Data analytics is a method of consolidating and modeling data to assist in decision-making, a process that Jeff Bell leverages to help Key Equipment Finance's sales team solve problems.
In a recent Monitor article by Amanda Koprowski, Bell describes incorporating data analytics early into the sales model to help Key stand out in the more traditional equipment finance industry.
Data analytics pays dividends
With data analytics, a business can assist both its existing clients and also determine its own direction through analysis of current trends and determining which products to focus on.
For Bell, this process involves finding and retrieving data, delivering it to the right people in a usable format, and determining what the data is revealing.
He and his team pull information from two different sources: internal and external.
- The internal data is found via customer relationship management (CRM) tools measuring areas such as performance, effectiveness and conversion on the sales side, and financial or loan history on the client side.
- External data can be used to scout out prospective clients, but can be a little harder to come by. Because this data is maintained by third-party sources, Bell recommends searching until the best fit is found for the organization.
Partnerships benefit from data sharing
With access to data, equipment finance companies can build better relationships with both data providers and clients. Third-party external data partners may be looking for financial partners who can provide feedback for better data quality. In addition, clients may benefit when data informs their equipment finance decisions.