Red Flag Alert was created by Begbies Traynor Group plc in 2003 as a business development database for its large national accountancy practice. It was soon used by other large corporates: Barclays Bank, Close Brothers and Bibby Financial Services, and developed into a Business Intelligence database, aggregating numerous datasets from market leading data owners.
Our origins and focus on big business mean we’re perfectly placed to help multi million and billion pound companies. BP, Santander, Towergate and Deloitte are a few of the large clients we help with bespoke technology lead solutions.
Our system is capable of helping businesses in many different ways. Here are a couple of ways that our largest corporate clients have deployed Red Flag Alert successfully.
Some of our corporate users have tens of thousands of clients; keeping track of the changes in those businesses is challenging.
One of our clients, an insurance broker in the SME sector, has a huge challenge making sure its clients are insured correctly. With businesses changing all the time, ensuring they have adequate cover for every eventuality is an enormous task. We help make this process easier by monitoring these clients and sending alerts if there is a change which may result in the need for a new policy.
Some of our large B2B clients have such a wide range of potential customers that making decisions on who to target is a real challenge. A high street bank we work with is continually looking for new business clients. As many of their products have a niche appeal (like certain commercial loans), they use Red Flag Alert to build sales lists enabling them to target only those companies who would benefit from these products. For example, finding companies with the collateral to be accepted for and to be in a position to comfortably repay the loan would be easy using Red Flag Alert.
Our large clients often have businesses on their database that will interact with a number of departments. This could be sales, credit control or compliance for example. This can often lead to datasets becoming untidy, out of date and ultimately not being fit for purpose.
Using Red Flag Alert can be hugely beneficial in keeping these datasets clean; our API means that information is kept up-to-date and compliant. Also, alerts can be set up for different departments; credit risk may be interested in a new financial health warning whereas sales may want to know if a director has any new interests they can cross sell to.
Corporate businesses need good data to ensure the right decisions are made every time. With data protection now extending to business customers, you also have a need for good governance and standards of practice throughout your organisation. RedFlag Alert can help you achieve your goals across all business streams.
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Economic disruption caused by COVID‐19 will see unpaid business debt double to more than £8.6bn this year. According to The Insolvency Service over 17,000* companies went out of business in 2019, with analysis by financial risk firm Red Flag Alert showing this meant £4.3bn of invoices were written‐off.
In September this year supercar enthusiasts from around the world gathered at a quiet former monastery in Switzerland for a unique opportunity. Twenty-five supercars, including Ferraris, Maseratis and Lamborghinis were all up for auction – but what made this unusual was that they were all from a single collection.
There are 124,000 businesses across Greater London in significant financial distress, with almost all sectors being affected. Red Flag Alert data for Q3 2019 found that significant financial distress is increasingly prevalent throughout the capital, with 21 out of 22 sectors experiencing an increase.