Cortera, Inc.
Company: Cortera, Inc., Boca Raton, FL
Entry Submitted By: Arketi Group
Company Description: Cortera is a provider of comprehensive business-to-business payment and purchase behavior insights on public and private companies. The company tracks $1.6 trillion in business-to-business purchases across 45 spend categories to deliver insights on 20 million U.S. business locations. Cortera’s solutions enable companies of all sizes to better understand their customers, suppliers and par
Nomination Category: New Product & Service Awards Categories
Nomination Sub Category: Business Intelligence Solution – New Version
Nomination Title: B2B Purchase Data: Maximize Revenue and Minimize Risk
Tell the story about this nominated product or service (up to 500 words). Describe its function, features, benefits, and sales to date:
The more you know about your customers, prospects and partners, the better equipped you are to maximize revenue and minimize risk. But it’s often impossible to find relevant customer information.
In a marketplace bursting with data, why is it still difficult to find valuable information on customers and prospects? The problem is of the approximately 27 million businesses in the US, fewer than 15,000 are public. That means a lot of the companies are private, and don’t disclose business information that helps with prospecting.
Cortera was founded to address the lack of relevant information available on most companies. Inspired by the predictive consumer purchasing analysis by major retailers, Cortera set out on a mission to:
Provide the world’s most relevant, timely and valuable business-to-business (B2B) insights on public and private companies—the insights you need to make your B2B relationships more personal and dramatically increase revenue and reduce risk.
Cortera is the only company that tracks $1.6 trillion in annual business-to-business purchases across over 40 spend categories and combines it with payment behavior and other information on 20 million U.S. business locations. With Cortera Pulse, companies have an inside view of a customer or prospect’s financial health to elevate sales and marketing power. Through Cortera Pulse, users receive:
•Purchase Decline Alerts – Monitors an unlimited number of customers for signs of purchase behavior decline which could signal an account is in jeopardy or company is experiencing financial problems.
•Buying Trends – Automatically applies a two digit buyer score to all companies. This score can be used to determine if a company’s purchase behavior is increasing or decreasing - allowing sales and marketing professionals to prioritize opportunities.
•Customer Monitoring - Tracks and monitors an unlimited number of companies for significant behavior change which could represent a risk.
•Sales Risk and Opportunity Dashboard — Uses purchase behavior data—what companies are buying and how their behavior changes—to identify “at risk” accounts and upsell opportunities with existing customers.
What companies buy speaks volumes about where they’re going, its priorities and direction—and whether it is growing or declining. Take Mayville Products Corporation for example. Despite solid credit-worthy performance for years, the company went out of business. Suppliers and creditors could have known about the company’s fall much earlier if they had tracked and analyzed its purchase behavior. The sudden drop in material purchases, signaled an anticipated drop in manufacturing volume, presumably due to declining orders or weak sales forecasts.
Cortera’s approach of combining purchase behavior data, payment behavior data, news, public records, demographic data and host of other data into an intuitive format enables sales, marketing, credit and finance professionals to efficiently find new customers, retain existing customers and maximize revenue from both.
When it comes to selecting a business data provider, many just go with “the status quo.” Cortera takes the “status quo” out of the equation and delivers beyond expectation. Most of our customers are former customers of competitors who wanted to have business data that provided measurable value.
Provide a brief (up to 100 words) biography about the leader(s) of the team that developed this nominated product or service:
Jim Swift, President & CEO
Before Cortera, Jim was the COO of LexisNexis Risk Management, where he was responsible for the unit’s commercial markets. Jim was a key executive at Seisint, serving in various leadership positions in operations, sales, product development and strategy when LexisNexis acquired Seisint for $775 million—the largest acquisition of a venture-backed company in 2004. Before Seisint, Jim was SVP at Modus Operandi, a management and technology consulting firm specializing in business process reengineering and automation for Fortune 500 clients.
Jim is a graduate of Rochester Institute of Technology with a Bachelor of Science degree in Mechanical Engineering.