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A D-U-N-S Number is a unique nine-digit identifier assigned to businesses by Dun & Bradstreet (D&B). It is used to establish a business’s credit profile worldwide and is a recognized standard for business identification in global commerce. The D-U-N-S Number is often used by organizations and governments in evaluating the financial and operational aspects of a business partner.
Key Benefits
– Global Business Identifier: The D-U-N-S Number provides a unique nine-digit identifier for businesses globally. It is used extensively to establish a universal and standardized business indexing. This identifier helps in distinguishing companies clearly and maintaining corporate identity on an international scale.
– Credit Worthiness and Financial Health Verification: Companies often require a D-U-N-S Number to assess a business’s creditworthiness and financial reliability. This identification is crucial for businesses seeking partnerships, loans, or supplier contracts, as it provides valuable financial insights and enhances trust between business entities.
– Regulatory Compliance and Due Diligence: Having a D-U-N-S Number can streamline compliance with various local and international regulations. It supports due diligence processes by offering a standardized reference for assessing compliance aspects concerning business operations and governance.
– Facilitator of Access to Government Contracts and International Markets: Many government entities and international markets require vendors and partners to have a D-U-N-S Number. It serves as a prerequisite for participating in tenders and accessing lucrative market opportunities that require a verifiable business identity.
– Comprehensive Supplier and Partner Evaluation: The D-U-N-S Number enables businesses to perform thorough evaluations of potential suppliers and partners. Its use assists in retrieving comprehensive data and analysis reports, which facilitate informed decision-making in supplier and partner selection processes.
Related Terms
– Global Business Identifier: The D-U-N-S Number provides a unique nine-digit identifier for businesses globally. It is used extensively to establish a universal and standardized business indexing. This identifier helps in distinguishing companies clearly and maintaining corporate identity on an international scale.
– Credit Worthiness and Financial Health Verification: Companies often require a D-U-N-S Number to assess a business’s creditworthiness and financial reliability. This identification is crucial for businesses seeking partnerships, loans, or supplier contracts, as it provides valuable financial insights and enhances trust between business entities.
– Regulatory Compliance and Due Diligence: Having a D-U-N-S Number can streamline compliance with various local and international regulations. It supports due diligence processes by offering a standardized reference for assessing compliance aspects concerning business operations and governance.
– Facilitator of Access to Government Contracts and International Markets: Many government entities and international markets require vendors and partners to have a D-U-N-S Number. It serves as a prerequisite for participating in tenders and accessing lucrative market opportunities that require a verifiable business identity.
– Comprehensive Supplier and Partner Evaluation: The D-U-N-S Number enables businesses to perform thorough evaluations of potential suppliers and partners. Its use assists in retrieving comprehensive data and analysis reports, which facilitate informed decision-making in supplier and partner selection processes.
References
For further insights into these processes, explore Zycus’ dedicated resources related to Duns Number:
- The Procurement Rumble: Challenges with AI Agents Integration in Procurement
- 5 procurement levers to optimize manufacturing supply chain during a pandemic
- Counterintuitive strategies to navigate the recession: Part 3
- A CFO’s Guide to Procurement and Contract Management Benchmarking
- Revolutionize Procurement with Zycus Catalog Solution
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Master the UK Procurement Act 2023: Ensure Compliance & Drive Procurement Excellence
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