Cortera, a company that offers B2B payment and purchase data and insights for U.S. companies, recently unveiled its B2B Purchase Insights solution, a tool designed to help sales, marketing, and finance executives gain greater visibility into their customers' purchase and payment behavior.
B2B Purchase Insights enables companies to track active and potential customers' purchasing history and spending patterns to understand their overall financial health and make educated predictions on what they are likely to purchase in the future.
The idea behind the tool was inspired by the predictive consumer tracking used by major retailers, according to Jim Swift, CEO of Cortera. "Knowing where your customers and prospects are spending empowers companies to dramatically increase revenue and improves sales and marketing efficiency by focusing sales and marketing resources only on high-value revenue opportunities," Swift says. "It enables them to read into the clues. Knowing what your customers and prospects buy dictates what their next purchasing moves will be."
Cortera tracks $1.6 trillion in B2B purchases across 45 spending categories, such as metals, plastics and chemicals, office supplies, information technology, and shipping.
The company then combines this information with payment history data to provide actionable insights on 20 million U.S. business locations, explains Swift.
"Purchasing behavior is a more accurate way of measuring the overall size, health, growth, and future behavior of businesses than traditional methods, which are based on less reliable demographic information and payment history," Swift maintains.
Cortera B2B Purchase Insights can be accessed through Cortera Pulse, a solution for monitoring the financial health of a business, Cortera Deep Dive Reports, comprehensive business reports, or appended in batch processing via Cortera Data Boost or uploaded directly to CRM, ERP and other systems via Cortera Connect, the company's system-to-system API.