According to the latest Creditsafe Watchdog Report, the number of company failures in the construction industry increased by 80% in the last quarter of 2018, with 942 companies collapsing leaving £63million in bad debts.
Insight Data, the specialist provider of prospect data for the window industry, now incorporates credit monitoring to help companies make informed business decisions.
Insight’s online database platform, Salestracker, provides users with detailed information on over 50,000 companies across the construction industry, including 15,000 window, door and conservatory fabricators and installers.
It also provides key business and financial data such as company registration and incorporation date, turnover and net worth, any County Court Judgements, and credit rating. Given that company credit ratings change on average seven to eight times a year, this is an essential tool for all businesses.
Jade Greenhow, Operations Director, comments;
“Across the window industry, many companies are still not monitoring their customers financial position, while sales and marketing departments are busy spending time and money chasing new customers only to discover poor credit ratings. By using Salestracker, businesses and marketing departments can reduce risk and avoid chasing new businesses who are ultimately bad payers.”
“It is a powerful tool for sales and marketing teams. A simple traffic light system shows green, yellow or red so that non-financial people can make informed decisions.”
Salestracker gives users the ability to build prospect lists using credit ratings, so that companies can create direct mail, telesales or email campaigns targeting new customers by financial stability as well as size, product volumes, location and other information.
Insight Data recently added a new Monitoring feature to Salestracker, which allows users to flag certain company types – such as customers or prospects – and get an email alert if the credit rating changes.