Trust can take many forms, ranging from whether you can entrust someone with your money to if you believe a person is actually telling the truth about their capabilities. Negative experiences can also have a significant impact on trust. In the case of businesses in the UAE, trust issues can arise from common setbacks such as late payments or failure to meet contractual obligations.
Leroy Pinto, Head of Marketing, CRIF Gulf | Dun & Bradstreet, says that the best way to reduce reliance on trust when operating in the UAE and beyond is to ensure you have access to the business information that allows to make an informed decision.
Pinto uses the analogy of an iceberg. He says that many business decisions are based on what he refers to as “the tip of the iceberg,” without a deeper understanding of the true nature of a company, exposing the decision-maker to risk.
He says that CRIF Gulf | Dun & Bradstreet offers UAE companies reliable data that significantly reduces people’s reliance on trust and instinct.
If there is a breakdown or disruption in the supply chain that impacts your vendor; it will impact you and the customers.
Dun & Bradstreet (D&B) has close to 200 years of experience in risk analysis and the provision of reliable data and can answer many of the questions that reassure decision-makers before reaching a choice. UAE companies can use business information from CRIF Gulf to address concerns before they engage with a potential supplier, partner, or customer.
Information is also available on whether a business is compliant with regulatory frameworks, its UBO [ultimate beneficial owner], and its creditworthiness. “D&B can help to speed up the process of evaluating customers and, in particular new customers. You don’t want to take six or nine months to decide,” says Pinto.
“You will reduce your bad debts, and you will improve your days sales outstanding (DSO). In addition, data from multiple sources can provide information such as how a company might pay government entities on time. Still, it doesn’t pay smaller private companies until later or not at all - allowing you to plan the payment terms or decide to avoid them.”
A sound supply chain
Pinto says that supply chain disruption can be an issue in the UAE and cites the example of companies’ exposure to Chinese suppliers during the pandemic. “If there is a breakdown or disruption in the supply chain that impacts your vendor; it will impact you and the customers.” He says that D&B can help UAE businesses see the connections between suppliers and therefore reduce their reliance on a single supplier or avoid limiting themselves to just one market such as China or India.
Multiple large international organisations already employ D&B’s global data of more than 300 million businesses to streamline their decision-making processes. “A leading airline uses our marketing tool to identify suppliers or partners all around the world. They don’t want to waste time and resources reaching out manually. There are certain parameters in place on the database such as - a certain amount of revenue size, what the company’s capabilities are, who their key customers are and more. This helps them arrive at a shortlist efficiently,” he says.
In addition to reducing a business’s exposure to risk, D&B’s data and analysis can also help UAE companies expand into new markets.
“Your business can be visible throughout the world, and you can be part of the more than 300 million records. Data can help UAE businesses identify prospects, customers, partnerships and suppliers. You can use this to improve your business’ relationships and enhance your business’ performance through data,” says Pinto.
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