On August 26, 2021, CRIF was invited to speak during a webinar organized by the Support and Consultation Centre for SMEs (SUCCESS), a government information and advisory center which is part of the Hong Kong Trade and Industry Department.

Disruption to the global supply chain caused by the COVID-19 pandemic has made the selection of reliable suppliers increasingly challenging due to the lack of methods for enterprises to evaluate suppliers.

In response to this, during the webinar CRIF showcased how suppliers can enhance corporate transparency using business information to gain the trust of customers, as well as acquire high-quality customers.

In fact, before the COVID-19 pandemic, enterprises could meet potential suppliers in person such as through trade fairs, face-to-face meetings, and factory visits in order to understand the supplier’s background. However, due to travel restrictions during the pandemic, enterprises have had to rely on the information provided by suppliers or online meetings, which cannot give the whole picture of a supplier’s current status. Hence, business information has become an important tool as it provides useful information for enterprises to identify the reliability of suppliers.

Moreover, since business information is mainly provided by independent third-party organizations which have extensive international networks and years of experience, this can increase the reliability of the information. Enterprises can use this important tool to understand the background and operating status of their partners.