What is a DUNS Number?
The data universal numbering system, identifies businesses with nine-digit numbers. This number is assigned by Dun & Bradstreet (D&B), which generates a profile for each company in its database with its name, address, number of workers, and line of business.
DUNS numbers are widely used to identify companies in the United States. There are hundreds of millions of businesses worldwide that Dun & Bradstreet keeps up-to-date.
How does the DUNS Number Work?
As part of its business credit reporting system, Dun & Bradstreet created the data universal numbering system (DUNS) in 1963. Eventually, DUNS became the standard business identifier for federal electronic commerce in 1994.
Companies on this list include a wide range of industries, major corporations, small businesses, nonprofit organizations, and partnerships. This data is used by the U.S. federal government, the United Nations, and retailers such as Target (TGT).
A DUNS number provides information about a company, including its official title, name, financial data, trade name, payment history, and economic status. It also allows businesses to find potential customers, partners, or vendors by searching for information on other companies.
To be eligible for federal contracts, grants, and cooperative agreements, all vendors, grant recipients, and cooperative agreement applicants must have DUNS numbers.
DUNS registration is voluntary. Nonetheless, the identifier must apply for federal grants or other credit with a lender and bid on local, state, and government contracts. In addition, it facilitates the conduct of business with retailers and some foreign countries, as well as verifying the credibility of a business.
Who Needs a DUNS Number?
Is a DUNS number necessary for your business? Here are five scenarios to help answer that question:
- New Business: It is important to obtain a DUNS number when starting a new business.
- Build Credibility: DUNS numbers are vital to establishing credibility and building trust with potential clients.
- Obtain Financing: A DUNS number helps lenders assess your financial health if you’re looking for financing.
- Expand your Business: A DUNS number can provide access to resources to help you succeed and grow your business.
- Partnering Up: DUNS numbers help you stand out from the crowd when looking for potential business partners.
Why Your Business Needs a DUNS Number
Businesses can benefit from DUNS numbers in many ways. These four ways a DUNS number could help a small business:
Differentiates Businesses From Each Other
The DUNS number helps businesses differentiate themselves from their competitors by making it easier for potential customers to recognize them.
Enhances Credit Rating
Small businesses can build their credit ratings using a DUNS number by establishing their business as a legitimate entity.
Provides Access to Capital
DUNS numbers enable small businesses to access more financing options, including business loans and small business credit cards.
Assists in the Establishment of International Trade Partnerships
Through their DUNS number, small businesses can establish international trade partnerships, enabling them to reach a wider market and expand their services.
Get A More Comprehensive DUNS Data Alternative
Dun and Bradstreet is a great source of financial data throughout the world. However, CRM, Marketing, and Sales, D&B data are limited and diminutive. This is due to Dun and Bradstreet’s limited coverage of communication data.
Like D&B, BoldData also relies on local chambers of commerce and financial statements for its financial analysis. There’s more to it than that, though. We add 200+ additional data fields from other sources. Consequently, the coverage of financial data, websites, email addresses, mobile phone numbers, latitude/longitude, revenue, employee size, opening hours, geocodes, and import/export data that we can provide is greater. Last but not least, BoldData has DUNS numbers from all 300+ million companies worldwide.
If you want a more comprehensive D&B alternative, contact us to get a free quote!