trusted us.
How it works in practice is described below.
Case studies who, how and why use economic information
Depending on the specific industry, the use of business information looks slightly different. Let’s list some examples from the lives of real users of the Przelekt.pl economic information platform, one of the most convenient and intuitive tools supporting self-verification available on the market:
Case study 1: Accounting office
He uses the platform to take care of both his clients’ interests and his own. On the one hand, it searches in the search engine window of the companies to which the documents relate – verifies the basic registration data, downloads original KRS copies and VAT status copies attached to IT company profiles to collect documentation securing the correctness of procedures. On the other hand, it also checks its clients – key people in companies, personal and capital connections and subsidiaries. In this way, it can also present its offer of services to related companies and reach subsidiaries directly through persons on management boards and by order.
Case study 2: Investor from the venture capitals industry
He regularly checks entrepreneurs who come to him with an offer to invest. Thanks to the graphics of data connections from the CEIDG and KRS registers, it can verify the connections of a given person in various companies in a few seconds. In this way, he learned, among others that the president of one of the companies he was keeping an eye on is also the owner of a competitive company. What’s more, all companies in which it invests, also add one button for automatic monitoring. Because he receives e-mail notifications about all registered changes of the observed companies (changes in the management board, the statute, etc.) he can be sure that nothing has been hidden from him. Thus, it increases the security of the money you invest.
Case study 3: Clothing store network
The network purchasing department checks the suppliers’ reliability on the platform and, depending on current needs, buys commercial reports or the financial statements regularly. The expansion department regularly verifies potential franchisees. At the same time, selected people in the company also monitor network competition – changes in registers, growth, shares, etc.
Case study 4: Debt collection company
It uses data collected from public registers to support the effectiveness of sales and enforcement processes. The sales department confirms on the platform the compliance and timeliness of its potential customer base (name, NIP, REGON and KRS numbers, registered office address, telephones and contact e-mails), and thanks to the section “Key persons” directly reaches the offer to decision-makers in companies. In turn, the enforcement department adds indebted companies to automatic monitoring to always be aware of whether a given debtor is setting up more companies or whether owners are not changing. This speeds up enforcement procedures considerably.
We will naturally find more examples. For example, owner supervision of local government units verifies commercial law companies daily for conflicts of interest, and insurance companies use economic information gathered in trade reports to make key business decisions faster and better tailor offers to insurance clients.