Data has become an incredibly valuable resource for modern businesses: from customer insights that guide marketing and sales strategy, to operational analytics that inform resource allocation and boost internal efficiencies. But there’s another type of data that many organisations have yet to tap into, which is unfortunate given its considerable value for growth and business development. We’re talking, of course, about KYC Business Intelligence.
Where Business Intelligence is a fairly broad term for any information and analysis that supports executive decision making, KYC Business Intelligence is specifically geared around using information gathered through Know Your Customer (KYC) processes. Usually, this type of information is only used for compliance purposes — you can learn more about KYC compliance in our quick guide here — but given its business development potential, this is a wasted opportunity.
Business developers with the right approach to gathering, analysing and learning from KYC information have a goldmine of insights at their fingertips.
Embrace international business development
As a business grows and starts shifting its focus to overseas markets, it’s increasingly likely that an opportunity will arise in an unfamiliar region of the world. This can be difficult for the executive branch to make an informed decision on, as the usual checks and balances simply do not apply.
Furthermore, without fluency in the local language and knowledge of the right online resources, it can be virtually impossible to find reliable, valuable information on key people and organisations on the internet.
This is a significant problem in the digital age, when it’s easier than ever for someone to fake their identity, commit financial crimes or hide their connections to criminal networks. Prospective business partners might also have an existing relationship with a competitor, undermining their commitment and the integrity of your partnership.
Simply put, when it comes to potential counterparties in a foreign country, you need to know exactly who you’re talking to and who you’re doing business with. Thankfully, this is where KYC research shines. With clear sight of a potential counterparty’s key information — including their leads and target accounts, their board, related companies and the people linked to those companies — you can make the right decisions quickly and efficiently.
This will lead to more high-quality international deals and significantly reduce time wasted on dead ends.
The right Business Intelligence can help you capitalise on international business opportunities with confidence and peace of mind.
Safeguard your business reputation
Another key benefit of KYC-infused Business Intelligence relates to the reputation of an organisation. Today’s business and consumer climate is driven by transparency and accountability: everyone who has access to the internet can research a company before they do business with them, as well as share their negative experiences with the world.
This means that any reputational damage facing your organisation will not only spread far quicker, it will also be a lot harder to take control of the situation and mitigate that damage.
With the right Business Intelligence, you can know exactly who your organisation is dealing with and what the potential repercussions of that relationship could be. This is crucial for making sure you’re not associated with people and companies that you don’t want to be seen with on the public stage.
For example, if a key business partner or counterparty is revealed to have suppliers with a terrible track record of human rights violations, that negative coverage will tarnish all related parties — including your organisation, no matter how ethical and above-board your business practices may be.
Finding the right Business Intelligence Solution
While many businesses turn to online social platforms for their counterparty research, such as Google + and LinkedIn, this information never shows the whole story. It is far too easy for someone to edit their profiles to only show the good, leaving out any details or connections that would otherwise be a red flag.
Another problem with this cursory approach to gathering intelligence is that it will rarely be comprehensive enough to inform a good decision. The amount of time required to scour the internet for anything of value can also prove costly, especially at scale.
If you would like to quickly and reliably acquire the kind of Business Intelligence you need to make effective long-term decisions, KYC3 is right for you. We source and consolidate third-party data from an extremely wide variety of sources, so you can rest assured that if a prospective counterparty or business partner has any skeletons in their closet — you’ll know about it.
If you would like to learn more about KYC3’s Business Intelligence services, and to see first hand how we can help you identify and qualify key opportunities, get in touch with a member of our team today and enjoy a free trial.