Suppliers & Risk Management
Red Flag Alert gives you detailed insights into your current or prospective supplier base. We aggregate the financial information of over 5 million businesses on a daily basis, giving you access to over 40 data fields. We enrich data by giving detailed financial health ratings to every business we track. These ratings are comprised of 142 indicators of financial health.
By using our business intelligence you will be able to make informed decisions on which suppliers to work with, speed up your procurement processes, and make your supplier on-boarding process easier.
This allows you to:
- Make decisions on working with suppliers quickly.
- Increase the efficiency of your supplier selection process.
- Evaluate the financial health and risk of your suppliers.
- Get real-time alerts on changes to your suppliers’ financial circumstances.
- Develop detailed benchmarks that suppliers need to meet and measure this regularly.
Key Benefits
The benefits of having detailed, extensive, real-time and easy to track business intelligence are significant. Red Flag Alert is used by procurement teams across the UK, from SMEs through to large multinationals.
Detailed Insights
- Our unique financial health rating system will give you an overview of a business’s financial health, and using 142 financial health indicators and 40 key fields you will be able to conduct the relevant level of analysis for your business.
- 1.8 million changes in business information updated each and every month.
- Generate tailored checks based on the metrics that matter to you, for example, size, location or financial information.
- Assess how dependant a supplier is on the business you put their way by looking at what percentage of their revenue your company accounts for.
1,000,000+
changes in data monthly
40+
Different advanced search metrics to help you find and target the perfect suppliers
40,000
Business failures/closures monthly
Improve Procurement
- Work with suppliers who have the resources to manage your contract.
- 20 million director and proprietor details.
- Assess trading history and growth trends in the business. Maybe it’s declining or over trading. You can evaluate these risk factors.
- Make your process faster by getting real-time updates on suppliers which can feed into your procurement process.
- Improve the experience for current and prospective suppliers by assessing the questions you need to ask, granting pre-qualification, and making quick procurement decisions. This can enhance your reputation as a business to work with, and ensure the best suppliers want to work with you.
- Assess whether suppliers have parent companies or subsidiaries to develop further insight on their ability to deliver the services you need.
Mitigate Risk
- Evaluate any financial distress events in your supplier base in real-time and make evaluations on the impact on your business.
- Red Flag Alert’s detailed three flag system gives a clear indication of the distress level your suppliers are experiencing.
- By looking at financial distress on a more detailed level you can make predictions on the likelihood of insolvency.
- An enhanced view of financials allows you to put protections in place to shield you in the event of further financial distress.
Monitor Suppliers
- Daily alerts which are tailored to your needs will give you insight into your current supplier base.
- Contextualise the suppliers’ level of risk by looking in more detail at their financial situation. This can help avoid rash decisions and creating unnecessary conflict with your supplier base.
- If problems arise you have the opportunity to maintain the relationship with your suppliers by addressing them early and giving them an opportunity to resolve the issues.
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Key Benefits
How we helped NSL telecoms
Read case study
21%
increase in revenue per client
Read how we helped NSL Telcoms grow revenues and manage risk in its business
How we helped Wave Energy
Read case study
12%
decrease in customer default
Read how we helped Wave Energy use data to explore growth opportunities and mitigate risk in its business
How we helped Towergate Insurance
Read case study
40%
increase in sales team performance
Read how we helped Towergate insurance gain control of their data processes and see results across the business
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Contact
Red Flag Alert302 Chambers Business Centre
Chapel Road, Hollinwood
Oldham
Greater Manchester
OL8 4QQ