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Best Credit Management Software | Credit Automation | Challenges in Credit Risk Management Software

The Need for Fast, Effective Credit Management
Challenges in Credit Management
Solutions: AI-Powered Digital Credit
Case Study
Benefits
Conclusion
Questions

The Need for Fast, Effective Credit Management
To control Credit Risk and bad debt loss

To minimize severe AR delinquency & cash flow deficiencies

To promote revenue in accord with the company’s tolerance for Credit Risk

To identify key Vendors who may not survive

To onboard new customers swiftly to pre-empt competitors from becoming their primary (or secondary) supplier.

Challenges in Credit Management
Post-stimulus bankruptcy surge

Increased workload to monitor Credit Risk in a largely Work- From-Home, paperless environment

Customer expectation for fast processing and order fulfillment

To ensure supply of key materials/services is not interrupted due to unexpected supplier bankruptcy

Credit Management has to be Good and Fast
Shift to e-commerce:

Sales volume is shifting to e-commerce
Face to face sales contact has decreased substantially
Websites are major customer interface
Online ordering is becoming the channel of choice
Customers expect fast easy order process
Slow credit vetting will delay orders & drive customers to other sources after an unsatisfactory experience
Order hold decisions & actions need to be taken quickly

Speed and ease required in e-commerce

Creating a Competitive Advantage
Your competitors are trying to secure new customers as well. How can you beat them?

A fast, efficient, quality Credit Vetting process will enable you to on-board a new customer fast. Once you are supplying a new customer, in many cases you will pre-empt the competition. Companies seldom onboard multiple suppliers of the same product simultaneously.

How fast is fast? Hackett’s World Class performance is a credit decision in two (2) days


Solutions: AI-Powered Digital Credit
AI-Powered Digital Credit utilizes advanced technology:
Artificial Intelligence with cognitive & self-learning
Natural Language Processing – ability to interpret text & voice
Enterprise Information Processing – integrate with ERP
Digital Assistants

Digital Assistants:
Assist your workforce & provide info to Management
Engage & assist customers 24/7/365
Perform repetitive tasks

Benefits:
Fast credit decisions & on-boarding of new customers
Automation of 70-80% of manual tasks in Credit Vetting
Better credit decisions

AI Digital Credit Automation Enablers
Digitization of the Credit Risk Management Process will deliver the accuracy, efficiency, speed & effectiveness now required
Customizable Credit Application that customers can complete & submit on-line
Automatic, real-time import of Credit Bureau information and payment history
Automated, customizable credit scoring
AI-powered credit decisions based on pre-defined rules to assign credit limits
Full-featured Approval Workflow guided by Delegation of Authority policy
Automated periodic credit limit update process
Automatic order hold capability integrated with Collections
Configurable Credit Scorecards to track activity, the status of credit applications, backlogs, etc
Credit Risk Analytics to measure the overall credit risk of an AR portfolio

https://www.emagia.com/resources/eboo...

0:00 Introduction
0:11 Speaker Info
2:33 The Need for Fast, Effective Credit Management
5:41 Challenges in Credit Management
9:06 Creating a Competitive Advantage
10:57 Solutions: Al Powered Digital Credit
14:10 Al Digital Credit Automation Enablers
18:43 Advantages of Al Powered Digital Credit
20:33 Case Study - Leading Building Materials Dealer
23:12 Benefits of Al Powered Digital Credit
24:21 Conclusion
24:58 Questions

For more visit: https://www.emagia.com/products/credi...