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A technical and social perspective
The art of managing credit risk has been around for years but the digital age has brought many more challenges and opportunities. To stay successful, modern credit management needs to respond to a vast array of social, economic and technical changes.
Recent economic challenges have left many organisations struggling to monitor and manage their cash positions to ensure sufficient working capital, liquidity and business sustainability. Restrictions on bank credit and payment terms present in many businesses an urgent need to get an integrated solution for credit management activities.
Technical changes…
On the face of it, detecting risk and optimising opportunities should be much easier with technology advances; the paperless office, software that enables automated processes to alert you to lucrative customers versus unstable ones, data management, predictive analytics and so on.
How you improve your processes and prevent fraud will help ensure you stay one step ahead of the competition. Data management is essential in this modern day to allow you to analyse it and use it effectively.
But many organisations are still struggling to digitally transform their businesses effectively and achieve the required integration to manage their credit risk efficiently in today’s fast moving environment.
Social changes….
The next generation millennial decision makers have grown up with technology and are ready with their mobile tools to make much faster decisions. But timescales have also dramatically changed as customers demand faster and more instant answers on credit.
Globalisation has created new markets and new competitors, but also new risks in these unknown environments. You need effective collaboration and connectivity to respond to these opportunities.
The nature of jobs is also changing; paper-pushing is out, analysis and interpreting data for meaningful decision making is in. And responding to the dynamic fast-paced job market open to all via social media means it’s easier to replace credit managers since corporate credit policies and processes remain traceable and automated in the company.
How can an integrated credit management solution support your business?
Your life is going to be a lot easier if you embrace a fully integrated credit management solution.
It will help you:
- Meet demand for faster/instant credit decisions
- Spot trends with 360 degree view to help prevent fraud
- Drive mobile working and shared information
- Foster enhanced customer relationships and maintain due diligence on credit status
- Promote global business collaboration
- Protect/Increase your market share by making credit decisions quicker than your competitors
SOA People’s Credit Management Suite seamlessly integrates into your ERP/SAP environment, whether you need in-depth credit checks, objective limit assignments based on external and internal sources of information or connectivity to external credit reporting agencies and credit insurers.
At SOA People we’re in the business of automating digital solutions to optimize our customer’s business processes with SAP. We use only cutting-edge technologies and state-of-the-art apps to give you the latest in credit management. Contact us now and see how you can manage your credit risks.
