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Keeping up with the speed of growth in today’s global economy, shouldn’t mean that it is done at the detriment of exposing your business to credit risk. You can still make informed accurate decisions on your credit management policies quickly, as long as you have the right technology and processes in place in order to get access to the right critical data. Digitising and automating processes allows you to make sound decisions on your customers and new prospects, even when you are handling large quantities of invoices and a wide variety of payment terms. So, what are the practical steps you can take to adopt best practice for your corporate credit policies?
8 Steps towards automation
We have identified a range of steps you can take to optimise your credit policies by automating key areas of credit management. Automation can help you on a number of different levels and ensures you cover every aspect of your credit policy strategy. From getting automatic updates from credit agencies in order to rate customers and prospects for risk, to setting the correct credit limits for your customers, these new systems can help both established businesses to grow as well safeguarding new businesses. It can also be used for credit applications, activating insurance cover and helping you effectively sell your accounts receivables through automatically activating a factoring process. It will also ensure you are able to carefully monitor payment activity by flagging up slow or default payments to digitising the whole dunning processes to make dispute cases easier to handle.
A global credit management platform that can help
Our SAP integrated Ready4 Credit Management is a complete global credit management platform to help you manage your credit risk strategy. Our standard, modular and scalable solution supports expansive, restrictive and a mix of credit policies using an easy-to-use dashboard and global worklists. It allows you to define, create and configure your own credit policy strategies according to market conditions and adjusts automatically to changing rules and tolerances.
Take the first steps today
Read our latest eBook that shows you how you can adopt best practice for your credit policy processes using our SAP-integrated Ready4 Credit Management and take your first steps towards digitisation and automation…
