How verified is your data?

Real-Time Dynamic Data versus static in-house checks
Reducing and controlling areas of risk in the supply chain of a business is a key focus for all aspiring companies. However, it’s also a labour intensive and time-consuming process often involving reams of paperwork.

For small and medium-sized businesses, this risk mitigation process is often undertaken by the very people that need to be on the job, removing resource from the areas that matter and costing them money. For larger businesses, the process often means employing people specifically tasked to monitor and check for areas of potential weakness in order to identify and eliminate risk.

So, by outsourcing this process and streamlining it we estimate you can save £300 per time you have to collect, assess and monitor each subcontractor’s pre-qualification information. Using a data system with features like Name Matching may also help extract important data needed for different analyses of business processes.

For larger contractors with an average supply chain of 2,000, savings can therefore be as high as £600,000.

While those savings would appeal to any business they only apply if the qualifications of those in the supply chain are up to date. How then can you ensure that data remains relevant, employ someone whose sole job it is to check? Do it yourself? Or simply do nothing?

Worryingly, the latest report from Deloitte on UK third-party risk management revealed that 46.6% of the 500 companies it surveyed do not have any organizational initiatives to enhance maturity of contractual data to increase the understanding of their third parties.

A pro-active, cost-effective approach is therefore required; that’s where Dynamically Verified Data comes in.

This software not only assesses all subcontractors’ pre-qualification information to government and industry standards, but also carry out daily checks supplemented by financial monitoring from Company Watch, and check Companies House to ensure your supply chain is registered and their Directors are not disqualified.

The best part? It’ll alert you should anything be of concern and chase expired data so you can relax, safe in the knowledge that it’s proactively helping to minimize risk, we always make sure to work with best computer software systems (browse around this site to find more info).

We monitor financial stability through Company Watch and mark suppliers by putting a “consult” flag on their profile to inform buying organizations of the financial issue – so they can make up their own mind on the significance. This is because there are different sizes of contract and different levels of financial risk that need to be assessed.

Mike Wood Product & Innovation Director at Constructionline.

“We also inform buyers who have a supplier on their supply chain list when that supplier’s registration status changes, that could be going from “verified” to “updates required”.

“We also inform suppliers on a monthly basis of their data quality so they can monitor and maintain the data on their profile.”

Currently, Constructionline supports over 45,000 suppliers and 8,000 buyers all of whom are part of our Dynamically Verified Data network. So, if your company could benefit from our approach to data verification, check out the full range of products and services.