Quality is a parameter that every individual or organization aims towards achieving. It is the most vital aspect before one starts a company so as to keep it running successfully. Companies that provide supreme products/services are the ones that grow organically.
Being vigilant at the very onset is crucial so that any discrepancies that may arise can be wiped out before they metamorphose into something damaging. All companies need to thoroughly verify their suppliers, vendors and dealers. These individuals are the very reasons consumers invest trust and faith into a firm.
As per Markaaz.com, nearly 50 per cent of the companies have reported suffering from some or the other type of fraud in the last two years. Vendors and suppliers were held liable for 39 per cent of those crimes.
Finding trustworthy individuals is becoming increasingly difficult as all Governments have mandated quality control. Complying with government regulations is a must so as to avoid unintended consequences such as being fined, shutting down or being involved in legal cases.
Performing a background check on each of them will reveal findings that will assist the firms in taking calls related to hiring. Usually, a criminal background check , court record checks, identity checks, address verification are stuck to.
Building a brand takes considerable time and collective effort and anything that could work against the brand needs to be eliminated as soon as it’s possible. Delivering superior products to customers is every firm’s duty. Creating lasting and loyal customers who will become your brand advocates will help bolster your brand’s name. A great user experience where the experienced value equals the perceived value creates durable traction. Hypothetically speaking, if a certain car company were to decide on which dealers to onboard, they would go ahead with something called Know Your Business (KYB). KYB is any company’s anti-money laundering compliance. All companies need to safeguard their interests before they conduct business with other firms. This verifies your client’s corporate and personal information. KYB is similar to Know Your Customer (KYC) but not the same thing. The difference lies mainly in the purpose which is focused more on identifying suppliers. Due Diligence is yet another aspect that all firms look into. This legal compliance is done for the sake of ascertaining the credentials of the client one is looking to sign a contract with. Assurance of what they’re getting reinstates trust. Some reasons for carrying out Due Diligence:
Businesses have multiple links under them that they need to keep an eye on. Suppliers, vendors, dealers, other middlemen are the backbone that helps establish your company’s credibility in the long run. Just one weak link could sabotage the repute of your company and the losses incurred will be irreversible then.
A proper background verification company always uses cutting edge technology to generate precise reports. The ones that use proprietary automated platforms have an extra edge as the chances of error are almost nil.
A trustworthy and compliant background verification firm looks into several aspects of an individual before generating a clean/ tainted report. Hiring individuals is not as challenging as hiring an appropriate employee who will prove to be an asset to your firm. You need to outsource the work of verifying their credentials to a trustworthy and credible background check company. These companies utilize automated platforms to generate accurate reports in the shortest amount of time possible.
Monitoring the current business performance of suppliers also provides insights into their stabilities. CIBIL scores of these companies can be checked to know how they’ve been doing and this could help determine the course of action that you’ll take.
During Covid, an umpteen number of suppliers had pulled off a heist that came to light later. Certain suppliers of the Personal Protective Equipment (PPE) kits had sent over faulty ones to a leading hospital in Mumbai. They hadn’t completed a quality check and had prepared a misleading report of the same. When a certain segment of them contracted the disease despite adhering to the preventive measures, this Personal Protective Equipment was sent for inspection. On learning about their quality, the doctors were beyond livid and filed reports against the suppliers.
Sooner or later, the truth reveals itself and the consequences have to be borne.
Millow is India's trusted background verification company. We leverage our proprietary technology & stringent processes to provide you BGV reports in the shortest amount of time. If you need to get your employees, vendors, business partners, loan applicants, or even yourself/profile verified do contact us on:
Contact: 011 41219183