Revolutionise Your Business with Automated Credit Management: Maximise Cashflow, Build Stronger Customer Bonds, and Empower Your Workforce

Credit management is a critical function for any business that deals with customers and suppliers. It involves assessing the creditworthiness of potential and existing customers, setting and enforcing credit policies and terms, monitoring and collecting payments, and managing credit risks. Effective credit management can significantly impact a business’s cashflow, profitability, and reputation. In today’s unstable economic landscape, efficient and effective credit management is a necessity rather than a luxury.

However, credit management can also be complex and time-consuming, especially if handled manually or with outdated systems. Many credit teams face challenges such as:

• High costs and inefficiencies due to repetitive and low-value tasks
• Complexity in gathering data leading to slow and inconsistent decision-making
• Limited visibility and control over the credit portfolio due to lack of analytics and reporting, increasing risks, errors, and non-compliance

Transforming Credit Management with Automation

To overcome these challenges, credit management needs to be transformed with automation. Here are key areas where automation can make a significant impact:

Automate Basic Credit Management Tasks

No credit management process works without essential functions such as data collection, credit scoring, credit limit setting, and credit approval. Automating these tasks involves integrating with internal and external data sources, applying predefined rules and algorithms, and generating credit recommendations. Automating these processes reduces costs, errors, and delays, while ensuring consistent and objective credit policies and terms.

Proactively Address Risk Issues

Automated credit risk monitoring can track and alert shifts in customer payment behaviors and credit agency rating adjustments. It can also trigger and execute collection actions and reminders. This proactive approach enhances the security and stability of the credit portfolio, minimising bad debts and write-offs.

Foster Meaningful Connections

Linking credit teams with their entire ecosystem—whether external partners like credit bureaus and insurance providers or internal stakeholders like collections and sales teams—minimises risks while maximising revenue. Establishing and maintaining positive and productive relationships internally and externally is facilitated by trackable communications records and built-in API integrations for partners.

Recognise and Value Talent

Credit management automation can take over mundane tasks, such as reviewing secure customer accounts, allowing credit teams to focus on more meaningful work. This includes dealing with mid- and higher-level risks and building and enforcing credit policies. Recognising the team’s value and providing more engaging work helps with talent retention.

Innovate for the Future

To free up resources for future-proofing your business and maintaining a competitive advantage, credit management solutions use AI capabilities to automate daily tasks while providing insights and actionable recommendations for more complex decisions.

The Benefits of Credit Management Automation

Implementing a credit management solution yields numerous benefits, including:

• Reduced costs
• Protected revenue and cashflow
• Faster and more consistent credit decisions
• Reduced errors, fraud, and non-compliance

Continuous Improvement in Credit Management

Adapting to a continuously changing market and customer needs requires continuous evaluation of credit processes, policies, and systems. Credit management is not a one-time project but a continuous journey.

Esker Credit Management can transform your credit management team into true guardians of financial stability for your business. By embracing automation, you can boost cashflow, transform customer relationships, and make your teams shine.