Businesses have outsourced Trust. Rather than rely on on their own criteria businesses use services to help the determine the trustworthiness of other businesses. Will they pay on time? Will they provide good service? Are they helping or hurting my company’s compliance?
In some cases, this is a matter of scale, especially in the consumer market. Macy’s for instance couldn’t possibly have a deep enough conversation with every customer prior to purchase to get comfortable so they outsource that process to the likes of Visa, Mastercard or American Express.
In the business to business world, companies have outsourced this function to third parties in order to determine the likelihood of another business paying their bill or providing quality service. The only problem with this, is that businesses are different. B2B transactions usually have a much higher average selling price and are usually recurring. And, most importantly, unlike the consumer market where Visa, Mastercard and Amex underwrite credit, the B2B credit bureaus don’t actually grant credit. Businesses grant credit to each other and therefore, should not outsource this core task.
By leveraging a combination of Trust and Reputation, Trust Exchange is enabling companies to gain control of this function and bring actionable data directly to the people who need it most.
Why should a credit bureau define the “worthiness” of a business? Trust is built by a company’s consistent performance and results. Trust can be discovered most accurately by the individuals closest to that business: the owners and advisors. Reputation can be discovered by observing the way a business interacts with customers, suppliers, partners and vendors. Combined, we call this the SMART CROWD!
Who better to measure and define business performance that the “smart crowd” that’s already doing business with the company. Take back Trust, and be in control of your own reputation – Trust Exchange gives you the platform to do just that.
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