Many large organisations, institutions and companies maintain approved vendor lists. These lists determine which vendors their employees should use whenever they need to procure a wide range of products and services – such as data from external vendors like us.
Whether you call them master vendor lists, preferred vendor lists or approved data sources lists, they serve an important function: to ensure the data you use is high-quality and defensible – and that the most optimal and low-risk approval is made.
In this blog post, we will explain why OpenCorporates’ transparent data should be the first name on your approved vendor list if you’re looking to procure official company data.
7 key reasons to add OpenCorporates to your list
Below are 7 key reasons why OpenCorporates should be on your master vendor list:
- Trusted by major organisations already
Government agencies, financial institutions, “big four” consulting firms and some of the world’s largest multinationals – including global technology companies – already rely on our data at scale. As a result, it has been scrutinised and approved for use by their expert teams.
- Critical business processes rely on our data
Our data is widely used by companies as the foundation for risk profiling, onboarding and other risk management processes. These are essential business operations which expose companies to significant legal and reputational risk if they are based on inaccurate information. Millions of due diligence reports on third parties use OpenCorporates’ data to manage risk and uncover illicit activity.
- Official data with clear audit trails
We aim to be a faithful reflection of a country or state’s official company registry – which is why we only collect data from these sources, and also provide a line of sight back to them. We don’t manipulate data or layer opaque identifiers on top of it. This matters if you care about accuracy, quality and traceability back to the official source.
- Your organisation may already use our data
You may not realise it, but analysts in your organisation are probably some of the millions of people who already use OpenCorporates’ data via our website every month. We know our data is prolifically used in Know Your Customer, third party risk and supply chain risk processes – among others. By placing us on your preferred vendor list, you will bring consistency to the way your organisation uses our data. Importantly, this will allow you to use our data in a scalable way to power decision-making – such as through our API or Bulk Data.
- Defensible decision making
Company data should empower companies to make defensible decisions, and help them verify this data with an audit trail back to official sources. OpenCorporates’ data provides exactly that. Each record is clearly traceable with a line of sight back to the official company registry, with a date of showing when the data was collected.
- Time saving
Using OpenCorporates’ data can free up even more of your time because we have done the difficult task of collecting and standardising data from over 140 jurisdictions in one place. So you don’t have to do this difficult work, or deal with multiple vendors to collect the data – unless you want to. Relying on our data brings down your overheads and reduces your opportunity cost.
- Social impact
If your approved vendor list has criteria based on the corporate social responsibility of the organisation you’re looking to work with, then few could compare in terms of our positive social impact. As part of our mission to make company data open for all, we make all our data openly available on our website. Journalists and NGOs regularly rely on our API and Bulk Data to aid their investigations. Most recently, our data aided the Pandora Papers investigation, and investigations into the defrauding of Covid-related business support schemes in the UK and US.
It is obvious, then, that if you need to use company data then OpenCorporates should be at the top of your master vendor list. All that remains is to find out who in your organisation maintains this list – and send this blog to them!
You may also be interested in…
- Why KYC professionals rely on OpenCorporates
Read our blog on why OpenCorporates is widely used by KYC professionals.
- Don’t go it alone!
Find out how you can save time and effort by bringing in and using OpenCorporates’ data, rather than trying to collect the world’s company data by yourself.