Power Solutions UK is an independent energy brokerage that helps businesses secure energy and water contracts. The company was founded in 2005 and currently has a team of over 50 employees.
The major challenges faced by the company are matching businesses to the best energy supplier for their needs, as well as finding new prospects and managing existing customer accounts. Red Flag Alert data helps with each of these needs.
1. Ensure Data is Always Clean
It can be challenging for businesses to keep the data in their CRM up to date. However, companies that fail to do this risk relying on information that is outdated or incorrect.
To solve this issue, Power Solutions UK integrated Red Flag Alert data with its CRM. Red Flag Alert’s database is updated over 100,000 times a day from 10 leading sources. These changes are reflected in the CRM, meaning Power Solutions UK always has access to the most relevant and up-to-date information.
This has several benefits. During prospecting, the sales team does not waste time targeting unsuitable companies that are either defunct or present a financial risk. The company can also avoid targeting businesses that have failed since the data was entered.
The other main benefit is that automatic updates mean the sales team no longer has to spend time manually inputting data into their CRM – allowing them to focus on selling.
2. Accurately Match Clients to Suppliers
Each supplier that Power Solutions UK works with has different preferences and criteria regarding the type of client it prefers to onboard. As a broker, Power Solutions UK has to match clients to suppliers that are the best fit.
Red Flag Alert data helps Power Solutions UK to do this effectively. When it takes on a client, the company can look at metrics, including business size and financial health, to match them with the most suitable supplier. They can also ensure the client will pass the supplier’s credit checks.
This improves the process for all stakeholders. Power Solutions UK can match customers and suppliers quickly and efficiently. Meanwhile, clients don’t have to wait long to be matched to a supplier, and suppliers now only receive clients that are a suitable fit for its product.
3. Improve the Due Diligence Process
Red Flag Alert provides in-depth financial data on every company in the UK. It also gives each company an easy to read financial health rating that shows the risk of doing business with them.
Combined, these indicators provide a much more in-depth view of a company’s finances than a credit report can reveal. This has helped Power Solutions UK’s due diligence process in two main ways.
Firstly, the company can use the financial health rating to quickly reject high-risk businesses and accept those that are low risk.
Secondly, Power Solutions UK can take a much more considered approach when it comes to accepting or rejecting borderline cases. For example, they may see a company has a significant amount of debt; however, if it is growing quickly, this may be less of a risk than it first appears. This means Power Solutions UK avoids needlessly missing out on clients.
4. Effectively Segment the Market
Power Solutions UK uses Red Flag Alert data to segment the market to a granular level. By looking at patterns within their existing customer base, the company discovered trends that revealed profiles of companies that are a good fit for their service and are likely to be onboarded by energy suppliers.
As Red Flag Alert’s data is filterable, it is easy for Power Solutions UK to create sales lists of companies that fit the attributes of its ideal customer type.
5. Account Management Helps Power Solutions UK Avoid Risk and Spot Opportunities
Red Flag Alert provides powerful monitoring features that help Power Solutions UK effectively manage their existing customer accounts.
The company can set up real-time alerts that notify them when a client experiences a change in its financial health. These alerts point to potential risks or opportunities.
If the alert highlights that a business is in financial distress, Power Solutions UK can notify the supplier so it can take steps to mitigate risk.
6. Spot Potential Cash Flow Problems Early
Cash flow problems can be devastating to any business. Red Flag Alert helps Power Solutions UK manage its cash by showing when clients are in financial distress and could, therefore, struggle to make payments.
By receiving advance warning of any problems, the company can make accurate future cash flow predictions and ensure it isn’t relying on revenues that may not be realised.
“The business intelligence is excellent; Red Flag Alert provides an excellent view on the clients we work with, which helps us to find them the best possible energy deals. From a business development perspective, our brokers are benefiting greatly from the additional information that Red Flag Alert supplies – we’re able to zero in on ideal prospects and build effective marketing lists.
In terms of set-up, the team at Red Flag Alert was excellent – they came in and worked closely with us to make sure our data was clean, and the integration was seamless.”
- Ben Robert-Shaw, Head of Operations
“Red Flag Alert has been a great help to us. We are a very customer-focused business, and we put a huge emphasis on providing exceptional customer service and finding the very best deals for our clients. At the same time, we have excellent working relationships with a large number of suppliers and focus on finding great clients for them.
Using the Red Flag Alert data has helped us further improve our customer service quality. By using data, we are better able to match clients with suppliers and when we do that everyone wins. We’re also hearing great things from our brokers who are seeing a benefit in their day-to-day lives from the additional data, Red Flag Alert provides.”
- Jeremy Taylor, Managing Director
Discover how Red Flag Alert’s experienced team can help you mitigate risk and protect your business. Why not get a free trial today and see how Red Flag Alert can help your business?