PrintIT Reseller - issue 96

01732 759725 28 COVER STORY Closing deals together. Flexible finance in action. To learn more visit: www.siemens.co.uk/vendor-finance There’s nothing more engaging and convincing than a real-life story. No amount of theory can make the same impression. So here is the story of how Siemens Financial Services (SFS) has worked with an international office technology manufacturer for over twenty years, and what the qualities of that relationship are, that has made it work for both parties. Ciaran McAndrew Head of Internal Sales, Siemens Financial Services UK It could be said that both of us – office technology brand and finance provider – are on parallel journeys as premium brands in our markets. We’ve been going through similar journeys in terms of digital transformation, automation, efficiency drives, new technology adoption and constant customer service development. Bespoke underwriting Early on, we agreed that – on top of the usual service and support from SFS, we wanted to give this office tech giant something really unique. One major development was to create a bespoke risk model for them. We conducted a major analysis on the company’s customer base and developed underwriting rules tailored to their needs. Bespoke underwriting means we can stretch out of our normal parameters to accept these important customer categories. What difference does this make? It allows us to do a few really special things. This manufacturer works with a large range of customer types that are strategically important to them. The bespoke underwriting means we can stretch out of our normal parameters to accept more of these strategically important customers for financing, even if they don’t fit our typical rules. These bespoke credit rules are constantly being updated using machine-learning technology. Managing the customer together This is matched by prioritised management of key customer types by the manufacturer themselves. In other words, they invest in helping those customers succeed in business and perhaps get through more challenging times. In effect, we’re both managing and supporting those customers. And that helps us to extend our risk appetite. Another way we co-operate is to differentiate between the company’s public sector and private sector portfolios. One is more price-driven and the other more service-driven. We have developed a differentiated approach to financing options which supports this. In effect, we’re both managing and supporting those customers. As a partnership, there’s pretty much always a way of making business deals work. There are a few occasions when the company will underwrite the risk for a selected customer because it’s a beachhead deal in a particular sector, or an alternative strategic reason. Smooth digital processes Then there’s all the operational matters. These have often become joint developments, with our IT team sitting with theirs in order to make the sales and decision process work ever more smoothly and quickly. We worked, for instance, on electronic signature capabilities together – Just remember how important that was to keep business going through the pandemic!

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