How Data Analysis Adds Value to Key Account Management
Data analysis has quickly become a valuable tool for just about every type of business. The more data you generate and process, the bigger the opportunity for data analysis and management. It can help inform smart business decisions and spot investment opportunities.
Data analysis specifically is changing key account management and the way they relay insights to internal stakeholders and clients to make a greater business impact.
It helps performance improvement in key account management
Staying profitable and improving the capacity for growth are two key elements of success in business. Key account managers use data analysis to provide valuable insights into their clients growth trajectory, how targets are being met, and how a business is performing financially. This can help you plan for the future and inform which activities will increase sales and business growth—for your clients and your own organization.
It gives clients added value
Key account managers can use data analysis to help clients make better decisions with more in-depth information on their spend, compliance and vendors. Useful information will help provide a more complete service which increases customer satisfaction and retention.
It identifies risk
Having access to data means you can identify risks, especially financial risks—both internal and external—for you and your clients. By analysing data you can identify weaknesses and threats and come up with strategies to combat or mitigate them. This can help protect your business, but you can also use the same types of analysis to advise your clients on how they can avoid financial risks and economic threats.
This is the type of hands on key account management clients are often looking for and will help set you a part from the crowd.
It can create a capacity for growth
The client data that you process can be used to help you spot patterns of client behaviour that you can use to create analytical models to find opportunities for investment and efficiency. The information you have can teach you a lot about your clients.
Data analytics can help you to anticipate their needs, spot areas of growth or losses, and discover opportunities for investment. This helps both their business and your business to grow and succeed.
It can move money faster
Cash flow is an important aspect of any business, and the faster money flows through your company, the more you can fund operations and grow profit. Analysing the way money enters a business and how long it takes to turn it over can help you to speed up the process pushing up profits.
Making more money in less time creates the capacity for more transactions and increased cash flow for you and your clients. Understanding the cash flow within your clients’ business will also help you identify where budget is needed to help them achieve their business goals.
It adds value to auditing
Information has become one of the most powerful and valuable commodities in the world. The more data you have and the more closely it is analysed, the more opportunities for profit you create.
Auditing a business can yield an overwhelming amount of information about a client, their company, and their assets. By completing a full and in-depth analysis of this data you can get a clearer view of a company’s financial strengths and weaknesses and provide better advice and solutions to clients.
Data analysis is changing how key account management is delivered. Through data management and analysis you can change the way your clients see their business, its future, and the opportunities they have before them.