Why getting an NZBN will change the way you do business
Article by MYOB NZ marketing manager Krissy Sadler-Bridge
Every business in New Zealand can now get a New Zealand Business Number (NZBN) – and it could be a game-changer.
The NZBN is a new initiative which will give each business a unique identifier, which will help you save time and money because having an identifier will help you connect and share information with your customers or suppliers.
By making it quicker to share basic information like trading name and phone number, the NZBN will make it easier for businesses to interact with each other and the government.
Imagine not having to share the same information over and over again.
Instead of needing to input multiple points of data (such as trading name and phone number) when dealing with other businesses, you’ll now only need to put in a NZBN.
It means less chance for error, and less time spent inputting data.
By providing your NZBN, everyone in your business network will be able to quickly and easily access the basic information they need to work with you.
The NZBN will automatically carry information about the business it’s covering, so when people insert the NZBN onto certain forms they’ll populate with all the information you need automatically (although the organisation will need to build the NZBN API into their website).
Because you own the information that’s held about your business on the NZBN Register, you can easily edit and update these details at any time.
How will the NZBN help my business be more efficient?
Over time, the NZBN will enable new services across finance, customer service, procurement, supply chain management and more.
These innovations will help businesses improve productivity, add value to products and services and become more internationally connected.
Your business could become more efficient by using the NZBN to:
• Improve the customer experience — Use NZBN information to pre-fill online forms, so processes like onboarding a new customer or supplier will be faster and simpler. Improve the accuracy of your information and save time by cutting back on manual data entry.
• Transact more efficiently — The NZBN will help streamline finance and procurement transactions by enabling more efficient ways to invoice customers, pay bills and apply for credit.
• Get it right the first time — Use the NZBN Register to access up-to-date information about your customers or suppliers. Having an NZBN shows that a business is real and tangible – reducing risk and giving you more certainty about the organisations you work with.
• Enhance your offering using data — Use the NZBN to link data sets to better understand your customers. Gain valuable insights into the ways their needs are growing and changing, which can help you make smart business decisions and introduce new products/services.
It’s the future of business
Government agencies (like Inland Revenue and the Ministry of Business, Innovation and Employment) and businesses are building the NZBN into their systems and processes right now, in areas like finance, procurement, customer relationship management, tenders, reporting and more.
If you’re in business, your customers or suppliers will soon be asking for your NZBN – so get your NZBN and find out how it will help transform the way we do business.