Understanding small companies: Why you need data from official sources
Understanding the universe of small companies that exists is critical for most organisations – especially financial services firms. Core business functions like customer due diligence and credit risk checks rely on it.
Yet because the company data landscape is fractured, this makes it difficult to know what companies exist – and not all data sources allow you to make decisions with confidence.
To help you navigate through, this blog post outlines why the foundational company data you rely on to power critical business processes should come from official public sources.
Another advocate for the importance of official company data is Jose Plehn-Dujowich, Founder and CEO of BrightQuery, a company that has incorporated OpenCorporates’ data into their solution, who shares his perspective below. BrightQuery provides quarterly financials, monthly employment and payroll, and firmographics on over 200 million private and public companies around the world, accounting for over 1 billion employees, with a history going back to January 2010.
Problems that understanding the universe of small companies helps to solve
Visibility over small companies is important because of their central role in the global economy. “If you look at the majority of growth and economic activity, a disproportionately large amount is accounted for by small companies”, says Jose.