To run a successful business, you need to understand your customers. If you could see the details of their spending, turnover, management changes, and more, you’d have a business advantage.
The first choice for precise, standardized information on private companies and corporate structures is Bureau van Dijk, a Moody’s Analytics company. The company specializes in private data, and the tools to search and analyze it.
Founded in 1991, Bureau van Dijk is committed to delivering the richest, most reliable private company information on the market, says its CMO, Louise Green.
A Surefire Industry Leader
Bureau van Dijk’s Orbis is the world’s most powerful, comparable data resource on private companies, with information on around 300 million companies across all countries. Standardized data is presented in customizable dashboards, to ensure that suppliers can interpret it quickly and work more efficiently.
The company has over 160 information providers, including regulatory and other sources. Clients can sort the data using Bureau van Dijk’s customizable software.
Procurement Trends and Challenges
Procurement used to be a cost-focused function, with the main aim of getting a good deal from your suppliers. Now, procurement is also focused on risk management. Supply chain management regulations and the Modern Slavery Act are a good indication of how procurement is changing. An organization is now ultimately responsible for the behavior of its suppliers.
So, one of the biggest challenges in the industry is to not fall foul of the regulations whilst trying to negotiate a good deal. To overcome this challenge, an organization should understand who their suppliers are, as they can’t manage risk until they know who they’re buying from. They should also have enablers, like technology and data, in place to support their procurement processes.
Data and Analytics Software for Procurement Specialists
Bureau van Dijk products most often used by procurement specialists across the globe are:
Orbis: the world’s most powerful comparable data resource on private companies. Rather than just providing information Bureau van Dijk standardizes it so that it can be globally compared and understood. Orbis provides an enormous depth of information which customers can search and filter to find what they are looking for.
Procurement Catalyst: is a tool designed to help customers manage their supplier risk.
The solution has some astonishing features like group spend analytics, which shows you when you are buying from multiple companies in the same group, and supplier dependency, which shows your spend as a percentage of each supplier’s turnover.
By using Procurement Catalyst you can see the distribution of your supplier base by location, size or financials. This makes it easier to check that you have a balanced set of suppliers. It also helps you to spot any supplier risks. You can also keep up with adverse news, changes in ownership, financial weakness and changes in management, and screen suppliers against sanction lists.
In summary, Bureau van Dijk can help you to better use your corporate spending power, assess and monitor financial health, source and benchmark alternative suppliers and manage reputational risk.
Adding Value to Supplier Data
Bureau van Dijk brings supplier data to life through customizable dashboards that deliver robust market intelligence, as well as spend and risk reports. Procurement Catalyst is a powerful business information tool that gives you a more transparent view of your suppliers – both existing and potential.
Financial strength metrics are provided with the theory behind the recommendation. Predictive indicators and projected financials also help procurement specialists to assess a company’s financial strength.
Best Quality Data
In the coming years, Bureau van Dijk will continue to focus on building the best possible global database for companies, which they can use to achieve more success than ever before.