Credit Management Automation Trends

Here are 11 trends you need to know about the future of credit decision automation, many of which are already available in a best-of-class risk management platform. Using Artificial Intelligence (AI), and Robotic Process Automation (RPA) to replace manual tasks and improve accuracy in B2B credit checking,  the best technology can revolutionize the credit approval process for new and existing customers; for example, slashing the approval process for new accounts from many days to under a day.

  • Commercial credit scoring algorithms will use “machine learning” technology to integrate real-time data trends and human decisioning (and even get close to how a company makes decisions).
  • Commercial credit insights will draw from data open source and community data, enabling enterprises to seamlessly bring together real time business information from disparate sources.
  • Interactions between trade suppliers and their customers will move from static to dynamic through collaborative credit application processing, enhancing speed and accessibility to highly valuable information.
  • Global trade interchange networks in industries becomes more automated and seamless through a virtual network, speeding and improving the overall process for references on common customers.
  • Customer risk analytics platforms will enable every user to customize their experience based on unique portfolios they manage.
  • Organizations will use their own accounts receivable payment information combined with those of other trade suppliers in their industry to set highly effective cash flow forecasts.
  • Large ERP and traditional bolt-on software partner systems will be challenged by more flexible and secure cloud systems with configurable software and already-integrated credit databases.
  • Enterprises will seek commercial credit platforms that seamlessly integrate customer information, trade supplier experiences and public filings across borders, adapting to local standards, language and currency differences.
  • Company departments will engage collaboratively using connected platforms that seamlessly exchange information and manage tasks through effective workflow.
  • Users will expect their information to follow them and be available seamlessly on mobile apps making remote work easier.
  • Business process execution will accelerate, compressing the time needed to complete repetitive functions and make decisions. For example, the time required to onboard new customers using an electronic credit application fully integrated with contracts, signatures, references, credit information, and workflow can be slashed from many days to under a day.

For more information on any of these important business trends, please contact us.