How Red Flag Alert Helped NSL Telecoms Improve their Revenue Per Client by 21%
NSL Telecoms came to use with a very clear remit; it wanted to use up-to-date business intelligence to power their business processes. After an initial period of consultation, we developed a strategy to make this happen. The plan involved addressing three key areas: The first need was to help grow the business and using data to find the best prospects; secondly, to manage credit risk more effectively and finally to provide real-time information, so its team were always using the freshest possible data.
467
Active Branches, All with System Logins
20%
More Investments made due to Credit Checks
2,000
Problem Cases Turned Down Every Month due to Findings
Now we have experienced the benefits of Red Flag Alert, we could not be without itMark Bryan, Sales Director, NSL Telecoms
Problem
NSL Telecoms was founded in 1996 and provides a wide range of telecoms solutions to its customers. It wanted to explore how Red Flag Alert could help in a number of areas:
- First, it wanted a way to segment the market more incisively, in order to be very specific in the businesses it targeted to offer its products.
- Second, it wanted a tool to help manage risk. With a large number of SME clients, NSL wanted a quick and easy way to identify credit risk within its customer base.
- Third, it wanted to access real-time updates on its customers, so it could see both potential credit risks and new business opportunities emerging.
Solution
After reviewing the data that NSL were already working with, we were able to develop a plan to ensure it achieved the outcome it wanted.
- We audited its data and determined what information was critical to business development, credit risk and its ongoing management needs.
- Then we worked out the best way to integrate our business intelligence into its existing CRM system so it could take advantage of our data on five million UK businesses (including over 40 fields of information and 142 indicators of financial health) without disrupting current operations.
- Once our data was incorporated into their CRM system, NSL were able to make significant progress towards the three goals it approached us with.
Outcome
When mapped against the objectives for the project we were able see to see significant progress.
- NSL’s business development efforts were improved. The first key benefit was having access to up-to-date information. Previously the company was spending money on obtaining new lists and having to manually update everything; we were now able to provide them with the freshest information every day and add this into their system automatically. This meant it had the most accurate and fully compliant contact information to give to its sales teams.
- In terms of building these lists, NSL were able to segment the market in detail; finding businesses that had the right size, turnover, location and financial profile for it to approach.
- It helped the company focus on the most highly leveraged sales activities, instead of its sales team worrying about keeping the database clean and finding contact details, it could now spend more time on selling and therefore generating more money.
- Red Flag Alert’s detailed financial health ratings allowed NSL to easily spot financial risk early. Red Flag Alert’s analysis of 142 financial health indicators mean it can give a detailed view of risk when it is emerging (one red flag), and again if it becomes severe (three red flags). This level of granularity allowed NSL to put processes in place which gave it time to act if any of its clients were experiencing financial difficulties. It also allowed NSL to vet potential new customers and set appropriate payment terms based on this information; if firms weren’t on a solid financial footing it meant NSL could ask for protection deposits.
- One of NSL’s key selling points is its customer service, and using Red Flag Alert allowed it to get detailed real-time data on its clients straight into its inbox. This not only provided valuable insights in regards to credit risk, but it also helped from a relationship management and sales perspective. For example, NSL could see if a client’s business was growing or if its director had recently set up a new business; this provided a rich source of new opportunities.
Working with Red Flag Alert
“We use the search tool to identify businesses in specific geographic areas, with the right number of staff, the right turnover, and a low risk of non-payment.
NSL uses Red Flag Alert to assess every new business prior to setting up a service. If the business has an element of risk, we may ask for a deposit. If the business is a high risk we are able to make a decision to continue or decline the opportunity before we have committed any products or services.
The system gives NSL the ability to set alerts relating to businesses within our customer base. If any alerts are raised, we act in a proactive manner, working with our customers to minimise any bad debt.
The system is a multi-purpose tool providing data for growth strategies and risk assessment. Now we have experienced the benefits of Red Flag Alert, we could not be without it.”
- Mark Bryan, Sales Director, NSL Telecoms
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Contact
Red Flag Alert302 Chambers Business Centre
Chapel Road, Hollinwood
Oldham
Greater Manchester
OL8 4QQ