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Poor data quality causing late payments
The company noticed that the files they were using as main source didn’t always contain accurate information. Moreover, the source only contained companies subject to VAT, so every other company and liberal professional had to be registered manually.
As a consequence of the poor data quality, a lot of invoices were returned to sender. There was also a lack of structural efforts to keep the database up to date. Corrections were often only made on explicit request of the customers, or when the invoices were returned to sender.
A structural data quality solution
Bisnode proposed a proactive data quality solution, starting with an initial cleaning of the customer database based on a comparison with the Spectron B2B reference file.
As an ongoing solution, the company now receives weekly signals not only about address changes but also about changes in legal status.
In order to reduce the time consuming manual data entry process, Bisnode also installed a tool behind all front office applications of the company. Whenever a customer needs to be registered into the system, front office employees can now directly search the company in Bisnode’s Spectron B2B reference file and integrate correct and complete data with just one mouse click.
Higher cash flow and more than 85% less manual data entry
Thanks to an improved data quality, the company now receives less invoices returned to sender. Therefore, payments are a lot quicker and more efficient, which is positively impacting the cashflow.
Before working with Bisnode, the company needed to do approximately 250 manual corrections per month, which they have been able to reduce by 55%. The creation of new customers in the system also has become a lot less time consuming. Thanks to the use of the tool in front office and call centers, the manual data entry requests have been reduced by 85%.