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Article: Using data analytics to enhance equipment finance

By Amy Thomas in Thought Leadership Posted March 4, 2020

Jeff Bell_data analytics article_KEF bannerData 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.Web-Headshots-JeffBell-1

“The way data is used in our industry is primarily from a credit perspective. The industry does that quite well and has been doing it for a while. Bringing that use of data to a sales role or a sales team may not be as unique today as it was eight years ago, but back then, it was difficult to get a sales organization to really think hard about using data to become more successful.”
Jeff Bell, Vice President of Sales Operations, Key Equipment Finance

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.

“This information allows the end user and a capital provider like Key Equipment Finance to make smarter decisions by sharing information about the life of the asset along the way,” Bell says. “This is just another way that all three parties — the user, the manufacturer and the finance company — can be better partners.”

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