We’re down to the final few weeks of the year, which served to be an interesting year for U.S. business. Changes in technology, policy and laws along with increased innovation have reshaped the way businesses interact with each other on a day-to-day basis. In a world where no business sector is immune to change, one thing remains the same: companies need the most up to date information on their customers, prospects and suppliers in order to be successful in the coming months. It’s no secret that business data is crucial these days. Companies are using data to market their products and services to very specific audiences. Without fresh data, time spent prospecting and selling to other companies is time wasted. As we near the new year, it is more important than ever for businesses to take on a fresh set of business data.
Whether we realize it or not, we’re all under the impact of this powerful intelligence. Think about it: when was the last time you saw an advertisement on your web browser for something that was completely irrelevant to your tastes and needs? It’s probably been a while. Companies these days know who you are, what types of products you’re interested in, and where you typically spend your time prior to your first visit on their website. This knowledge gives them the ability to market items that are specifically tailored to you. The same holds true in the B2B world. With fresh and up-to-date data, businesses know which other businesses to target. By using the data correctly, businesses can improve their A/R performance, ensuring there is no business discontinuances and optimizing marketing performance.
How to Get Fresh Business Data
B2B data and analytics companies can offer their customers fresh and updated data via a batch file append system. At Cortera, this functionality is known as Boost. What this does is allows companies to append scores and individually choose the information they need based on customer portfolios, prospect or supplier lists and more. Technology and “the cloud” make accessing this data easier than ever. Companies can batch upload their data files and within minutes, receive an appended data set. With fresh data, you can stay ahead of any potential risk in your customer portfolio. In the B2B credit world, this includes managing credit limits and prioritizing follow-up activities in order to collect faster.
Collecting Faster with Fresh Business Data
Collecting faster and getting paid as quickly as possible is one of the first steps in increasing cash flow. Working with the right information makes this easy to do. Appending your data files will give you the opportunity to improve DSO and reduce bad debt. By scoring your entire portfolio, you can benchmark, assess the overall risk, and conduct risk segmentation in order to maximize collection efforts. There’s no better time than the beginning of a new year to close your books and make sure your business is on track financially for the 12 months ahead.
Fresh Business Data = New Areas for Growth
As a business, in order to grow, you need to identify new customers. This is a constant battle in today’s competitive environment. By identifying the right companies to target and which to avoid, you can improve your prospecting efforts and add revenue from new-found places. Working with a fresh business data set gives you the advantage of understanding payment behavior with other vendors and knowing which companies are growing and likely to buy. This business behavior information can be leveraged and put into action by pre-qualifying prospects, setting credit limits and ultimately accelerating the sales process through lead scoring. The best way to convert a sales is by understanding the business on the other side.
When working with a fresh set of data, you can quickly and easily append high-value business behavior data including what those companies buy and how they pay. This useful information serves as insight into who should be targeted and prioritized, helping you close more sales. With a fresh set of data, you can increase revenue by discovering upsell opportunities that already exist within your customer portfolio.