By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData Collective
  • Analytics
    AnalyticsShow More
    predictive analytics in dropshipping
    Predictive Analytics Helps New Dropshipping Businesses Thrive
    12 Min Read
    data-driven approach in healthcare
    The Importance of Data-Driven Approaches to Improving Healthcare in Rural Areas
    6 Min Read
    analytics for tax compliance
    Analytics Changes the Calculus of Business Tax Compliance
    8 Min Read
    big data analytics in gaming
    The Role of Big Data Analytics in Gaming
    10 Min Read
    analyst,women,looking,at,kpi,data,on,computer,screen
    Promising Benefits of Predictive Analytics in Asset Management
    11 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-23 SmartData Collective. All Rights Reserved.
Reading: 5 Ways Smart Use of Credit Data Can Save Businesses Money
Share
Notification Show More
Latest News
ai digital marketing tools
Top Five AI-Driven Digital Marketing Tools in 2023
Artificial Intelligence
ai-generated content
Is AI-Generated Content a Net Positive for Businesses?
Artificial Intelligence
predictive analytics in dropshipping
Predictive Analytics Helps New Dropshipping Businesses Thrive
Predictive Analytics
cloud data security in 2023
Top Tools for Your Cloud Data Security Stack in 2023
Cloud Computing
become a data scientist
Boosting Your Chances for Landing a Job as a Data Scientist
Jobs
Aa
SmartData Collective
Aa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Data Management > 5 Ways Smart Use of Credit Data Can Save Businesses Money
Data Management

5 Ways Smart Use of Credit Data Can Save Businesses Money

redflagalert
Last updated: 2014/12/18 at 9:09 AM
redflagalert
5 Min Read
Image
SHARE

ImageThere are an ever-expanding variety of ways in which big data and analytics of all kinds can save and make money for companies in a huge range of industries. But how exactly can seamless and straightforward access to comprehensively credit data save your business money?

Let’s take a closer look:

1 – Due diligence on supplier companies

ImageThere are an ever-expanding variety of ways in which big data and analytics of all kinds can save and make money for companies in a huge range of industries. But how exactly can seamless and straightforward access to comprehensively credit data save your business money?

More Read

database compliance guide

Four Strategies For Effective Database Compliance

Use this Strategic Approach to Maximize Your Data’s Value
5 Big Data Storage Solutions
AI Significantly Increases the Dangers of Social Media Hacking
Strategies to Make Better Profits for CPAs During Tax Season

Let’s take a closer look:

1 – Due diligence on supplier companies

Data relating to the financial and credit history of individual organisations can be invaluable to companies in the context of supplier relationships, whether they’re just being established or they’ve been in place for many years. To put it simply, having ready access to information on the credit situation of your business partners means you can be forewarned of potential issues and ready if they experience serious financial problems.

2 – Identifying target customers

Another important way in which access to credit information can be so useful for companies of all sizes is as a means of identifying target customers. Rather than waste your time trying to win the business of companies with poor credit histories and a record of financial mismanagement, your efforts and resources can be more firmly focussed on earning opportunities to work with more reputable and creditworthy operators.

3 – Knowing who you’re working with

From a business perspective and from the point of view of avoiding nasty surprises, credit data can be useful in providing valuable insights not just about companies but also about their directors. In short, having information on the credit history and financial dealings of key figures at potential partner organisations, as well as those businesses themselves, helps provide crucial peace of mind when the stakes are high for you as an operating partner.

4 – Understanding your cashflow options

For companies of any size, access to cash can be a matter of huge importance at certain key moments. In fact, there any number of circumstances in which access to funding can make the difference between living to fight another day or perishing altogether as a business. With this stark reality in mind it always helps businesses to be prepared and, from a director’s perspective, to be as fully informed of your company’s financing options as possible.

5 – Improving your credit scores

Improving your credit score as a business might not always feature high on a list of directorial or strategic priorities but there are good reasons why perhaps it ought to. Not the least of which is because improving your credit score opens up opportunities to save money on financing deals that might become attractive under a given set of circumstances. In short, the more positive your company’s credit profile is the more financial flexibility you’ll be able to find, with a reliable and thorough understanding of the data involved always likely to be crucial in supporting progress to that end.

Data and new ways of using it are driving all manner of enterprise innovations around the world and new solutions are changing the way that credit reports are understood and accessed. There is now so much more than can be gleaned and gained from credit records than has ever been the case before and businesses worldwide are beginning to wake up to the potential benefits.

redflagalert December 18, 2014
Share this Article
Facebook Twitter Pinterest LinkedIn
Share

Follow us on Facebook

Latest News

ai digital marketing tools
Top Five AI-Driven Digital Marketing Tools in 2023
Artificial Intelligence
ai-generated content
Is AI-Generated Content a Net Positive for Businesses?
Artificial Intelligence
predictive analytics in dropshipping
Predictive Analytics Helps New Dropshipping Businesses Thrive
Predictive Analytics
cloud data security in 2023
Top Tools for Your Cloud Data Security Stack in 2023
Cloud Computing

Stay Connected

1.2k Followers Like
33.7k Followers Follow
222 Followers Pin

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

[mc4wp_form id=”1616″]

You Might also Like

database compliance guide
Data Management

Four Strategies For Effective Database Compliance

8 Min Read
analyzing big data for its quality and value
Big Data

Use this Strategic Approach to Maximize Your Data’s Value

6 Min Read
Data Management

5 Big Data Storage Solutions

6 Min Read
AI leads to a new range of cybersecurity risks for social media users
Artificial Intelligence

AI Significantly Increases the Dangers of Social Media Hacking

11 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

ai is improving the safety of cars
From Bolts to Bots: How AI Is Fortifying the Automotive Industry
Artificial Intelligence
AI chatbots
AI Chatbots Can Help Retailers Convert Live Broadcast Viewers into Sales!
Chatbots

Quick Link

  • About
  • Contact
  • Privacy
Follow US

© 2008-23 SmartData Collective. All Rights Reserved.

Removed from reading list

Undo
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?