18 June 2018

The power of data

In 2017 The Economist cited ‘data' as the world's most valuable resource. Across our sector as others, GDPR has had an affect and we await positive outcomes especially across the direct mail markets?

To be sure though printing companies that use data effectively will certainly be helping themselves create competitive advantage. One such tool that helps provide insight, reduce risk and provide health rated sales leads is Red Flag www.redflagalert.com

Incredible data is available
Red Flag's market-leading software collates up to the minute information on every company in the UK. This data can be used to evaluate credit worthiness, drive sales and give real-time updates direct to your inbox. The deep insights provided about the UK business landscape enables better decision-making across your organisation, lowering of your exposure to risk and provides a fantastic database for targeting new business. The intelligence is extensive:

– 6.5m+ detailed business profiles (ownership, financial background, key decision makers)
–  20m+ key decision-makers
–  100,000+ data changes every day
–  50,000+ new businesses every month
–  7+ classifications of financial health

Financial insight
Data from Red Flag was used in Q1 Printing Outlook, and looked at critical printing industry dynamics; below is some key financial data from the sector:

– 2,156 companies were in ‘significant' financial distress – huge 13% increase from Q1 2017
–  There were 21 new insolvencies
–  6% of the top 5,000 companies have a poor credit score, serious detrimental data, insolvency or a striking-off action
–  40% of the top 5,000 has a ‘strong' or ‘secure' financial position (an increase from 27% in 2011)

The gap between the best and worst performers is growing, with more companies trading at extreme ends of the scale (secure or insolvent). This spells out the importance of putting measures in place to make sure your business is at the ‘secure' end of the spectrum – data is a critical tool for this outcome.You can apply this to other sectors and target better health rated new business targets.

Drive your business with data
You can use data in many ways - here are a few major benefits of using Red Flag Alert's business intelligence.

– The financial insight information above gives you a clear view of the financial security of every business in the sector. This will help you guard against bad debt and look for the best partners.
–  Reduce credit risk. Access up-to-date and specific financial health ratings for every business in the UK, pre-empt potential payment defaults in your client portfolio and make sure you onboard customers with acceptable levels of financial health.
–  Search for new clients. Use data to find businesses who will be your perfect customers; you can search across a number of detailed filters like size, sector and growth to help you build target client lists and then market to them directly.
–  Sell more. Organise updates to give you an insight into changes within your current client base. Perhaps they're growing, relocating or moving into a new sector – use this information to target them with the right offers and services to increase your revenue per client.
–  Find key decision-makers. With up-to-date information on the management of every UK businesses along with a large number of contact details, you can ensure you're targeting the right people who can decide to work with you.
–  Strategic decision-making. Whether you're exploring a new sector or assessing an acquisition, having the most relevant data will help you make difficult strategic decisions.

Red Flag Alert has a limited number of free consultations to offer BPIF members. These consultations cover:

– How you are currently making use of data
–  Opportunities to improve your data ROI
–  A tangible action plan to achieve improvements

You can contact Matthew Kay at [email protected] or 0161 451 5729 to book your consultation.

However you also need to be sure you are equipped to protect all this data, and that's where the BPIF can help.

The BPIF understands the impact data has on your business and how the ability to gain, manage and secure your data is a vital factor of running a successful and efficient business.

The General Data Protection Regulations (GDPR) came into force in May 2018 and have replaced the current Data Protection Act. How you handle data will change forever when GDPR comes into force throughout Europe. This legislation affects businesses of all sizes. SMEs are not immune, so be prepared and get compliant.

Along with GDPR, cyber security is an issue that affects businesses of all sizes and sectors; new Government statistics reveal half of UK businesses suffered a cyber-attack or security breach during 2017. With the growth of businesses online presence and the use of cloud based systems, there is an increasing reason why you need to implement a cyber security policy, within your business.

If you are concered about your data we are a here to help, whether it is GDPR or cyber secuity the BPIF can provide a solution. How we can help you:

– Cyber Essentials, IASME Governance and GDPR ready –  managed
–  Cyber Essentials, IASME Governance and GDPR ready – fully managed
–  GDPR Gap Anaylsis
–  Bespoke GDPR Support
–  Bespoke GDPR Workshop
–  Cyber Essentials PLUS - fully managed

All Fully Managed Cyber Essentials, Cyber Essentials PLUS and IASME Gold are moderated by IASME. IASME is one of the Cyber Essentials accreditation bodies appointed by the UK Government.

Demonstrating Compliance: We can help make your business to become compliant with certification against the ISO 27001 standard.

Find out more at https://www.britishprint.com/specialistservices/certification/security/